Two exciting new LIC schemes have arrived! ‘Bima Platinum’ and ‘Jeevan Raksha’ plans launched—check out their features...
On the occasion of its 70th anniversary (Tuesday, September 1, 2026), the Life Insurance Corporation of India (LIC) has launched two new plans: ‘LIC Bima Platinum’ and ‘LIC Jeevan Raksha’. While ‘Bima Platinum’ is a non-linked guaranteed savings plan, ‘Jeevan Raksha’ is a pure life risk cover designed to provide family protection at a low cost. Both plans will be available for sale starting September 7, 2026. Let us look at the key features of these plans and discuss how the general public can benefit from investing in them.
LIC’s Bima Platinum
LIC’s Bima Platinum is a non-participating, non-linked individual plan that combines savings with financial security. This limited premium plan offers a guaranteed addition of ₹70 for every ₹1,000 of the annual premium paid during the premium-paying term.
Key Features of LIC’s Bima Platinum
An attractive feature of this plan is the 'Booster Income Benefit,' which amounts to 70% of the Basic Sum Assured. This benefit is payable if the policyholder survives until the end of the year, calculated as (Premium-Paying Term + 5 years).
The plan also offers a 'Regular Income Benefit' of 10% of the Basic Sum Assured at the end of each year during the payout period. The payout period is determined by subtracting the premium-paying term from the policy term.
The minimum Basic Sum Assured is ₹3,00,000, with no upper limit. However, the maximum Basic Sum Assured will be subject to acceptance decisions based on the underwriting policy approved by the LIC Board. The Basic Sum Assured under the plan will be available in multiples of ₹10,000. Premium-paying term options include 7, 10, 12, 15, and 18 years. The minimum entry age is 30 days (completed). The maximum entry age is 55 years, though this may vary based on the premium-paying term selected by the policyholder. At maturity, the minimum and maximum ages are 28 years (completed) and 75 years (nearest birthday), respectively.
Concessions are available for existing LIC policyholders and for the nominees/beneficiaries of deceased policyholders. Policyholders can also enhance their coverage by opting for various rider benefits available under the plan.
LIC’s Jeevan Raksha (Plan 894)
LIC’s Jeevan Raksha is a non-participating, non-linked, pure risk plan. It provides financial protection to the family of the insured in the event of their unfortunate death during the policy term. The death benefits under this plan are guaranteed and fixed, regardless of experience. This policy does not offer additional benefits such as bonuses or a share in the surplus.
Key Features of LIC’s Jeevan Raksha Plan
The minimum entry age is 18 years, and the maximum is 45 years (last birthday). At maturity, the minimum age is 33 years, and the maximum is 60 years (nearest birthday).
The minimum Basic Sum Assured is ₹5 lakh, while the maximum is ₹24 lakh. The maximum Basic Sum Assured is subject to underwriting approval in accordance with the underwriting policy approved by the LIC Board.
The Basic Sum Assured is available in multiples of ₹50,000 for amounts between ₹5 lakh and ₹7 lakh, and in multiples of ₹1 lakh for amounts exceeding ₹7 lakh. This plan offers the flexibility to choose between single premium, regular premium, and limited premium payment options.
Special rates are available for women under this plan. This plan also offers attractive discounts on higher sums assured. Rider options are available to enhance the coverage under the plan.
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