LIC Launches Bima Platinum with Guaranteed Income and Protection Benefits
Life Insurance Corporation of India has introduced LIC’s Bima Platinum, a non-linked, non-participating individual savings plan designed to combine life protection with guaranteed additions and structured income benefits.
The plan offers Guaranteed Additions at Rs. 70 per Rs. 1,000 of Total Annualised Premium in respect of premiums paid during the premium-paying term. These additions accrue at the end of each policy year during the premium-paying term, providing policyholders with visibility on the guaranteed benefit component.
A key feature of Bima Platinum is its structured income design. The policy provides a Regular Income Benefit equal to 10% of the Basic Sum Assured, payable annually from the end of the premium-paying term during the specified payout period, subject to the policy remaining in force.
The plan also provides a Booster Income Benefit equal to 70% of the Basic Sum Assured, payable at the end of the premium-paying term plus five years. This creates an additional lump-sum income point during the policy term.
At maturity, the policyholder receives the Basic Sum Assured together with accrued Guaranteed Additions, subject to the terms and conditions of the policy.
In the event of death after commencement of risk, the death benefit is the higher of 11 times the annualised premium or the Basic Sum Assured, together with accrued Guaranteed Additions. The death benefit is subject to a minimum of 105% of total premiums paid up to the date of death.
Policyholders can select premium-paying terms of 7, 10, 12, 15 or 18 years, while policy terms may extend up to 40 years, depending on the selected option and age at entry.
The minimum Basic Sum Assured is Rs. 3 lakh, with no specified upper ceiling, subject to underwriting.
The plan also allows policyholders to defer the Regular Income Benefit or Booster Income Benefit and accumulate the amount, subject to policy conditions. Settlement options are available for receiving maturity or death benefits in instalments.
A loan facility is also available under the plan. Eligible optional riders can be added for accident, disability, term protection, premium waiver and critical illness protection.
Bima Platinum is positioned as a long-term savings-cum-protection product for customers seeking predictable benefits along with life cover.
LIC Introduces Jeevan Raksha Pure Protection Plan
LIC has also launched Jeevan Raksha, a non-linked, non-participating individual pure-risk life insurance plan aimed primarily at providing financial protection to the policyholder’s family.
Unlike a savings-oriented life insurance product, Jeevan Raksha does not provide a maturity benefit. Its principal objective is life protection during the policy term.
The plan is available to individuals between 18 and 45 years of age at entry, with coverage continuing up to a maximum maturity age of 60 years.
The minimum Basic Sum Assured is Rs. 5 lakh, while the maximum is Rs. 24 lakh, subject to underwriting. Sum assured can be selected in multiples of Rs. 50,000 between Rs. 5 lakh and Rs. 7 lakh and in multiples of Rs. 1 lakh thereafter.
The product offers flexibility in premium payment through single premium, regular premium and limited premium options. Limited premium terms of 10 and 15 years are available.
For regular and limited premium policies, the death benefit is the higher of seven times the annualised premium or the Basic Sum Assured, subject to a minimum of 105% of premiums paid up to the date of death.
For a single premium policy, the death benefit is the higher of 125% of the single premium or the Basic Sum Assured.
Jeevan Raksha also differentiates between smoker and non-smoker premium rates, and special rates are available for women. High sum assured rebates are also provided.
Policyholders may choose to receive the death benefit in instalments over 5, 10 or 15 years, rather than as a single lump-sum payment. This can help beneficiaries receive structured income over a longer period.
An Accident Benefit Rider can also be added under eligible regular and limited premium policies.
The plan is available through LIC’s authorised distribution channels as well as online.
Pramerica Life Launches Poorna Rakshak with Five Benefit Options
Pramerica Life Insurance has launched Pramerica Life Poorna Rakshak, a non-linked, non-participating individual savings life insurance plan offering five distinct benefit structures.
The product has been designed around different financial goals and life stages rather than following a single payout format.
The five options are Smart Scholars, Early Income, Income Booster, Smart Money Back and Smart Saver.
Smart Scholars
Smart Scholars is structured around a child’s future financial milestones.
The child is the life insured, while the parent or guardian acts as the proposer. Income can begin when the child reaches age 16 or 18, depending on the option selected at inception.
The plan provides Guaranteed Income Benefits over the chosen milestone period and also includes a Loyalty Income Benefit, subject to policy conditions.
At maturity, the policy provides a Guaranteed Lumpsum Benefit equal to one annualised premium.
Entry is permitted from 91 days to 12 years of age. The Sum Assured on Death can be selected at seven or eleven times the annualised premium.
Early Income
The Early Income option is designed for customers seeking additional cash flow relatively early in the policy term.
Guaranteed income can commence from the 15th, 27th or 39th month for annual premium policies, depending on the option chosen.
For other premium payment modes, income can begin from the second, third or fourth policy year.
At maturity, the customer receives an amount equal to 80% or 100% of total annualised premiums paid, depending on the selected option.
This maturity benefit is structured through Accrued Guaranteed Additions and a Guaranteed Lumpsum Benefit.
Premium-paying terms of 5, 8, 10 and 12 years are available, with policy terms extending to 25, 30 or 40 years.
Income Booster
The Income Booster option combines early liquidity with longer-term income.
It provides an Instant Cashback of 25% or 35% of the annualised premium within ten days of realisation of the first year’s premium after policy issuance.
Thereafter, Guaranteed Income Benefits can commence from the 15th, 27th or 39th month and continue annually through the policy term.
The maturity benefit is structured at 80% or 100% of total annualised premiums paid, depending on the selected option.
Smart Money Back
Smart Money Back provides increasing periodic payouts.
Guaranteed Income Benefits begin at the end of the fourth or fifth policy year and are thereafter paid at five-year intervals.
Each payout increases progressively. If the first payout is represented as 1x, the subsequent payout structure follows 1x, 2x, 4x, 8x and 16x.
The option is available with policy terms of 24 or 25 years and premium-paying terms of 8, 10 or 12 years.
There is no separate maturity benefit under this option, as the policy focuses on scheduled periodic payouts together with life protection.
Smart Saver
The Smart Saver option offers structured income during the middle years of the policy.
From the beginning of the sixth policy year to the beginning of the tenth year, the life insured receives a Guaranteed Income Benefit equal to 50% of one modal premium, along with a Loyalty Income Benefit equal to another 50% of one modal premium, subject to eligibility conditions.
At maturity, a Guaranteed Lumpsum Benefit is payable as a percentage of total premiums paid.
The policy term is 15 years with a 10-year premium-paying term.
Common Features
Across the Poorna Rakshak options, life cover continues through the policy term subject to the policy remaining in force.
The death benefit is generally determined as the higher of the applicable Sum Assured on Death, 105% of total premiums paid up to the date of death, or surrender value, depending on the selected variant and policy conditions.
Policyholders can generally select the Sum Assured on Death at seven or eleven times the annualised premium.
The product also offers facilities such as survival benefit accumulation, premium offset and additional rider-based protection where applicable.
