Mumbai: Life Insurance Corporation of India has launched LIC’s Bima Platinum and LIC’s Jeevan Raksha on its 70th anniversary. The two products address different needs, with one combining savings and protection and the other providing pure life cover.
Bima Platinum offers guaranteed additions
LIC’s Bima Platinum, Plan 770, is a non-participating, non-linked individual savings plan with a limited premium-payment period. It provides guaranteed additions of Rs 70 for every Rs 1,000 of annual premium paid during the premium-paying term.
A booster income benefit equal to 70 percent of the basic sum assured becomes payable if the insured survives until the end of the premium-paying term plus five years.
The policy also pays regular income equal to 10 percent of the basic sum assured at the end of each year during the payout period.
Eligibility and premium terms
The minimum basic sum assured under Bima Platinum is Rs 3 lakh, with no stated upper limit. Higher coverage remains subject to LIC’s underwriting policy. Premium-paying terms of 7, 10, 12, 15 and 18 years are available.
Entry is permitted from 30 completed days, while the maximum entry age is 55 years, depending on the chosen term. Maturity age ranges from 28 to 75 years. Rebates and optional riders are also available.
Jeevan Raksha provides pure protection
LIC’s Jeevan Raksha, Plan 894, is a non-participating, non-linked pure-risk policy. It provides a guaranteed and fixed death benefit to the insured’s family during the policy term. The plan does not offer bonuses or a share in LIC’s surplus.
Entry age ranges from 18 to 45 years, while maturity age ranges from 33 to 60 years. The basic sum assured starts at Rs 5 lakh and goes up to Rs 24 lakh, subject to underwriting approval.
Policyholders may choose single, regular or limited premium-payment options. The plan also provides special premium rates for women, high sum-assured rebates and optional riders for additional coverage to suit different financial needs.
