LIC Launches 2 New Plans
Bima Platinum and Jeevan Raksha offer savings and protection, and pure life-risk coverage, with features like guaranteed additions and booster income benefits
The Life Insurance Corporation of India (LIC) has launched two new insurance plans, Bima Platinum and Jeevan Raksha, on its 70th anniversary. The plans offer a combination of savings and protection, and pure life-risk coverage, respectively.
Bima Platinum is a non-par, non-linked individual plan that offers a combination of savings and financial protection. The minimum basic sum assured for Bima Platinum is Rs 3,00,000. The plan provides guaranteed additions of Rs 70 for every Rs 1,000 of annual premium paid during the premium-paying term. It also provides a booster income benefit equal to 70% of the basic sum assured, payable if the life assured survives until the end of the premium-paying term plus five years.
Jeevan Raksha, on the other hand, is a non-par, non-linked pure risk plan that provides financial protection to the insured's family in case of death during the policy term. The minimum basic sum assured for Jeevan Raksha is Rs 5 lakh and the maximum is Rs 24 lakh.
The plans were launched by LIC CEO and MD R Doraiswamy on the occasion of the company's 70th anniversary. The plans will be available from September 7.
## What the plans offer The two plans cater to different customer needs, with Bima Platinum offering a combination of savings and protection, and Jeevan Raksha providing pure life-risk coverage. Bima Platinum offers a regular income benefit equal to 10% 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. Jeevan Raksha, on the other hand, provides financial protection to the policyholder's family in case of death during the policy term.
## Why it matters The launch of the two new plans by LIC is significant, as it provides customers with more options for savings and protection. The plans are designed to cater to different customer needs, and offer features like guaranteed additions and booster income benefits. The launch of the plans is also a milestone for LIC, as it marks the company's 70th anniversary.
The plans are expected to be popular among customers, given the features and benefits they offer. The guaranteed additions and booster income benefits of Bima Platinum, and the pure life-risk coverage of Jeevan Raksha, make them attractive options for customers looking for savings and protection.
