Life Insurance Corporation of India (LIC) launches two non-linked insurance plans 'Bima Platinum' and 'Jeevan Raksha' on 70th anniversary

Key facts

• Life Insurance Corporation of India (LIC) launched two new non-linked insurance plans: Bima Platinum (Plan 770) and Jeevan Raksha (Plan 894) on its 70th anniversary.
• Bima Platinum is a non-par, non-linked savings and protection plan offering guaranteed additions of Rs 70 per Rs 1,000 of annual premium paid during the premium-paying term.
• Bima Platinum provides a booster income benefit equal to 70% of the basic sum assured if the life assured survives until the end of the premium-paying term plus 5 years.
• Bima Platinum offers a regular income benefit of 10% of the basic sum assured each year during the payout period, which is the policy term minus the premium-paying term.
• The minimum basic sum assured under Bima Platinum is Rs 3,00,000 with premium-paying terms of 7, 10, 12, 15, or 18 years; entry age ranges from 30 days to 55 years.
• Jeevan Raksha is a non-par, non-linked pure risk plan that provides a guaranteed death benefit with no entitlement to discretionary bonuses or surplus.
• Jeevan Raksha allows entry age between 18 and 45 years and maturity between 33 and 60 years, with basic sum assured ranging from Rs 5 lakh to Rs 24 lakh.
• Jeevan Raksha offers flexibility to choose single premium, regular premium, or limited premium payment options and provides special rates for women.