LIC New Plans: Bima Platinum & Jeevan Raksha for Savings

Life Insurance Corporation of India (LIC) just rolled out two new insurance plans, LIC’s Bima Platinum and LIC’s Jeevan Raksha, on its 70th anniversary. These plans offer different ways to secure your finances and protect your future.

Understanding LIC’s Bima Platinum

If you are looking for a plan that blends savings with financial protection, LIC’s Bima Platinum (Plan 770) could be for you. It’s a non-participating, non-linked individual plan, meaning its benefits are guaranteed and not tied to market performance or company profits.

This plan offers some specific financial perks that can add up over time. It’s designed to give you predictable returns and protection.

Key Numbers for Bima Platinum

• Guaranteed additions of Rs 70 for every Rs 1,000 of annual premium paid during your premium-paying term.
• A booster income benefit equal to 70% of the basic sum assured, paid out if you survive until the end of your premium-paying term plus five years.
• A regular income benefit of 10% of the basic sum assured annually during the payout period.

You can choose a basic sum assured starting from Rs 3,00,000. The plan offers flexible premium-paying term options of 7, 10, 12, 15, or 18 years.

Eligibility for Bima Platinum ranges from an entry age of 30 days up to 55 years, with maturity possible between 28 and 75 years. Existing LIC policyholders can also benefit from special rebates.

Exploring LIC’s Jeevan Raksha

For those prioritizing pure financial protection for their family, LIC’s Jeevan Raksha (Plan 894) is a straightforward option. This non-participating, non-linked pure risk plan ensures your loved ones receive a guaranteed, fixed death benefit if something happens to you during the policy term.

Unlike some other plans, Jeevan Raksha focuses solely on protection, meaning it doesn’t offer discretionary benefits like bonuses. It’s designed to provide a clear safety net.

Key Numbers for Jeevan Raksha

• Entry age is between 18 and 45 years, with maturity ages ranging from 33 to 60 years.
• The minimum basic sum assured is Rs 5 lakh, going up to a maximum of Rs 24 lakh.
• Sum assured amounts between Rs 5 lakh and Rs 7 lakh are available in multiples of Rs 50,000.
• For sums assured above Rs 7 lakh, you can choose multiples of Rs 1 lakh.

This plan offers flexibility in how you pay your premiums: single, regular, or limited payment options. There are also special rates available for women and rebates for higher sum assured amounts.

Both LIC’s Bima Platinum and Jeevan Raksha plans also include rider options, allowing you to enhance your coverage further. Understanding these new offerings can help you make informed decisions about your financial security.