2 New LIC Plans: Which One Suits Your Family?
LIC has launched two new plans: Bima Platinum combines savings with life cover and guaranteed additions, while Jeevan Raksha is a pure risk/term plan for families. Here's how to decide which one is right for you.
Most Indians pay ₹12,000/year for a plan that mixes savings & insurance — and get poor returns on both.
LIC just launched savings + pure term plans — which one fits your family?
Key Takeaways
Compare premiums: get a Jeevan Raksha quote first — pure term cover is usually far cheaper per lakh of sum assured than bundled plans.
Check your existing LIC policies before buying Bima Platinum — avoid over-insuring the savings component at the cost of adequate life cover.
Use the 'term plan + SIP' yardstick: calculate whether Jeevan Raksha premium + a ₹2,000/month SIP beats Bima Platinum's projected maturity value before you commit.
LIC has launched two new plans: Bima Platinum combines savings with life cover and guaranteed additions, while Jeevan Raksha is a pure risk/term plan for families. Here's how to decide which one is right for you.
Here's what happened: LIC launched Bima Platinum, a savings-cum-protection plan with guaranteed additions and a maturity benefit for policyholders.. LIC launched Jeevan Raksha, a pure risk/term plan that pays a death benefit to the family but offers no maturity payout.. Both plans target different financial needs — one for disciplined savings with cover, the other for maximum affordable life protection..
What you should do: Compare premiums: get a Jeevan Raksha quote first — pure term cover is usually far cheaper per lakh of sum assured than bundled plans.. Check your existing LIC policies before buying Bima Platinum — avoid over-insuring the savings component at the cost of adequate life cover.. Use the 'term plan + SIP' yardstick: calculate whether Jeevan Raksha premium + a ₹2,000/month SIP beats Bima Platinum's projected maturity value before you commit..
Guaranteed additions in savings plans sound safe but are typically 3-5% effective returns — below the 7%+ you'd earn in a PPF or debt mutual fund with similar safety.
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- [1]“LIC launches two new plans: LIC’s Bima Platinum and LIC’s Jeevan Raksha; Check details” Wealth-Economic Times · 1 Sept 2026
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