LIC launches 2 new plans: Check features

On the eve of its 70th anniversary, the Life Insurance Corporation of India (LIC) unveiled two fresh plans: LIC’s Bima Platinum (Plan 770) and LIC’s Jeevan Raksha (Plan 894).

LIC’s Bima Platinum is an individual non-participating, non-linked plan that blends savings and financial protection. This limited premium policy offers guaranteed additions of Rs 70 for every Rs 1,000 of annual premium paid throughout the premium-paying term.

One standout feature of this plan is the booster income benefit, equal to 70% of the basic sum assured, payable if the policyholder survives until the end of the (PPT + 5th) year. Additionally, the plan provides a regular income benefit, equal to 10% of the basic sum assured annually during the payout period, which extends from the policy term to the premium-paying term.

The minimum basic sum assured stands at Rs 3,00,000, with no upper limit, contingent on the acceptance decision under LIC’s Board Approved Underwriting Policy. The sum assured can be accessed in multiples of Rs 10,000.

Premium-paying term options range from 7 to 18 years. The minimum entry age is 30 completed days, and the maximum age at entry is 55 years, contingent on the selected premium-paying term. The minimum and maximum age at maturity are 28 and 75 years, respectively.

Policyholders can avail rebates if they are existing LIC policyholders or nominees/beneficiaries of deceased policyholders. Riders enhance coverage under the plan for those who choose them.

Conversely, LIC’s Jeevan Raksha is a non-participating, non-linked pure risk plan that offers financial protection to the insured’s family in case of the unfortunate demise of the life assured during the policy term. Death benefits under this plan are guaranteed and fixed, irrespective of actual experience.

The plan excludes discretionary benefits like bonuses or surplus sharing.

The age range for entry into LIC’s Jeevan Raksha is 18 to 45 years. The minimum and maximum age at maturity are 33 and 60 years, respectively. The minimum and maximum basic sum assured are Rs 5 lakh and Rs 24 lakh, respectively. The latter can be selected in multiples of Rs 50,000 for amounts between Rs 5 lakh and Rs 7 lakh and in Rs 1 lakh increments above Rs 7 lakh.

Policyholders can choose single, regular, or limited premium payment options. Special rates are available for women. Additionally, an attractive high sum assured rebate is offered. Moreover, rider options are available to augment coverage under the plan.