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LIC Launches Two New Insurance Plans to Mark Its 70th Anniversary
Sep 01,2026

The Life Insurance Corporation of India (LIC) has introduced two new insurance plans—'LIC's Bima Platinum' (Plan 770) and 'LIC's Jeevan Raksha' (Plan 894)—to commemorate its 70th anniversary.

These plans were launched on Tuesday by LIC Chairman and Managing Director R. Duraiswamy. Both plans will be available for sale through offline and online channels starting September 7, 2026.

LIC's Bima Platinum

'LIC's Bima Platinum' is an individual, non-participating (non-profit sharing), and non-linked insurance plan that combines both savings and protection. It is a limited premium payment plan; during the premium payment term, a 'Guaranteed Addition' is provided at the rate of Rs.70 for every Rs.1,000 of the annual premium paid. This guaranteed addition accrues at the end of each year of the premium payment term.

Under this plan, if the insured person survives until the end of the fifth year following the completion of the premium payment term, a 'Booster Income Benefit' equivalent to 70 percent of the Basic Sum Assured will be provided. Furthermore, during the payout period (the time remaining after deducting the premium payment term from the total policy term), a regular income benefit equivalent to 10% of the Basic Sum Assured is provided at the end of each year.

The minimum Basic Sum Assured under this plan is Rs.3 lakh; there is no specified maximum limit. However, the maximum Basic Sum Assured will be accepted in accordance with the underwriting policy approved by the LIC Board.

The Basic Sum Assured can be chosen in multiples of Rs.10,000. Policyholders may select a premium payment term of 7, 10, 12, 15, or 18 years.

The minimum entry age for this plan is 30 days (completed), and the maximum age is 55 years (varying based on the chosen premium payment term). At the time of maturity, the minimum age is 28 years, and the maximum age is 75 years.

LIC has announced that rebates will be offered to existing policyholders as well as to the heirs and beneficiaries of deceased policyholders. Policyholders can also increase their insurance coverage by opting for available additional benefits.

LIC’s Jeevan Raksha

LIC’s Jeevan Raksha is a pure risk protection plan that is neither participating nor market-linked. It is designed to provide financial security to the family of the insured in the event of their death during the policy term. The death benefits offered under this plan are guaranteed and fixed; however, the plan does not include any discretionary benefits such as bonuses or a share in surplus funds.

The minimum and maximum entry ages for this plan are 18 and 45 years, respectively. The minimum and maximum ages at maturity are 33 and 60 years, respectively.

Based on the underwriting policy approved by the LIC Board, the plan offers a Basic Sum Assured ranging from a minimum of Rs.5 lakh to a maximum of Rs.24 lakh. For a Sum Assured between Rs.5 lakh and Rs.7 lakh, the amount can be chosen in multiples of Rs.50,000; for amounts exceeding Rs.7 lakh, it can be chosen in multiples of Rs.1 lakh.

The plan offers policyholders the flexibility to choose from options such as single premium payment, regular premium payment, or payment for a limited term.

Special rates and rebates for higher Sum Assured amounts are also available for women.

The plan includes rider options that allow policyholders to enhance their insurance coverage. Available via online and offline modes

These plans can be purchased offline through LIC’s licensed agents, corporate agents, brokers, and Insurance Marketing Firms. Additionally, Additionally, these can also be purchased directly online through the LIC website.