LIC's Bima Platinum (770)

How the plan works

LIC's Bima Platinum (Plan 770) is a non-participating, non-linked, limited premium savings plan. You pay premiums for a chosen premium paying term (PPT). After the PPT ends, the pay-out period begins (policy term minus PPT), during which you receive a Regular Income Benefit every year and a one-time Booster Income Benefit. A lump sum is paid at maturity. Benefits are fixed at the start; there is no bonus.

Eligibility

• Minimum maturity age: 28 years (completed). Maximum maturity age: 75 years (nearer birthday); the maximum term is limited by this.
• Minimum Basic Sum Assured: ₹3,00,000, in multiples of ₹10,000. No upper limit, subject to underwriting.
• For POSP-LI/CPSC-SPV purchases: maximum entry age 65 minus policy term, maximum term 20 years, maximum maturity age 65.
• For a child under 8 at entry, risk cover starts 2 years from policy commencement or from the policy anniversary on or after age 8, whichever is earlier. The policy vests in the child at age 18.

Guaranteed Additions

During the PPT only, Guaranteed Additions of ₹70 per ₹1,000 of Total Annualized Premiums paid accrue at the end of each policy year. No Guaranteed Additions accrue after the PPT. Incentives for high sum assured, online purchase and existing policyholders increase this rate.

Death benefit

If the life assured dies during the policy term after risk has started, and the policy is in force, the nominee receives the Sum Assured on Death plus accrued Guaranteed Additions. Sum Assured on Death is the higher of 11 times the Annualized Premium or the Basic Sum Assured. The death benefit will not be less than 105% of total premiums paid, nor less than the surrender value on the date of death.

For a child aged below 8 at entry who dies before risk starts, total premiums paid are returned without interest.

Survival benefits

Regular Income Benefit: 10% of Basic Sum Assured, paid first at the end of the PPT and then at the end of each policy year while the life assured survives, up to the policy anniversary before maturity.

Booster Income Benefit: 70% of Basic Sum Assured, paid once on survival to the specified policy anniversary:

Option to defer income: You can defer future Regular and/or Booster Income up to maturity by giving written notice at least 3 months before the due date (only if no loan is outstanding). Deferred amounts accumulate at the applicable rate (5.78% p.a. effective for benefits falling due from 1 May 2026 to 30 April 2027) and can be withdrawn as a lump sum before maturity.

Maturity benefit

On surviving to the end of the policy term with the policy in force, LIC pays the Basic Sum Assured (Sum Assured on Maturity) plus accrued Guaranteed Additions.

Optional riders

Available on payment of extra premium (not for policies bought through POSP-LI/CPSC-SPV). Either of the two accident riders can be chosen, plus the remaining three subject to eligibility:

• LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V02)
• LIC's Accident Benefit Rider (UIN: 512B203V03)
• LIC's New Term Assurance Rider (UIN: 512B210V02) - at inception only
• LIC's Premium Waiver Benefit Rider (UIN: 512B204V04) - on the proposer's life where the life assured is a minor
• LIC's Critical Illness Health Rider (UIN: 512B227V01) - at inception only; 15 major critical illnesses (Option 1) or 40 critical illnesses with Assisted Living Benefit (Option 2)

Loan, surrender & revival

Loan: Available after the first policy year once one full year's premium is paid, within the surrender value.

After the PPT, the loan is limited so that yearly interest does not exceed 50% of the Regular Income Benefit, subject to a maximum of 65% of surrender value. Loan interest for loans sanctioned from 1 May 2026 to 30 April 2027 is 9.50% p.a., compounded half-yearly. Outstanding loan and interest can be recovered from income benefits.

Surrender: Allowed after the first policy year if one full year's premium is paid (Special Surrender Value). The Guaranteed Surrender Value is acquired after premiums for at least two consecutive years, and is reduced by income benefits already paid. LIC pays the higher of GSV (plus surrender value of accrued Guaranteed Additions) or SSV.

Paid-up: If premiums stop after at least one full year's premium, the policy continues as paid-up with proportionately reduced sum assured, income benefits and Guaranteed Additions.

Revival: A lapsed policy can be revived within 5 consecutive complete years from the first unpaid premium and before maturity, by paying arrears with interest and showing continued insurability. The revival interest rate for 1 May 2026 to 30 April 2027 is 9.50% p.a., compounded half-yearly.

Other key terms

• Grace period: 30 days for yearly, half-yearly and quarterly premiums; 15 days for monthly.
• Free-look period: 30 days from receipt of the policy document.
• Settlement option: Maturity benefit can be taken in instalments over 5, 10 or 15 years (minimum instalment ₹5,000 monthly, ₹15,000 quarterly, ₹25,000 half-yearly, ₹50,000 yearly).
• Death benefit in instalments: Can be chosen over 5, 10 or 15 years.
• High sum assured incentive (extra Guaranteed Additions per ₹1,000 Total Annualized Premium):

• Online purchase incentive (per ₹1,000): ₹30 (PPT 7 and 10), ₹24 (PPT 12), ₹22 (PPT 15), ₹20 (PPT 18).
• Existing policyholder / nominee incentive (per ₹1,000): ₹1.00 (PPT 7), ₹1.25 (PPT 10), ₹1.50 (PPT 12), ₹1.75 (PPT 15), ₹2.00 (PPT 18).
• Suicide exclusion: Within 12 months of risk commencement or revival, the higher of 80% of premiums paid or the surrender value is payable (not applicable if age at entry/revival is below 8).
• POSP-LI/CPSC-SPV purchases: 90-day waiting period for non-accidental death and no riders.