The LIC has launched two new insurance plans, Bima Platinum and Jeevan Raksha, as part of the insurer’s 70th anniversary. Bima Platinum is for savings and life insurance protection, and Jeevan Raksha is for life-risk cover only.
Both plans are non-linked and non-participating policies. LIC announced the products on September 1, with sales starting from September 7, 2026.
While Bima Platinum is for customers looking at savings and insurance protection, Jeevan Raksha is designed primarily to provide a fixed death benefit to the policyholder's family.
LIC Bima Platinum: Savings With Life Cover
Plan 770 (LIC Bima Platinum) is a limited-premium individual life insurance. It provides life protection with savings and guarantees that you will get premium-paying benefits at some point in the premium-paying period.
One of its key features is a guaranteed addition of ₹70 for every ₹1,000 of annual premium paid during the premium-paying term.
The plan also provides a booster income benefit up to 70% of the basic sum assured if the policyholder survives until the end of the fifth year after the premium-paying term.
After that, the policy provides a regular income benefit equal to 10% of the basic sum assured every year during the payout period. The payout period is linked to the policy term and premium paying term selected by the policyholder.
Bima Platinum: Eligibility And Premium Terms.
Policyholders can choose premium-paying terms of 7, 10, 12, 15 or 18 years.
The minimum basic sum assured under the plan is ₹3 lakh, with no upper limit specified, subject to LIC’s underwriting and policy conditions. The sum assured can be selected in multiples of ₹10,000.
The minimum entry age is 30 days, while the maximum entry age depends on the premium-paying term and can go up to 55 years. The maximum maturity age is 75 years.
LIC also provides rebates to existing policyholders and nominees or beneficiaries of deceased policyholders. Riders are available to customers who need more coverage.
Jeevan Raksha: Focus On Pure Protection.
LIC Jeevan Raksha, Plan 894, takes a different approach. It is a pure-risk life insurance plan designed primarily to provide financial protection to the policyholder's family if the insured dies during the policy term.
Unlike Bima Platinum, Jeevan Raksha does not offer savings or maturity benefits. Its death benefit is guaranteed and fixed under the policy terms.
The plan is non-participating, which means the policyholders do not receive any bonuses, discretionary benefits or a share of LIC’s surplus earnings. The product should be less complicated for customers who are primarily interested in life insurance protection.
Jeevan Raksha: Coverage and Payment Options
The basic sum assured under Jeevan Raksha ranges from ₹5 lakh to ₹24 lakh, subject to LIC's policy conditions.
Customers have flexibility in how they pay their premiums. The plan has single-premium, regular-premium and limited-premium payment options.
The sum assured can be increased in steps of ₹50,000 for the amount between ₹5 lakh and ₹7 lakh. If the amount is above ₹7 lakh, increases can be made in steps of ₹1 lakh.
The age of entry for Jeevan Raksha is between 18 and 45 years with maturity up to 60 years.
The plan also includes special rates for women, and a high sum assured rebate and rider options.
Bima Platinum vs Jeevan Raksha
The major difference between the two plans is their purpose.
Hence, Bima Platinum is intended to provide a combination of life insurance and savings that works. The coverage is guaranteed to be added on, the boost income benefit is guaranteed, and the money is paid out over the payout period.
Jeevan Raksha, on the other hand, is all about pure financial protection. It provides a fixed death benefit and does not offer bonuses or a savings component.
So the two plans are not substitutes. The better choice would be if a customer is looking for savings-linked benefits along with insurance or primarily for life-risk protection.
LIC Plans To Be Available From September 7
LIC announced the two products as part of its 70th anniversary celebrations. They will go on sale in the domestic market from September 7, 2026.
Bima Platinum and Jeevan Raksha therefore target different segments of LIC's customer base. One combines protection with long-term savings and income benefits, while the other focuses on providing a defined financial safety net in the event of the policyholder's death.
But customers looking to buy either plan should read the policy documents, premium calculations, exclusions, and terms before they make a purchase.
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