Life Insurance Corporation of India (LIC) has launched two new life insurance plans, LIC’s Bima Platinum and LIC’s Jeevan Raksha, marking its 70th anniversary on September 1, 2026. The two products target distinctly different customer requirements, covering savings and protection.
LIC Chairman and Managing Director R. Doraiswamy unveiled the plans on Tuesday. While Bima Platinum combines savings with financial protection and guaranteed benefits, Jeevan Raksha is structured as a pure-risk insurance plan focused primarily on providing financial security to families after the policyholder’s death.
Although both products have been announced, customers will have to wait until September 7, 2026, to purchase them. LIC’s regulatory disclosure states that both plans will be available in the domestic market through the insurer’s distribution channels from that date.
LIC Bima Platinum: Savings With Life Protection
LIC’s Bima Platinum is a non-participating, non-linked individual savings plan offering a combination of insurance protection and guaranteed additions. It is structured as a limited-premium policy, with guaranteed additions accruing during the selected premium-paying term.
Under the plan, policyholders receive guaranteed additions of ₹70 for every ₹1,000 of annual premium paid during the premium-paying term. These additions accrue at the end of each year, providing a defined benefit alongside the policy’s insurance protection.
The plan also provides a booster income benefit equal to 70% of the Basic Sum Assured. This benefit becomes payable when the life assured survives until the end of the premium-paying term plus five years, subject to the applicable conditions of the policy.
Bima Platinum additionally provides a regular income benefit equal to 10% of the Basic Sum Assured at the end of each year during the payout period. The payout period is calculated as the policy term minus the premium-paying term.
The minimum Basic Sum Assured under Bima Platinum is ₹3 lakh, while there is no stated upper limit. However, the maximum amount remains subject to LIC’s Board-Approved Underwriting Policy, with the Basic Sum Assured available in multiples of ₹10,000.
Customers can select premium-paying terms of seven, 10, 12, 15 or 18 years. The minimum entry age is 30 completed days, while the maximum entry age can reach 55 years, depending on the premium-paying term chosen.
The maximum maturity age under the plan is 75 years. LIC is also offering rebates to existing policyholders and nominees or beneficiaries of deceased policyholders, while riders are available for customers seeking additional insurance protection.
LIC Jeevan Raksha: Pure Protection Plan
LIC’s Jeevan Raksha takes a different approach. It is a non-participating, non-linked pure-risk plan designed to provide financial protection to the insured’s family if the life assured dies during the policy term.
The death benefit under Jeevan Raksha is guaranteed and fixed, subject to the policy conditions. Unlike participating insurance products, the plan does not provide bonuses, discretionary benefits or any share in LIC’s surplus.
The minimum entry age is 18 years and the maximum is 45 years. The maturity age ranges from 33 to 60 years, depending on the policy structure and the selected premium payment option.
The Basic Sum Assured starts at ₹5 lakh and goes up to ₹24 lakh, subject to LIC’s underwriting policy. The amount can be selected in multiples of ₹50,000, between ₹5 lakh and ₹7 lakh, and in ₹1 lakh increments above ₹7 lakh.
Jeevan Raksha allows customers to choose between single-premium, regular-premium and limited-premium payment options. The plan also provides special rates for women, a high-sum-assured rebate and rider options for enhancing insurance coverage.
Two Plans, Different Insurance Needs
The two products are aimed at customers with different priorities. Bima Platinum is positioned for those seeking savings, guaranteed additions and future income alongside life cover, while Jeevan Raksha focuses on straightforward financial protection.
For prospective buyers, the key consideration should therefore be the purpose of purchasing insurance rather than headline benefits alone. Premium affordability, required life cover, policy duration, exclusions and the actual payout structure should be evaluated before selecting a plan.
LIC’s latest launches come as the insurer continues expanding its product portfolio. The plans will become available for sale from September 7, giving customers access to both a savings-oriented product and a pure-risk option under LIC’s latest offerings.
Also Read: LIC’s Stock Fell 8% During the Government’s Stake Sale: Should Policyholders Worry?
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