Despite the opening of the insurance sector to private participation, LIC has retained its position as India's largest life insurer
FinTech BizNews Service
Mumbai, 1 September, 2026: On the occasion of its 70th Anniversary, the CEO & MD of LIC of India, Shri R. Doraiswamy launched two new plans today, LIC’s Bima Platinum (Plan 770) & LIC’s Jeevan Raksha (Plan 894). The salient features of the two plans are as under.
LIC’s Bima Platinum (Plan 770- UIN : 512N397V01)
LIC’s Bima Platinum is a Non-Par, Non-Linked, Individual Plan which offers an attractive combination of savings and protection. This is a limited premium plan with accrual of Guaranteed Additions at the rate of ₹70/- per ₹ 1000/- of annual premium paid during the Premium Paying Term. The Guaranteed Additions will accrue at the end of each year during the PPT.
An attractive feature of this plan is that Booster Income Benefit equal to 70% of the Basic Sum Assured is payable on survival of the life assured at the end of (PPT +5th) year.
The plan also provides for Regular Income Benefit equal to 10% of the Basic Sum Assured at the end of each year during the Payout Period (Policy term minus PPT).
The minimum Basic Sum Assured is Rs. 3,00,000. While there is no upper limit, the maximum Basic Sum Assured will be subject to acceptance decision as per Board Approved Underwriting Policy. Basic Sum Assured shall be in multiples of Rs.10,000/-
Options for premium paying term are 7,10,12,15 & 18 years.
The minimum age at entry is 30 days completed. The maximum age at entry is 55 years and varies depending on the premium paying term opted by the policyholder.
Minimum and maximum age at maturity is 28 years (completed) and 75 years (near birthday).
Rebate for existing LIC policy holders and nominees/beneficiaries of deceased policyholders is available. The policy holder can enhance coverage by opting for the different Rider benefits that are available.
LIC’s Jeevan Raksha (Plan 894)
LIC’s Jeevan Raksha is a Non-Par, Non-Linked, Pure Risk Plan which provides financial protection to the insured’s family in case of her/his unfortunate death during the policy term. Benefits payable on death are guaranteed and fixed irrespective of actual experience. The Policy is not entitled to any discretionary benefits like bonus etc. or share in surplus.
The minimum and maximum age at entry is 18 years and 45 years (last birthday). Minimum and maximum age at maturity is 33 years and 60 years (near birthday).
The minimum Basic Sum Assured is Rs. 5 lakhs and maximum is Rs.24 lakhs and is subject to acceptance decision as per Board Approved Underwriting Policy. The Basic Sum
Assured shall be in multiples of Rs.50,000/- from 5 lakhs to 7 lakhs and Rs.1,00,000/- above Rs.7,00,000/-.
The plan provides flexibility to choose from Single Premium, Regular Premium and Limited Premium Payment options.
Special rates are available for women under this plan.
Benefit of attractive High Sum Assured rebate is also available.
Rider Options are also available which can be sued to enhance coverage.
Please refer to the Sales Brochures for details of the two products or visit our website www.licindia.in.
The Plans can be purchased Offline through Licensed agents, Corporate Agents, Brokers, Insurance Marketing Firms as well as Online directly through the website www.licindia.in.
LIC’s Bima Platinum and LIC’s Jeevan Raksha Plans will be available from 7th September 2026.
The Life Insurance Corporation of India (LIC), the country's leading life insurer and a financial institution of national significance, is proudly celebrating its 70th Anniversary on 1st September 2026.
From its establishment on 1st September, 1956, with the objective of spreading life insurance widely across the country and providing financial protection at a reasonable cost, LIC has completed seven decades of a remarkable journey built on trust, service, financial strength and an unwavering commitment to the people of India.
LIC continues to sustain its Leadership position in the market with 65.16% market share in policies and 56.66% market share in First Year Premium Income in the financial year 2025-26. Total AUM increased by 5.08% to ₹ 57.29 Lakh Crore.
Despite the opening of the insurance sector to private participation, LIC has retained its position as India's largest life insurer, supported by its extensive network of branches, agents and digital platforms. It offers a wide range of life insurance, pension and market-linked products to meet the diverse financial needs of individuals and families. A major milestone in LIC's journey was its IPO in May 2022, followed by its listing on the NSE and BSE. Since then, the Corporation has continued to focus on corporate governance, transparency, digital transformation and customer service, while consolidating its leadership in the Indian life insurance industry.
LIC’s Golden Jubilee Foundation (GJF) was established in the year 2006 as a part of LIC’s Community Service Initiatives and has so far disbursed ₹ 303 Crore under 1045 projects spread throughout the country. It has also given 41,776 scholarships amounting to ₹ 105.27 Crore to needy students.
LIC made remarkable strides in enhancing its digital platforms, ushering in a new era of convenience and efficiency for its vast clientele. Its digital initiatives, including the My LIC App, have enhanced customer convenience, accessibility and service delivery.
As LIC commemorates its 70th Anniversary, it acknowledges with gratitude the enduring confidence and support of its policyholders, shareholders, employees, agents and other stakeholders. Guided by the ethos of “Yogakshemam Vahamyaham – Your welfare is our responsibility,” LIC remains steadfast in its commitment to protecting lives, strengthening financial security and serving the evolving needs of its customers. With this enduring legacy as its foundation, LIC looks ahead with renewed purpose to a future of continued service and growth.
