Life Insurance Corporation of India introduced two new individual life insurance products on 1 September 2026: LIC’s Bima Platinum (Plan 770) and LIC’s Jeevan Raksha (Plan 894). Although both provide life insurance protection, they address different financial needs.
Bima Platinum combines long-term savings, guaranteed additions and scheduled income benefits. Jeevan Raksha is designed primarily as a pure-risk life insurance plan. Understanding that distinction is essential before considering either product.
Protection with long-term savings
Per ₹1,000 of total annualised premiums paid
Pure-risk life insurance protection
Subject to LIC underwriting
LIC’s Bima Platinum—Plan 770
LIC’s Bima Platinum is a non-linked, non-participating individual life insurance savings plan. “Non-linked” means its benefits are not directly linked to equity or debt market performance. “Non-participating” means the policy does not participate in LIC’s profits or receive discretionary bonuses.
LIC identifies Bima Platinum as Plan Number 770 with UIN 512N397V01.
Guaranteed additions
The plan provides guaranteed additions of ₹70 for every ₹1,000 of total annualised premiums paid during the premium-paying term, subject to the policy conditions. This benefit should not be interpreted as a 7% annual investment return.
Regular income benefit
After completion of the premium-paying term, the policy provides a regular income benefit equal to 10% of the Basic Sum Assured annually during the applicable payout period.
Booster income benefit
A booster income benefit equal to 70% of the Basic Sum Assured is payable at the end of the fifth policy year following completion of the premium-paying term, subject to policy conditions.
Premium term and eligibility
- Premium-paying terms: 7, 10, 12, 15 or 18 years
- Minimum Basic Sum Assured: ₹3 lakh
- Minimum entry age: 30 completed days
- Maximum entry age: up to 55 years, depending on the selected premium-paying term
- Maximum maturity age: 75 years
LIC also states that online purchase may provide up to 3% additional guaranteed additions, subject to the applicable conditions.
LIC’s Jeevan Raksha—Plan 894
LIC’s Jeevan Raksha is a non-linked, non-participating individual pure-risk life insurance plan. Its primary purpose is to provide financial protection to the insured person’s family if the life assured dies during the policy term.
LIC identifies Jeevan Raksha as Plan Number 894 with UIN 512N368V01.
Basic Sum Assured
The Basic Sum Assured ranges from ₹5 lakh to ₹24 lakh, subject to LIC’s underwriting decision. It is available in multiples of ₹50,000 from ₹5 lakh to ₹7 lakh and in multiples of ₹1 lakh above ₹7 lakh.
Entry age and premium options
- Minimum entry age: 18 years
- Maximum entry age: 45 years
- Maximum maturity age: 60 years
- Premium options: single, regular or limited premium
- Differential rates may apply for women and based on smoking status
LIC indicates an online rebate of 3% for single-premium policies and 7.5% for non-single-premium policies, subject to product conditions. The plan may also be available to eligible homemakers and adult students. Medical requirements and acceptance remain subject to LIC’s underwriting decision.
Bima Platinum and Jeevan Raksha: Key Differences
| Feature | LIC Bima Platinum | LIC Jeevan Raksha |
|---|---|---|
| Plan / UIN | 770 / 512N397V01 | 894 / 512N368V01 |
| Product type | Savings and protection | Pure-risk protection |
| Main purpose | Long-term savings, protection and scheduled income | Financial protection against death risk |
| Minimum Basic Sum Assured | ₹3 lakh | ₹5 lakh |
| Maximum Basic Sum Assured | Subject to underwriting | ₹24 lakh, subject to underwriting |
| Maximum entry age | Up to 55 years, depending on term | 45 years |
| Maximum maturity age | 75 years | 60 years |
| Income benefit | Regular and booster income benefits | Not positioned as an income plan |
Which plan may suit which requirement?
Neither plan is universally better because their objectives are different. Bima Platinum may be considered when a customer wants life cover together with long-term savings and scheduled income benefits. Jeevan Raksha may be considered when the primary requirement is pure family protection for a defined period.
Before deciding, customers should evaluate the required life cover, existing liabilities, premium affordability, policy duration, death-benefit structure, surrender and paid-up conditions, medical requirements, exclusions and the official benefit illustration.
Customers who require life cover significantly above ₹24 lakh should also compare other eligible term-insurance options, since Jeevan Raksha’s Basic Sum Assured is capped at ₹24 lakh.
Frequently asked questions
Is LIC Bima Platinum a term-insurance plan?
No. Bima Platinum combines life insurance protection with long-term savings and scheduled income benefits. It is different from a pure term-insurance product.
Is LIC Jeevan Raksha a savings plan?
No. Jeevan Raksha is a pure-risk life insurance plan intended primarily to provide financial protection upon the death of the life assured during the policy term.
Are Bima Platinum’s guaranteed additions equivalent to a 7% investment return?
No. The guaranteed addition is a policy benefit calculated as ₹70 for every ₹1,000 of total annualised premiums paid during the premium-paying term. It should not automatically be treated as a 7% annual investment return.
What is the maximum cover under Jeevan Raksha?
The maximum Basic Sum Assured is ₹24 lakh, subject to LIC’s underwriting approval and the applicable policy conditions.
Can homemakers apply for Jeevan Raksha?
LIC states that the plan may also be available to eligible homemakers and adult students. Eligibility and cover remain subject to financial underwriting and other applicable requirements.
Is a medical test compulsory for Jeevan Raksha?
LIC indicates that the plan may be available without medical tests in eligible cases. Final requirements depend on age, health disclosures, sum assured and LIC’s underwriting decision.
How Pranavi Capital Solutions can assist
Pranavi Capital Solutions provides preliminary insurance guidance and helps customers understand suitable protection categories. Final product selection, premium, medical requirements and policy issuance remain subject to the insurer’s terms and underwriting decision.
Explore our Insurance Solutions or request a call back for preliminary guidance.
This article is intended solely for general information and customer education. It is not an offer, solicitation, personalised insurance recommendation or assurance of policy issuance. Product benefits, premiums, eligibility, taxation, medical requirements, exclusions and claim payments are governed by LIC’s official policy wording, underwriting decision and prevailing regulations.
Readers should review the official sales brochure, Customer Information Sheet, benefit illustration and complete policy document before purchasing. Insurance is the subject matter of solicitation. LIC and its logo are the property of Life Insurance Corporation of India and are used here only for editorial identification.