Life Insurance Corporation of India (LIC), the country's largest and most trusted life insurance company, has introduced two new schemes, opening a box of happiness for policyholders on the historic occasion of its 70th foundation day. LIC Managing Director and CEO R. The names of these two new plans launched by Duraiswami are 'LIC Bima Platinum' (LIC's Bima Platinum – Plan 770) and 'LIC Jeevan Raksha' (LIC's Jeevan Raksha – Plan 894). Both these schemes are of non-linked and non-participating category. This simply means that the returns and benefits received by the policyholders will not depend on the fluctuations of the stock market or the annual profits/bonuses of the company. The amount and protection cover received will be fully pre-determined and guaranteed at the time of taking the policy. Both the schemes will be available for sale online and offline (through agents and branches) from 7 September 2026. 1. LIC Bima Platinum (Plan 770): Guaranteed Edition and Regular Income 'Bima Platinum' is a limited-premium savings and protection plan designed for investors who want assured and fixed returns along with life insurance protection: Guaranteed Edition of ₹70 per annum: Guaranteed addition of ₹70 on every ₹1,000 of annual premium paid by the policyholder during the premium paying period (PPT) Guaranteed Addition will be added to the policy every year. Booster Income Benefit of 70%: The policyholder will be given a lump sum of 70% of the Basic Sum Assured as 'Booster Income' on survival at the end of the 5th year after completion of the premium paying term. 10% Regular Annual Income: After receiving the booster income, the policyholder will get 10% of the Basic Sum Assured as Regular Income every year during the payout period. Flexible Premium Term: Policyholders can opt for premium payment term (PPT) of 7, 10, 12, 15 or 18 years as per their convenience. Eligibility and Sum Assured: The minimum basic sum assured in this plan has been kept at ₹3 lakh, while there is no upper limit on the maximum (subject to the Board underwriting policy). People from 30 days old newborn to 55 years can take admission in this. 2. LIC Jeevan Raksha (Plan 894): Affordable pure term cover worth ₹24 lakh LIC's 'Jeevan Raksha' plan is a pure risk life cover plan, the main objective of which is to provide a fixed and strong financial protection shield to the family at minimal premium: Definite Death Benefit: In case of untimely death of the insured during the policy term, the nominee gets a pre-determined guaranteed death benefit. Payment is made in lump sum. Since this is a pure term cover, it does not include any maturity benefit or bonus. Insurance cover limit: Under this plan, the minimum basic sum assured has been fixed at ₹5 lakh and the maximum basic sum assured has been fixed at ₹24 lakh. The sum assured can be taken in multiples of ₹50,000 between ₹5 lakh to ₹7 lakh and in multiples of ₹1 lakh above ₹7 lakh. 3 Premium Payment Options: Policyholders can choose Single Premium (lump sum payment), Regular Premium (payment for entire term) or Limited Premium (payment for limited number of years) as per their convenience. Special discount for women: LIC has given special discount in premium rates for women customers in this plan. Along with this, a provision for attractive rebate has also been made on choosing higher sum assured. Age Limit: The minimum age of entry is 18 years and maximum age is 45 years, while the maximum maturity age has been fixed at 60 years. Which of the two plans is better for you? If you want to stay away from stock market risks and create guaranteed annual income and lump sum funds for your children's higher education, marriage or for yourself, then Bima Platinum (Plan 770) will prove to be a suitable option for you. If you want to create a basic and affordable life insurance cover with minimal out-of-pocket expenses to secure your family's financial future, Jeevan Raksha (Plan 894) is a great protection cover.
