To celebrate its 70th anniversary, Life Insurance Corporation of India (LIC) has unveiled two new insurance products: Bima Platinum and Jeevan Raksha, effective from September 7.

  • LIC introduced Bima Platinum and Jeevan Raksha to mark its 70th year.
  • Bima Platinum offers a mix of savings and protection with guaranteed additions.
  • Jeevan Raksha acts as a pure risk plan providing fixed death benefits.

The Life Insurance Corporation of India (LIC) has officially expanded its product portfolio by introducing two new insurance schemes, Bima Platinum and Jeevan Raksha. The announcement comes at a significant milestone as the corporation celebrates its 70th anniversary. The plans were launched on Tuesday by LIC CEO and MD R. Doraiswamy and other senior officials.

Deep Dive into Bima Platinum

Bima Platinum is designed as a non-participating, non-linked individual plan. It caters to policyholders seeking a balanced approach between wealth accumulation and life protection. A standout feature of this limited premium plan is the accrual of guaranteed additions at a rate of ₹70 per ₹1000 of the annual premium paid during the Premium Paying Term (PPT).

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With a minimum basic sum assured of ₹3 lakh, the plan provides regular income benefits and booster income options, making it an attractive choice for long-term financial planning and wealth creation.

Jeevan Raksha: Pure Risk Protection

In contrast, Jeevan Raksha is a non-participating, non-linked, pure risk plan. Its primary objective is to provide immediate financial stability to the insured's family in the event of death during the policy term. Unlike traditional participating plans, the death benefits under Jeevan Raksha are guaranteed and fixed, regardless of the insurer's actual experience.

The plan offers a minimum sum assured of ₹5 lakh and a maximum of ₹24 lakh, subject to underwriting policies. Because it is a pure risk product, it does not entitle the holder to discretionary benefits like bonuses or surplus sharing, ensuring transparency in payout structures.

Why This Matters

BozokMedia analysis shows that LIC is pivoting towards more structured, guaranteed-return products to compete with private insurers and evolving market sentiments. By launching these products during their 70th anniversary, LIC is reinforcing its brand legacy while modernizing its offerings to suit diverse risk appetites.

The introduction of these plans signals LIC's intent to capture both the savings-oriented and pure protection segments of the Indian market.
Did You Know?: LIC's recent Q1 net profit saw a massive 23% jump, reaching ₹13,492 crore, highlighting its strong financial footing.

Frequently Asked Questions

1. When can policyholders purchase these new plans?
The two new plans will be available for purchase starting from September 7.

2. What is the maximum sum assured for Jeevan Raksha?
The maximum basic sum assured for the Jeevan Raksha plan is ₹24 lakh.