Launch of New LIC Plans: On the occasion of its 70th foundation day, the country's largest insurance company, the Life Insurance Corporation of India (LIC), launched two new insurance plans—'Bima Platinum' and 'Jeevan Raksha'—on September 1, 2026.

Both are non-linked and non-participating plans. This means the benefits offered by these plans do not depend on stock market fluctuations, nor do they involve the complexities of sharing company profits or bonuses; all returns are predetermined.

These plans will be available to customers starting September 7, 2026, through both online channels and offline modes (via agents and branches). Let us understand the features, eligibility criteria, and benefits of these plans in simple terms.

1. LIC Bima Platinum (Plan 770): A blend of Guaranteed Additions and Regular Income

LIC’s Bima Platinum is a limited-premium savings and protection plan. It is an excellent choice for those seeking a life cover alongside fixed and guaranteed returns. Here are the key features of Bima Platinum:

Guaranteed Addition: During the premium payment term, a guaranteed addition of ₹70 per ₹1,000 of the annual premium will be accrued annually and added to your policy.

Booster Income Benefit: At the end of the fifth year following the completion of the premium payment term, a lump-sum amount equal to 70% of the Basic Sum Assured will be paid as 'Booster Income'.

Regular Income Benefit: Following the receipt of the Booster Income, an amount equal to 10% of the Basic Sum Assured will be paid annually as 'Regular Income' during the payout period.

Premium Payment Term (PPT) Options: You can choose to pay premiums for a period of 7, 10, 12, 15, or 18 years, depending on your convenience.

Sum Assured and Age: The minimum Basic Sum Assured is ₹3 lakh. The entry age ranges from a minimum of 30 days (for an infant) to a maximum of 55 years.

2. LIC Jeevan Raksha (Plan 894): Pure-risk life cover at a low cost

LIC’s Jeevan Raksha plan is a pure-risk plan. This policy is designed for individuals who seek only a fixed death benefit to secure their family's financial future at a very low premium. Key features of the Jeevan Raksha plan:

Fixed Death Benefit: In the event of the policyholder's death during the policy term, the nominee receives a pre-determined, guaranteed death benefit. It does not include any bonuses or maturity benefits.

3 Flexible Premium Payment Options: You can choose to pay via single premium, regular premium, or limited premium (for a specific number of years) based on your convenience.

Sum Assured Limits: The plan offers a minimum basic sum assured of ₹5 lakh and a maximum of ₹24 lakh.

Eligibility Age: Individuals aged 18 to 45 years can enroll in this plan. The maximum maturity age is set at 60 years.

Special Concession for Women: LIC offers special concessional premium rates for women and rebates for those opting for a higher sum assured under this plan.

LIC Bima Platinum vs. Jeevan Raksha Plan

LIC Bima Platinum vs. Jeevan Raksha Plan

What is the expert advice for investors and buyers?

These two plans cater to two completely different needs:

If you want guaranteed returns: If you wish to avoid stock market risks while securing assured savings and a fixed annual income, Bima Platinum could be the right choice.

If you only want a safety net for your family: If you want to create a fixed security fund for your family at a young age without the expectation of maturity benefits, the Jeevan Raksha plan is suitable.

Important Tip: Since both plans are non-linked and non-participating, all their benefits are fixed from the very first day of the policy. Before purchasing any policy, be sure to compare it with your tax slab, the premium cost, and the returns from other mutual funds or small savings schemes.

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