Life Insurance Corporation of India (LIC) has expanded its insurance portfolio with the launch of two new products designed for very different financial requirements. Named Bima Platinum and Jeevan Raksha, the policies were introduced on September 1, 2026, to mark LIC's 70th anniversary.

While Bima Platinum combines life insurance protection with guaranteed additions and an income structure, Jeevan Raksha is designed as a pure-risk insurance product focused primarily on providing financial protection to the policyholder's family.

Both products are non-linked and non-participating plans. This means their benefits are not directly linked to stock-market movements, nor do they depend on bonuses arising from the insurer's participating profits. Instead, the benefits are defined according to the policy terms.

The two policies are scheduled to become available to customers from September 7, 2026. Buyers will be able to access them through both online and offline channels, including LIC branches and agents.

Here's a closer look at how the two plans work and whom they may suit.

LIC Bima Platinum: Savings, Insurance and Income in One Plan

LIC Bima Platinum, identified as Plan 770 in the source article, is structured as a limited-premium savings and protection policy.

It is designed for customers who want life insurance protection while also building defined benefits over the policy period.

Unlike a market-linked insurance product, the returns and benefits under the policy are structured according to predetermined terms rather than the performance of equity or debt markets.

One of its notable features is the guaranteed addition offered during the premium-paying period.

How Guaranteed Additions Work in Bima Platinum

According to the policy details cited in the source article, Bima Platinum provides a guaranteed addition of ₹70 for every ₹1,000 of annual premium during the premium-paying term.

These additions continue to accumulate according to the policy conditions.

For customers who prefer predictable benefits rather than returns linked to market performance, this feature provides greater visibility about the policy's benefit structure.

However, policy buyers should calculate the overall return on the premiums paid rather than evaluating a product only on the basis of the guaranteed-addition figure.

Bima Platinum Also Offers a Booster Income Benefit

Another major component of Bima Platinum is its Booster Income Benefit.

At the end of the fifth year after completion of the premium-paying period, the policyholder is scheduled to receive a lump-sum amount equivalent to 70% of the Basic Sum Assured, subject to the policy terms.

This benefit can provide a substantial one-time payout after the premium payment phase has ended.

It could potentially be useful for a planned financial requirement depending on the policyholder's age and the timing of the payout.

Regular Income Starts After the Booster Benefit

Bima Platinum also includes a regular income component.

After the Booster Income Benefit becomes payable, the policy provides an annual Regular Income Benefit during the applicable payout period.

According to the details provided, this annual income is equivalent to 10% of the Basic Sum Assured.

This makes Bima Platinum different from a conventional policy that provides only a maturity payment at the end of the term. Its structure combines life insurance with defined payouts at different stages.

Multiple Premium-Payment Terms Available

Policyholders can choose from several premium-paying terms depending on their financial planning requirements.

The available premium payment periods mentioned for Bima Platinum are:

7 years, 10 years, 12 years, 15 years and 18 years.

This allows customers to select a contribution period based on factors such as age, income and the number of years they want to continue paying premiums.

The minimum Basic Sum Assured under the plan is ₹3 lakh.

Eligibility begins from as young as 30 days of age, while the maximum entry age is stated as 55 years, subject to the conditions applicable to the selected policy option.

LIC Jeevan Raksha Focuses on Pure Life Protection

LIC's second newly introduced product, Jeevan Raksha, serves a very different purpose.

Listed as Plan 894 in the source, Jeevan Raksha is a pure-risk life insurance policy.

Instead of combining savings and insurance, the plan is primarily designed to provide a predetermined death benefit to the nominee if the insured person dies during the policy term.

This makes the product relevant for people whose primary objective is financial protection for their dependants rather than accumulating a maturity corpus.

Jeevan Raksha Does Not Offer a Maturity Benefit

The distinction between savings-oriented insurance and pure-risk insurance is important.

Under Jeevan Raksha, the nominee receives the applicable guaranteed death benefit if the insured dies during the policy period, according to the policy terms.

The plan does not include a bonus or maturity benefit, as described in the source article.

This means buyers should not purchase Jeevan Raksha expecting an investment return at the end of the policy period. Its core purpose is life protection.

Life Cover Available From ₹5 Lakh to ₹24 Lakh

The Basic Sum Assured under Jeevan Raksha starts at ₹5 lakh.

The maximum Basic Sum Assured is stated as ₹24 lakh.

Therefore, eligible customers can choose their level of protection within this range, subject to LIC's underwriting and policy conditions.

The plan allows entry between the ages of 18 and 45 years, while the maximum maturity age is 60 years.

Three Ways to Pay Premium Under Jeevan Raksha

Jeevan Raksha provides flexibility in how premiums can be paid.

Customers can select from three broad premium-payment structures:

Single premium: The premium is paid once at the beginning.

Regular premium: Payments continue according to the selected policy schedule.

Limited premium: Premiums are paid for a specified period shorter than the overall policy term.

The availability of these options allows customers to choose a payment structure that better fits their financial circumstances.

Special Premium Rates for Women

The Jeevan Raksha plan also includes special premium provisions for women.

According to the source article, LIC has provided concessional premium rates for female policyholders.

Rebates are also available for customers opting for higher sums assured, subject to applicable policy conditions.

Customers should check the exact premium applicable to their age, coverage amount, policy term and payment option before making a purchase decision.

Bima Platinum vs Jeevan Raksha: What Is the Main Difference?

Although both policies come from LIC, they address fundamentally different financial needs.

The right choice therefore depends on what the customer actually expects from an insurance policy.

Which LIC Plan May Suit Which Requirement?

Someone looking for a combination of life insurance, predetermined additions and scheduled income benefits may find the structure of Bima Platinum more aligned with that objective.

In contrast, a customer primarily looking to create a financial safety net for family members without focusing on maturity returns may consider the pure-risk structure of Jeevan Raksha.

However, the presence of guaranteed benefits does not automatically mean that a policy is financially suitable for every buyer.

Premium affordability, insurance requirements, expected return, liquidity needs and policy duration should all be considered before purchasing.

Compare Insurance Cover and Returns Separately

Consumers should also avoid treating insurance and investment as interchangeable financial goals.

For a savings-oriented insurance plan such as Bima Platinum, buyers may want to calculate how much premium they will pay over the full payment period and compare that figure with the benefits expected under the policy.

For a pure-risk plan such as Jeevan Raksha, the key considerations are different. The focus should primarily be on whether the available life cover is sufficient to protect the family's financial requirements and whether the premium is affordable over the selected payment period.

New LIC Policies Available From September 7

Both Bima Platinum and Jeevan Raksha are scheduled to become available from September 7, 2026 through LIC's online and offline distribution channels.

The two launches offer customers distinctly different options. Bima Platinum focuses on savings, protection and predetermined income benefits, while Jeevan Raksha concentrates on pure life insurance protection with cover of up to ₹24 lakh.

Before selecting either policy, customers should carefully read the official benefit illustration and policy document, calculate the total premium commitment and understand exclusions, surrender conditions and other applicable rules.

Choosing between the two should ultimately depend on whether the primary objective is structured savings with insurance or straightforward financial protection for the family.

Disclaimer: This article is for general informational purposes only and does not constitute insurance, investment or tax advice. Policy features, premiums, benefits, eligibility and other terms are subject to LIC's official policy documents and applicable regulations. Customers should verify the latest details and assess their financial requirements before purchasing any insurance product.