LIC has added a guaranteed-benefit savings plan and a pure-risk term plan to its life insurance portfolio. Both go on sale from September 7 through offline and online channels.
Life Insurance Corporation of India (LIC) launched Bima Platinum and Jeevan Raksha on September 1, as the insurer marked its 70th anniversary. CEO and MD R Doraiswamy launched the two products at the anniversary event, according to LIC’s official product launch release.
LIC had informed BSE and NSE about the products on August 31 under Regulation 30 of the SEBI Listing Regulations. The exchange filing said both would become available from September 7. Buyers can purchase the plans through licensed agents, corporate agents, brokers and insurance marketing firms. LIC will also sell them directly through its website.
Meanwhile, LIC shares closed at ₹412.15 on NSE on September 1, down 1.40% from ₹418 in the previous session. LIC remained India’s largest life insurer in FY26, with 56.66% of first-year premium income.
What Does LIC Bima Platinum Offer?
Bima Platinum, Plan 770 with UIN 512N397V01, is a non-participating, non-linked, limited-premium savings plan with life cover. LIC says the policy accrues guaranteed additions of ₹70 per ₹1,000 of annualised premium in respect of premiums paid during the premium-paying term. It also provides a Regular Income Benefit equal to 10% of the Basic Sum Assured during the payout period.
In addition, the plan pays a Booster Income Benefit equal to 70% of the Basic Sum Assured on survival at the end of the premium-paying term plus five years. Premium-paying terms are 7, 10, 12, 15 or 18 years. The minimum Basic Sum Assured is ₹3 lakh. LIC does not set a fixed maximum, although underwriting rules apply.
“Non-participating” is an important term here. LIC states that the policy does not receive discretionary bonuses or a share in its surplus. Instead, the stated death and survival benefits remain fixed and guaranteed under the policy terms.
Also read: Endowment and Traditional Plans
What Does LIC Jeevan Raksha Offer?
Jeevan Raksha, Plan 894 with UIN 512N368V01, is a non-participating, non-linked pure-risk plan. Its Basic Sum Assured ranges from ₹5 lakh to ₹24 lakh, subject to underwriting. LIC offers single-premium, regular-premium and limited-premium payment options. The limited-premium choices run for 10 or 15 years.
Unlike Bima Platinum, Jeevan Raksha does not pay a maturity benefit if the insured survives the policy term. Its purpose is death-risk protection.
Also read: Term Insurance Explained
Which LIC Plan Should Buyers Consider?
The two plans address different needs. Bima Platinum combines life cover with contractual savings and income benefits. Therefore, buyers should assess the premiums, payout timing, guaranteed benefits and liquidity together. Jeevan Raksha focuses on protection.
Buyers should first estimate how much cover their dependants need and then check whether its ₹24 lakh maximum meets that requirement. Earlier this year, LIC also introduced New Jeevan Sathi Single Premium and Limited Premium, Plans 888 and 889. The joint-life savings plans went on sale from June 1.
Need help deciding whether you need pure protection or an insurance-and-savings product? MyRupia provides independent insurance guidance without selling policies or earning insurer commissions. Talk to a MyRupia expert before choosing a plan.
Disclaimer: This MyRupia article is for informational purposes only and is based on publicly available government, regulatory and industry sources. It should not be treated as investment, financial, tax, insurance, or legal advice. Information, examples, market data, and expert views mentioned in the article may change over time and should not be considered a recommendation to buy, sell, invest in, or surrender any financial product. Readers should evaluate their individual circumstances and consult a qualified financial professional before making decisions.