LIC Launches 2 New Plans: Bima Platinum Offers Guaranteed Income, Jeevan Raksha Provides Life Cover
The Life Insurance Corporation of India (LIC) has expanded its insurance portfolio with the launch of Bima Platinum and Jeevan Raksha on the occasion of its 70th anniversary. Both are individual, non-linked and non-participating plans, meaning their benefits are guaranteed and are not linked to market performance or bonus declarations.
What is LIC Bima Platinum?
LIC’s Bima Platinum (Plan 770) is a non-linked, non-participating life insurance plan that combines life cover with savings and income benefits. It offers Guaranteed Additions during the premium-paying term, along with specified income benefits during the policy period.
Key features of Bima Platinum
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Guaranteed Addition of ₹70 per ₹1,000 of annual premium paid during the premium-paying term.
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Booster Income Benefit of 70% of the Basic Sum Assured on survival until the end of the fifth year after the premium-paying term.
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Regular Income Benefit of 10% of the Basic Sum Assured at the end of each year during the payout period.
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Minimum Basic Sum Assured of ₹3 lakh.
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No stated upper limit on the Basic Sum Assured, subject to LIC’s Board Approved Underwriting Policy.
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Basic Sum Assured is available in multiples of ₹10,000.
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Premium-paying terms of 7, 10, 12, 15 and 18 years.
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Minimum entry age is 30 completed days, while the maximum entry age is 55 years, depending on the selected premium-paying term.
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Maximum maturity age is 75 years.
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Rebates are available for existing LIC policyholders and nominees or beneficiaries of deceased policyholders.
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Policyholders can also opt for available rider benefits to enhance their coverage.
Also Read: LIC New Money Back 20-Year Plan: This Plan Gives ₹40,000 at 5, 10 & 15 Years Plus Maturity Benefit
What is LIC’s Jeevan Raksha?
LIC’s Jeevan Raksha (Plan 894) is a non-linked, non-participating pure-risk life insurance plan designed to provide financial protection to the policyholder’s family. It offers a fixed and guaranteed death benefit during the policy term, without bonuses or other discretionary benefits.
Key features of Jeevan Raksha
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Minimum entry age of 18 years and maximum entry age of 45 years.
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Minimum maturity age of 33 years and maximum maturity age of 60 years.
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Minimum Basic Sum Assured of ₹5 lakh.
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Maximum Basic Sum Assured of ₹24 lakh, subject to LIC’s Board Approved Underwriting Policy.
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Basic Sum Assured is available in multiples of ₹50,000 from ₹5 lakh to ₹7 lakh and in multiples of ₹1 lakh above ₹7 lakh.
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Offers Single Premium, Regular Premium and Limited Premium payment options.
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Special rates are available for women.
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High Sum Assured rebate is available.
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Policyholders can opt for rider benefits to enhance their coverage.
Which should you choose?
The choice between the two plans depends on the policyholder’s financial objective. Bima Platinum may be considered by individuals looking for a combination of life insurance, guaranteed savings and regular income. On the other hand, Jeevan Raksha is focused on life protection and may be more suitable for individuals whose primary objective is providing financial security to their families.
