(LIC) has launched two new insurance plans — LIC’s Bima Platinum and LIC’s Jeevan Raksha offering customers options focused on savings and protection.
The two plans were introduced as LIC marked its 70th anniversary. While Bima Platinum combines life insurance protection with savings and guaranteed additions, Jeevan Raksha is designed as a pure-risk life insurance plan offering a fixed death benefit.
LIC Bima Platinum: Benefits and features
LIC’s Bima Platinum, Plan 770, is a non-participating, non-linked individual savings plan with a limited premium-paying period.
Under the plan, policyholders receive guaranteed additions of Rs 70 for every Rs 1,000 of annual premium paid during the premium-paying term.
A booster income benefit equivalent to 70 per cent of the basic sum assured is payable if the policyholder survives until the end of the premium-paying term plus five years. The plan also provides regular income equivalent to 10 per cent of the basic sum assured at the end of each year during the payout period.
Bima Platinum eligibility
The minimum basic sum assured under Bima Platinum is Rs 3 lakh, with no stated upper limit, subject to LIC’s underwriting policy.
Customers can choose premium-paying terms of 7, 10, 12, 15 or 18 years. The minimum entry age is 30 completed days, while the maximum entry age is 55 years, depending on the selected policy term. The maturity age ranges from 28 to 75 years.
The plan also offers applicable rebates and optional riders for additional coverage.
LIC Jeevan Raksha: Pure life cover
LIC’s Jeevan Raksha, Plan 894, is a non-participating, non-linked pure-risk insurance plan.
Unlike a savings-oriented policy, Jeevan Raksha is focused on providing financial protection to the policyholder’s family. It offers a guaranteed and fixed death benefit during the policy term and does not provide bonuses or a share in LIC’s surplus.
Jeevan Raksha eligibility
The entry age for Jeevan Raksha ranges from 18 to 45 years, while the maturity age ranges from 33 to 60 years.
The basic sum assured starts at Rs 5 lakh and goes up to Rs 24 lakh, subject to underwriting approval.
Policyholders can choose between single, regular or limited premium-payment options. The plan also provides special premium rates for women, high sum-assured rebates and optional riders for additional coverage.
Which LIC plan is suitable?
LIC’s Bima Platinum is aimed at customers looking for a combination of life cover, guaranteed additions and income benefits, while Jeevan Raksha is focused primarily on pure life protection.
Customers should compare the premium, policy term, benefits, exclusions and their individual financial requirements before choosing a plan.