LIC’s New Plans: Bima Platinum & Jeevan Raksha Explained

LIC just rolled out two new insurance plans, Bima Platinum and Jeevan Raksha, on its 70th anniversary on September 1, 2026. These plans offer very different benefits, so it’s key to know which one aligns with your financial goals.

If you’re looking for a plan that blends savings with life cover, Bima Platinum (Plan 770) might catch your eye. This non-participating, non-linked individual plan also includes financial protection and income benefits. It’s designed to help your money grow while offering security.

Decoding Bima Platinum’s Benefits

You get guaranteed additions of ₹70 for every ₹1,000 of annual premium paid during your premium-paying term.

There’s a booster income benefit providing 70% of the basic sum assured if you survive the term.

You can also receive a regular income benefit of 10% of the basic sum assured annually during the payout period.

To start with Bima Platinum, the minimum basic sum assured is ₹3 lakh, with no upper limit on how much you can secure. You can choose premium-paying terms of 7, 10, 12, 15, or 18 years. This plan is available for individuals from 30 days old up to 55 years.

Now, if your primary goal is pure financial protection for your loved ones, then Jeevan Raksha (Plan 894) is built for that. This is a non-participating, non-linked pure-risk plan, meaning it focuses solely on providing a guaranteed death benefit. It doesn’t include any bonuses or share in surplus.

Understanding Jeevan Raksha’s Core

The minimum basic sum assured for this plan is ₹5 lakh, going up to a maximum of ₹24 lakh.

It’s available for individuals aged 18 to 45 years, with maturity ages from 33 to 60 years.

You have flexible premium payment options, including single, regular, or limited payments.

Jeevan Raksha also offers special rates for women and a high sum assured rebate, making it even more accessible. When choosing between these, think about your specific financial objectives. Consider the premiums, how much coverage you truly need, and the policy duration that fits your long-term plans.

Your decision should reflect whether you prioritize building savings with income benefits or simply securing a fixed financial safety net for your family.