Life Insurance Corporation of India launches two new insurance plans

Life Insurance Corporation of India (LIC) has launched two new insurance products to commemorate its 70th anniversary: LIC Bima Platinum (Plan 770) and LIC Jeevan Raksha (Plan 894). The plans were introduced by LIC Chairman and Managing Director R. Doraiswamy.

LIC Bima Platinum is a non-linked, non-participating individual life insurance savings plan. It features guaranteed additions of ₹70 for every ₹1,000 of annual premium paid during the premium-paying term. The plan includes a regular income benefit of 10% of the Basic Sum Assured and a booster income benefit equal to 70% of the Basic Sum Assured, payable if the policyholder survives until the end of the fifth year following the completion of the premium-paying term. Policyholders can select premium-paying terms of 7, 10, 12, 15, or 18 years.

LIC Jeevan Raksha is a non-participating, non-linked pure risk plan. It is designed to provide fixed, guaranteed financial protection to the families of insured individuals in the event of death during the policy term.