Life Insurance Corporation of India (LIC) has launched two new insurance plans called Bima Platinum and Jeevan Raksha.
The plans were introduced on September 1, 2026, to mark LIC’s 70th Foundation Day.
Both are non-linked and non-participating plans. This means their benefits are not linked to stock market movements or LIC’s profits and bonuses.
The benefits offered under the policies are fixed according to their terms.
Customers will be able to buy both plans from September 7, 2026. They will be available online as well as offline through LIC branches and agents.
LIC Bima Platinum: Savings With Guaranteed Benefits
LIC Bima Platinum, also known as Plan 770, is a savings and protection plan. It is designed for people who want life insurance along with guaranteed benefits.
During the premium-paying period, the policy provides a guaranteed addition of ₹70 every year for every ₹1,000 of annual premium.
The plan also offers a Booster Income Benefit. At the end of the fifth year after the premium-paying term ends, the policyholder will receive 70% of the Basic Sum Assured as a lump sum.
After receiving this amount, the policyholder can get regular income. Under this benefit, 10% of the Basic Sum Assured is paid every year during the applicable payout period.
Customers can choose a premium-paying term of 7, 10, 12, 15 or 18 years. The minimum Basic Sum Assured is ₹3 lakh. The entry age starts from 30 days, while the maximum entry age is 55 years.
LIC Jeevan Raksha: Life Cover at Affordable Premium
LIC Jeevan Raksha, or Plan 894, is a pure-risk life insurance plan. It is mainly designed for people who want financial protection for their family rather than savings or maturity returns.
If the policyholder dies during the policy term, the nominee receives a fixed death benefit according to the policy conditions. There are no bonuses or maturity benefits under this plan.
Customers get three premium payment options — Single Premium, Regular Premium and Limited Premium.
The minimum Basic Sum Assured is ₹5 lakh, while the maximum is ₹24 lakh. People between 18 and 45 years of age can buy the policy, and the maximum maturity age is 60 years.
LIC is also offering special premium rates for women. Customers choosing a higher sum assured may also get a rebate.
Bima Platinum or Jeevan Raksha: Which One Is Better?
The two plans are designed for different needs.
Bima Platinum may suit people looking for life insurance along with guaranteed savings and regular income without taking stock market risk.
Jeevan Raksha is aimed at people whose main priority is securing their family financially through a fixed life cover at an affordable premium.
Before buying either policy, customers should carefully check the premium, policy term, death benefit and other conditions.
It is also useful to compare the plan with other insurance and savings options before making a final decision.
