Life Insurance Corporation of India (LIC) has introduced two new insurance plans—LIC’s Bima Platinum (Plan 770) and LIC’s Jeevan Raksha (Plan 894)—to mark its 70th anniversary.
LIC Chairman and Managing Director R. Doraiswamy launched the two plans on Tuesday, with the new products combining savings and protection features and pure risk cover respectively.
LIC’s Bima Platinum (Plan 770; UIN: 512N397V01) is a non-participating, non-linked individual plan offering savings and life protection. It is a limited-premium plan that provides guaranteed additions of Rs 70 for every Rs 1,000 of annual premium paid during the premium-paying term.
An additional feature of the plan is a Booster Income Benefit equivalent to 70 per cent of the Basic Sum Assured, payable if the policyholder survives until the end of the fifth year after completion of the premium-paying term.
The plan also provides a Regular Income Benefit equivalent to 10 per cent of the Basic Sum Assured at the end of 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 lakh, with no fixed upper limit, subject to acceptance under LIC’s Board-approved underwriting policy. The Basic Sum Assured is available in multiples of Rs 10,000.
Policyholders can choose premium-paying terms of seven, 10, 12, 15 or 18 years. The minimum age at entry is 30 completed days, while the maximum entry age varies according to the premium-paying term. The plan also offers rebates for existing LIC policyholders and nominees or beneficiaries of deceased policyholders, along with rider options to enhance coverage.
LIC’s Jeevan Raksha (Plan 894; UIN: 512N368V01) is a non-participating, non-linked pure risk plan designed to provide financial protection to the family of the insured in the event of death during the policy term.
The benefits payable on death are guaranteed and fixed and are not linked to the actual experience of the Corporation. The plan does not carry bonuses, discretionary benefits or any share in surplus.
Jeevan Raksha is available to individuals aged between 18 and 45 years at entry. The minimum and maximum age at maturity are 33 and 60 years respectively.
The plan offers a Basic Sum Assured ranging from Rs 5 lakh to Rs 24 lakh, subject to LIC’s underwriting policy. The Sum Assured is available in multiples of Rs 50,000 between Rs 5 lakh and Rs 7 lakh and in multiples of Rs 1 lakh above Rs 7 lakh.
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