Life Insurance Corporation of India has introduced two new individual life insurance products, LIC Bima Platinum and LIC Jeevan Raksha, as part of its 70th anniversary celebrations. The two plans are designed for different financial needs, with Bima Platinum combining savings and protection and Jeevan Raksha focusing on pure life insurance protection.
LIC introduced the plans on September 1, 2026, through Chairman and Managing Director R Doraiswamy. The products are scheduled to be available for purchase from September 7, 2026. Customers will be able to access the plans through LIC’s distribution network, including authorised agents and other permitted channels. LIC has also indicated that online purchase facilities are available for eligible customers.
LIC Bima Platinum is designated as Plan 770. It is a non participating and non linked individual savings plan. In simple terms, the plan is designed to provide a combination of life insurance protection and savings-related benefits without being linked to market performance.
One of the key features of Bima Platinum is the guaranteed addition. According to details reported following LIC’s product announcement, the plan provides guaranteed additions of Rs 70 for every Rs 1,000 of annual premium paid during the premium paying term. This feature is intended to provide a predetermined addition to the policy benefits, subject to the terms and conditions of the plan.
Bima Platinum also includes a Booster Income Benefit. The reported benefit is equivalent to 70 percent of the Basic Sum Assured and is payable on survival at the end of the fifth year after the completion of the premium paying term. The plan also provides a Regular Income Benefit of 10 percent of the Basic Sum Assured every year during the specified payout period, subject to the applicable policy conditions.
The minimum Basic Sum Assured under Bima Platinum is reported to be Rs 3 lakh. The plan offers several premium paying term options, including 7, 10, 12, 15 and 18 years. The entry age can range from 30 days to 55 years, depending on the selected premium paying term and applicable conditions.
The plan is therefore positioned differently from a pure term insurance product. It is aimed at customers who want life protection while also seeking savings-related benefits and guaranteed additions. However, customers should carefully review the official policy document, premium amount, payout schedule, exclusions and other conditions before purchasing the plan.
The second product, LIC Jeevan Raksha, is designated as Plan 894. Unlike Bima Platinum, Jeevan Raksha is classified as a non participating, non linked individual pure risk plan. Its primary purpose is to provide financial protection to the nominee or family if the insured person dies during the policy term.
The Basic Sum Assured under Jeevan Raksha ranges from Rs 5 lakh to Rs 24 lakh, according to product details reported after the launch. The plan is available to eligible individuals within the specified entry-age limits. The reported minimum entry age is 18 years and the maximum entry age is 45 years, while maturity age limits depend on the selected policy structure.
Jeevan Raksha provides flexibility in premium payment. Customers can choose between single premium, regular premium and limited premium payment options, subject to the conditions of the selected policy. The plan also includes special rates for women and a high Basic Sum Assured rebate, according to the published product details.
Rider options are also available under the plan, subject to eligibility and applicable terms. Riders can provide additional protection beyond the basic policy coverage, but customers should examine the additional premium and specific conditions before adding any rider to the policy.
The difference between the two new LIC products is therefore important. Bima Platinum is primarily a savings and protection product. It includes guaranteed additions and income benefits and is designed for customers looking for a combination of protection and savings features.
Jeevan Raksha, on the other hand, is a pure-risk insurance product. Its main objective is financial protection during the policy term rather than savings accumulation. The benefit structure is therefore fundamentally different from Bima Platinum.
The introduction of these plans comes as LIC marks 70 years of operations. The insurer continues to offer a broad range of products covering protection, savings, pensions and other insurance needs. The latest launches add separate products aimed at customers with different financial objectives.
For customers considering Bima Platinum, the important factors include the premium payable, premium payment term, Basic Sum Assured, guaranteed additions, income benefit schedule and maturity-related conditions. Customers should also check the policy document for exclusions and other contractual terms.
For those considering Jeevan Raksha, the key considerations include the required amount of life cover, policy term, premium payment frequency and the financial needs of the nominee. A pure-risk policy is generally intended to provide financial protection rather than investment returns, so the amount of coverage should be assessed based on the policyholder’s responsibilities and financial obligations.
The maximum Basic Sum Assured of Rs 24 lakh under Jeevan Raksha may be relevant for customers seeking a relatively modest level of life protection. However, individuals with significant family responsibilities, loans or long-term financial commitments may need to compare the available coverage with their actual insurance requirements.
Customers should also understand the difference between non participating and participating insurance plans. A non participating plan does not normally provide policyholders with a share of LIC’s declared profits in the form of bonuses. The specific guaranteed benefits, however, are governed by the terms of the policy.
The non linked classification also means that the policy benefits are not directly linked to market-linked investment funds. This distinguishes the products from unit-linked insurance products, where returns can be affected by the performance of selected investment funds.
LIC has stated that the new products will be available from September 7, 2026. Customers can approach LIC’s authorised distribution channels for detailed information, eligibility requirements, premium quotations and policy documentation. Online purchase facilities are also available for eligible products and customers.
As with any insurance product, customers should not base a purchase decision only on the name of the plan or a single advertised benefit. The complete policy document should be reviewed carefully. Important factors include the premium, policy duration, death benefit, survival benefits, maturity benefits, surrender provisions, exclusions, grace periods, loan facilities where applicable and taxation rules.
The launch of Bima Platinum and Jeevan Raksha gives LIC customers two distinct choices. Bima Platinum is positioned toward those seeking a combination of savings and protection, while Jeevan Raksha is focused on straightforward financial protection through a pure-risk structure.
The availability of both products from September 7 provides customers with an opportunity to compare the new offerings with other life insurance products available in the market. The most suitable policy will depend on individual financial circumstances, insurance requirements, affordability and the terms offered by the insurer.
Customers should therefore verify the latest official policy documents and terms directly with LIC before making a financial decision. Premiums, eligibility, benefits and other conditions should be considered in their entirety rather than based only on headline features.