LIC's 2 New Plans: Is Your Family's Cover Enough?

LIC launched two new insurance plans — one for safe savings growth and one for pure life protection. Both are non-linked, meaning your money has zero stock market risk. Here is what each plan does and who should consider it.

Here's what happened: LIC launched Bima Platinum, a non-linked non-participating savings plan offering guaranteed returns with no stock market exposure.. LIC also launched Jeevan Raksha, a pure-risk protection plan that pays a death benefit with no maturity payout if the policyholder survives.. Both plans carry no bonus participation, meaning returns or benefits are fixed upfront and do not depend on LIC's annual profit performance..

What you should do: Calculate your life cover need first: aim for at least 10x your annual income before evaluating any savings-linked insurance product.. Compare Bima Platinum's guaranteed return rate against current bank FD rates and Post Office schemes before committing to a long lock-in.. Check whether your existing term cover is sufficient — if not, prioritise buying pure-risk cover like Jeevan Raksha before adding any savings plan..

Non-participating plans lock in your benefit at purchase — buy during low-interest periods only if the guaranteed rate beats a 5-year FD after tax.

For readers weighing their credit and loan options, our personal loan guide and CIBIL score resources put this update in context.