21 hrs ago
LIC Launches Bima Platinum and Jeevan Raksha Plans
LIC has introduced two different life insurance plans.
Bima Platinum is for people who want life protection along with savings-related benefits.
It adds a guaranteed amount based on the annual premium paid.
It can also pay a booster benefit if the policyholder survives long enough.
The plan may provide regular income during its payout period.
Jeevan Raksha is mainly designed to protect a family if the insured person dies during the policy term.
Its death benefit is fixed and guaranteed.
It does not pay bonuses or a share of LIC’s surplus.
People should compare their protection needs, premiums and policy terms before choosing a plan.
LIC introduced Bima Platinum and Jeevan Raksha on Tuesday during its 70th anniversary.
Bima Platinum combines savings and protection, offering guaranteed additions of ₹70 per ₹1,000 of annual premium paid.
Bima Platinum provides a 70% booster benefit and annual income of 10% of the basic sum assured during the payout period.
Jeevan Raksha is a pure-risk plan with a fixed, guaranteed death benefit and no bonuses or surplus participation.
Jeevan Raksha covers entrants aged 18 to 45, with basic sum assured options from ₹5 lakh to ₹24 lakh.
- Who
- Life Insurance Corporation of India, announced by LIC CEO and Managing Director R Doraiswamy.
- What
- LIC launched the Bima Platinum and Jeevan Raksha life insurance plans.
- Where
- Not specified in the articles.
- When
- On Tuesday, during LIC’s 70th anniversary.
- Why
- Bima Platinum is intended to combine savings, protection and income benefits, while Jeevan Raksha focuses on pure life-risk protection.
Savings and income focus
Pure protection focus
Primary purpose
Savings and income focus
Bima Platinum is designed for people seeking savings, financial protection and future income benefits.
Pure protection focus
Jeevan Raksha is designed primarily to provide life insurance protection for a family if the insured dies during the policy term.
Benefit structure
Savings and income focus
Bima Platinum offers guaranteed additions, a survival-linked booster benefit and regular income during the payout period.
Pure protection focus
Jeevan Raksha provides a fixed, guaranteed death benefit and has no bonuses, discretionary benefits or share in LIC’s surplus.
Payment and coverage choices
Savings and income focus
Bima Platinum has limited-premium payment terms of 7, 10, 12, 15 or 18 years, with a minimum basic sum assured of ₹3 lakh.
Pure protection focus
Jeevan Raksha allows single, regular or limited premium payments and offers basic sum assured options from ₹5 lakh to ₹24 lakh.
Key facts
- Bima Platinum plan number
- Plan 770
- Bima Platinum guaranteed addition
- ₹70 for every ₹1,000 of annual premium paid during the premium-paying term
- Bima Platinum terms
- Premium-paying terms of 7, 10, 12, 15 or 18 years
- Bima Platinum benefits
- A booster benefit equal to 70% of the basic sum assured and regular income equal to 10% annually during the payout period
- Bima Platinum coverage
- Minimum basic sum assured of ₹3 lakh; no stated upper limit, subject to LIC’s underwriting policy
- Jeevan Raksha plan number
- Plan 894
- Jeevan Raksha coverage and age
- Basic sum assured of ₹5 lakh to ₹24 lakh; entry age of 18 to 45 years
Sources
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