The Life Insurance Corporation of India (LIC) launched two new plans, LIC Bima Platinum (Plan 770) and LIC Jeevan Raksha (Plan 894), in Mumbai on 1 September 2026 to mark its 70th anniversary. Bima Platinum is a savings cum income plan with guaranteed additions and yearly income, while Jeevan Raksha is a pure term protection plan with no maturity payout. Both plans will be available for purchase from 7 September 2026 through agents and online.
What Are the Two New LIC Plans?
LIC Chief Executive Officer and Managing Director R. Doraiswamy launched the two plans in Mumbai on 1 September 2026. The plans carry the Unique Identification Numbers 512N397V01 (Plan 770) and 512N368V01 (Plan 894) allotted under the regulatory system for insurance products.
Both are described as non-linked and non-participating individual plans. A non-linked plan means the benefits are not connected to stock market funds or market prices. A non-participating plan means the policy does not share in the profits of LIC and does not receive annual bonuses declared from surplus. All benefits are fixed in advance by the policy conditions.
Basic Sum Assured (BSA) is the core cover amount chosen at the start of the policy. All main benefits are calculated as a percentage of this amount. For Bima Platinum, the minimum BSA is ₹3 lakh with no fixed upper limit, subject to underwriting rules. For Jeevan Raksha, the BSA ranges from ₹5 lakh to ₹24 lakh.
The two plans can be bought offline through licensed agents, corporate agents, brokers and insurance marketing firms, and also online directly through the LIC website.
LIC Bima Platinum (Plan 770): Savings Plus Guaranteed Income
LIC Bima Platinum is a limited premium savings plan that combines life cover with savings and income. Limited premium means the customer pays premiums for a shorter period than the total policy term, but cover and benefits continue for the full term. It works like an endowment plan, which pays money on death during the term and also pays money if the person survives till maturity.
The plan offers three fixed benefits. The first is Guaranteed Additions at the rate of ₹70 per ₹1,000 of annual premium paid during the premium paying term. These additions build up at the end of each year in which premium is paid and are added to the death benefit and maturity benefit. They are not calculated on the Sum Assured, but on the annual premium paid.
The second is Regular Income Benefit equal to 10% of the Basic Sum Assured every year during the payout period. The payout period is the policy term minus the premium paying term. The first yearly payment starts at the end of the premium paying term. The third is a one time Booster Income Benefit equal to 70% of the Basic Sum Assured, paid if the person is alive at the end of the fifth year after premiums stop.
At maturity, the nominee or survivor receives the full Basic Sum Assured plus accumulated Guaranteed Additions. The Regular Income and Booster Income paid earlier do not reduce this maturity amount. The death benefit during the term also includes the Sum Assured on death plus Guaranteed Additions, subject to a minimum of 105% of premiums paid.
Eligibility and Policy Terms
The premium paying term can be 7, 10, 12, 15 or 18 years, while the total policy term ranges from 17 to 40 years based on the option and age. Entry is allowed from 30 days of age up to 55 years, depending on the term chosen. Maturity age ranges from 28 years to 75 years. The Sum Assured must be chosen in multiples of ₹10,000.
| Feature of Bima Platinum | Detail |
|---|---|
| Plan type | Non-linked, non-participating savings plan |
| Plan number and UIN | 770, 512N397V01 |
| Guaranteed Additions | ₹70 per ₹1,000 annual premium |
| Regular Income | 10% of BSA every year in payout period |
| Booster Income | 70% of BSA once, five years after premiums stop |
| Maturity benefit | Full BSA plus Guaranteed Additions |
The plan offers a loan facility, a facility to defer income for later payment with interest, settlement of maturity or death benefit in instalments over 5, 10 or 15 years, and five optional riders including accident, term assurance, premium waiver and critical illness covers on payment of extra premium. Rebates are available for existing LIC customers, nominees of deceased customers and for higher Sum Assured amounts.
LIC Jeevan Raksha (Plan 894): Pure Term Protection
LIC Jeevan Raksha is a pure risk term assurance plan. Pure risk means the plan only pays if the insured person dies during the policy term. If the person survives till the end of the term, no maturity amount is paid. There is no savings element and no bonus or profit share.
The death benefit is guaranteed and fixed at the start. This makes the plan simple and keeps the premium lower than savings plans for the same cover. The focus is on giving financial support to the family after the death of the earning member, rather than building wealth.
Entry age under Jeevan Raksha is 18 to 45 years. Maturity age is 33 to 60 years. The Basic Sum Assured must be between ₹5 lakh and ₹24 lakh. It has to be chosen in multiples of ₹50,000 between ₹5 lakh and ₹7 lakh, and in multiples of ₹1 lakh above ₹7 lakh. The final cover is also subject to LIC underwriting rules, which check health, age and income before accepting the proposal.
Customers can choose from three payment methods. Single premium means the full premium is paid once at the start. Regular premium means premium is paid through the full policy term. Limited premium means premium is paid for a fixed shorter period while cover continues for the full term. Special premium rates are available for women, and a high Sum Assured rebate reduces the effective cost for larger covers. Optional riders can be added for wider protection.
Bima Platinum vs Jeevan Raksha: Key Differences
The two plans serve different needs. Bima Platinum suits a person who wants life cover along with fixed savings, yearly income and a lump sum at maturity. Jeevan Raksha suits a person who wants basic life cover at a lower cost, especially at the start of earning life or with limited income.
| Point of comparison | Bima Platinum (Plan 770) | Jeevan Raksha (Plan 894) |
|---|---|---|
| Nature of plan | Savings plus protection (endowment type) | Pure protection (term type) |
| Market link and bonus | Non-linked, non-participating, no bonus | Non-linked, non-participating, no bonus |
| Basic Sum Assured | Minimum ₹3 lakh, no fixed maximum | Minimum ₹5 lakh, maximum ₹24 lakh |
| Survival benefits | Yearly 10% income plus 70% booster plus maturity | No survival or maturity payout |
| Entry age | 30 days to 55 years | 18 to 45 years |
| Premium options | Limited premium only (7 to 18 years) | Single, regular and limited premium |
Jeevan Raksha covers a lower ticket size than LICs other term plans such as New Jeevan Amar, New Tech Term, Yuva Term and Digi Term, which generally start at ₹25 lakh or ₹50 lakh. With a starting cover of ₹5 lakh, Jeevan Raksha can give first time buyers some basic protection rather than leaving them uninsured. Buyers should still check whether ₹24 lakh as maximum cover will meet the real needs of their family.
Why the Launch Matters on LICs 70th Anniversary
The Life Insurance Corporation of India was set up on 1 September 1956 under the LIC Act, 1956, by merging more than 245 private insurers and provident societies. It is headquartered at Yogakshema in Mumbai, is owned by the Government of India, and is regulated by the Insurance Regulatory and Development Authority of India (IRDAI), which was established in 1999 and is headquartered in Hyderabad.
LIC completed 70 years on 1 September 2026. It remains the largest life insurer in India, with a share of 65.16% in number of policies and 56.66% in first year premium income in 2025-26, and assets under management of ₹57.29 lakh crore. It was listed on the NSE and BSE after its initial public offer in May 2022.
The twin launch reflects the current shift in LICs product mix. Since new regulatory rules for non-linked products, LIC has expanded guaranteed, non-participating offerings that promise fixed benefits without dependence on yearly bonus declarations. Bima Platinum, which is reported as a close ended offer open till 31 March 2027, gives savers a defined income path. Jeevan Raksha expands access to term cover in smaller towns and among lower income groups where affordability limits purchase of large covers. Together they balance long term savings mobilisation with wider insurance penetration, which remains a core objective since LICs founding mandate to spread life insurance to rural areas at reasonable cost.
Key Takeaways
- LIC launched Bima Platinum (Plan 770) and Jeevan Raksha (Plan 894) on 1 September 2026 in Mumbai on its 70th anniversary.
- Both plans are non-linked and non-participating, so benefits are fixed and not tied to markets or bonus declarations.
- Bima Platinum offers ₹70 Guaranteed Additions per ₹1,000 annual premium, 10% yearly Regular Income and a one time 70% Booster Income.
- Bima Platinum needs a minimum Basic Sum Assured of ₹3 lakh with no fixed upper limit, with premium terms of 7, 10, 12, 15 or 18 years.
- Jeevan Raksha is a pure term plan with Basic Sum Assured of ₹5 lakh to ₹24 lakh and entry age of 18 to 45 years.
- LIC was established on 1 September 1956 under the LIC Act, 1956, is headquartered in Mumbai, and is regulated by the IRDAI.
