LIC launches two new insurance plans on 70th anniversary

Life Insurance Corporation of India (LIC) has introduced two new insurance plans-LIC's Bima Platinum (Plan 770) and LIC's Jeevan Raksha (Plan 894)-on the occasion of the corporation's 70th anniversary. The two plans were launched on Tuesday by LIC Chairman and Managing Director R Doraiswamy. Both products are scheduled to be available for purchase from September 7, 2026, through both offline and online channels.

LIC's Bima Platinum

LIC's Bima Platinum (Plan 770, UIN: 512N397V01) is a non-participating, non-linked individual plan that combines savings and protection. It is a limited-premium plan that provides Guaranteed Additions of Rs 70 per Rs 1,000 of annual premium paid during the premium-paying term.

The Guaranteed Additions will accrue at the end of each year during the premium-paying term.

Under the plan, a Booster Income Benefit equivalent to 70 per cent of the Basic Sum Assured will be payable if the life assured survives until the end of the fifth year after completion of the premium-paying term.

The plan also provides a Regular Income Benefit equivalent to 10per cent of the Basic Sum Assured at the end of each year during the payout period, which is the policy term minus the premium-paying term.

The minimum Basic Sum Assured under the plan is Rs 3 lakh, while there is no specified upper limit. The maximum Basic Sum Assured, however, will be subject to acceptance under LIC's Board Approved Underwriting Policy.

The Basic Sum Assured can be selected in multiples of Rs 10,000. Policyholders can choose premium-paying terms of 7, 10, 12, 15 or 18 years.

The minimum age at entry is 30 days completed, while the maximum age at entry is 55 years, depending on the premium-paying term selected. The minimum and maximum ages at maturity are 28 years and 75 years, respectively.

LIC said rebates would be available for existing policyholders as well as nominees and beneficiaries of deceased policyholders. Policyholders can also enhance their coverage by opting for available rider benefits.

LIC's Jeevan Raksha

LIC's Jeevan Raksha (Plan 894, UIN: 512N368V01) is a non-participating, non-linked pure risk plan designed to provide financial protection to the family of the insured in the event of death during the policy term.

The death benefits under the plan are guaranteed and fixed and are not dependent on the actual experience of the insurer. The policy does not provide discretionary benefits such as bonuses or any share in surplus.

The minimum age at entry is 18 years, while the maximum is 45 years. The minimum and maximum age at maturity are 33 years and 60 years, respectively.

The plan offers a minimum Basic Sum Assured of Rs 5 lakh and a maximum of Rs 24 lakh, subject to acceptance under LIC's Board Approved Underwriting Policy. The Basic Sum Assured can be selected in multiples of Rs 50,000 for coverage between Rs 5 lakh and Rs 7 lakh, and in multiples of Rs 1 lakh for coverage above Rs 7 lakh.

The plan provides policyholders with the flexibility to choose between single premium, regular premium and limited premium payment options.

Special rates are available for women, while a high Sum Assured rebate is also offered.

Rider options are available under the plan to enable policyholders to enhance their insurance coverage.

Available online and offline

Both plans can be purchased offline through LIC's licensed agents, corporate agents, brokers and Insurance Marketing Firms. They can also be purchased online directly through LIC's website.

LIC's Bima Platinum and LIC's Jeevan Raksha will be available from September 7, 2026.