LIC’s Bima Platinum (Plan No. 770) is the name of the new plan introduced by Life Insurance Corporation of India, a new limited-premium endowment plan that combines life insurance protection, guaranteed additions, periodic income benefits, and a maturity benefit.
The plan is a Non-Participating, Non-Linked, individual savings life insurance plan with Guaranteed Additions. It offers limited premium payment terms of 7, 10, 12, 15 or 18 years, while the overall policy term can extend up to 40 years, subject to the applicable maximum maturity age.
LIC Bima Platinum is a close-ended plan, available for sale from 7 September 2026 to 31 March 2027. Its UIN is 512N397V01. Bima Platinum is also available for sale through offline as well as online mode.
One of the most attractive features of LIC’s Bima Platinum is its combination of Regular Income Benefit, Booster Income Benefit, Guaranteed Additions, maturity benefit and life cover under one policy.
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Benefits of LIC Bima Platinum Plan 770
Guaranteed Additions in Bima Platinum (Plan 770)
The biggest attraction of LIC Bima Platinum is that it combines guaranteed additions, regular income, booster income, maturity benefit and death benefit under one plan. For an in-force policy, Guaranteed Additions accrue at the end of every policy year during the Premium Payment Term.
The basic rate is: ₹70 per ₹1,000 of Total Annualised Premium
No further Guaranteed Additions accrue after the Premium Payment Term ends. However, eligible policies may receive an enhanced rate due to specified incentives, such as higher Basic Sum Assured, online sale or certain other qualifying categories. These incentives are additive to the basic Guaranteed Addition rate.
This feature provides a defined addition to the policy benefits while the policy remains in force and the applicable premiums are paid.
Incentive for Higher Sum Assured in LIC Bima Platinum Plan 770
One of the attractive features of LIC Bima Platinum Plan 770 is the Incentive for Higher Basic Sum Assured (BSA). This incentive is available under the Base Plan and is provided in the form of an increase in the Rate of Guaranteed Additions.
The incentive is expressed as an additional amount of Guaranteed Additions per ₹1,000 of Total Annualized Premium in respect of Premiums Paid. Therefore, customers opting for a higher Basic Sum Assured can become eligible for a higher rate of Guaranteed Additions, depending on the selected Premium Paying Term (PPT).
LIC Bima Platinum Higher Sum Assured Incentive Table
Note: The figures shown above are the additional incentive in terms of Guaranteed Additions per ₹1,000 of Total Annualized Premium in respect of Premiums Paid.
In simple terms, choosing a higher Basic Sum Assured under LIC Bima Platinum Plan 770 can provide an additional Guaranteed Addition rate. This makes the higher Basic Sum Assured slabs particularly relevant for customers planning substantial long-term savings through the plan.
Income Benefit and Maturity Benefit in Bima Platinum
Regular Income Benefit – 10% of Basic Sum Assured
LIC Bima Platinum provides a Regular Income Benefit equal to 10% of the Basic Sum Assured.
The first Regular Income Benefit is payable at the end of the Premium Paying Term. Thereafter, it is payable at the end of each subsequent policy year while the Life Assured survives, up to the policy anniversary immediately preceding maturity, subject to the terms of the plan.
For example, if the Basic Sum Assured is ₹10 lakh, the Regular Income Benefit would be:
10% × ₹10,00,000 = ₹1,00,000
The actual payment schedule depends upon the selected Policy Term and PPT.
Booster Income Benefit – 70% of Basic Sum Assured
The plan offers a substantial Booster Income Benefit equal to 70% of Basic Sum Assured on a specified policy anniversary.
The applicable anniversary depends on the selected PPT:
Booster Benefit: 12th Policy Anniversary
Booster Benefit: 15th Policy Anniversary
Booster Benefit: 17th Policy Anniversary
Booster Benefit: 20th Policy Anniversary
Booster Benefit: 23rd Policy Anniversary
Maturity Benefits in LIC’s Bima Platinum
On survival of the Life Assured to the stipulated maturity date, provided the policy is in force, the maturity benefit consists of:
Sum Assured on Maturity + Accrued Guaranteed Additions
Under this plan, the Sum Assured on Maturity is equal to the Basic Sum Assured.
This provides the policyholder with a clearly defined maturity structure along with accumulated Guaranteed Additions. See the graphical illustration below; it shows how the regular income benefit, booster income benefit, and maturity benefit are paid in LIC’s Bima Platinum
Death Benefits in LIC’s Bima Platinum
LIC Bima Platinum also provides life insurance protection. On the death of the Life Assured during the policy term after commencement of risk, the Death Benefit is:
Sum Assured on Death + Accrued Guaranteed Additions
The Sum Assured on Death is the higher of:
- 11 times the Annualised Premium, or
- Basic Sum Assured
Further, the Death Benefit will not be less than 105% of Total Premiums Paid, subject to the plan’s conditions. This combination of insurance protection and savings makes the plan suitable for customers who want financial protection along with long-term guaranteed benefits.
Flexible Income Deferral Option
An especially useful feature is the option to defer future Regular Income Benefit and/or Booster Income Benefit.
Under an in-force or paid-up policy, the policyholder can request deferral of future income benefits up to maturity by submitting a written request at least three months before the relevant due date, provided there is no outstanding policy loan.
The deferred benefits accumulate at a rate fixed by LIC from time to time, with the applicable rate for each deferred benefit remaining fixed for its accumulation period.
This gives policyholders greater flexibility in managing their future cash flows.
Eligibility Conditions of LIC Bima Platinum
Age at Entry Based on Premium Paying Term
Policy Term & Maturity Age
Policy Term Available for Each PPT
| Premium Paying Term | Minimum Policy Term | Maximum Policy Term |
|---|---|---|
| 7 Years | 17 Years | 40 Years |
| 10 Years | 20 Years | 40 Years |
| 12 Years | 22 Years | 40 Years |
| 15 Years | 25 Years | 40 Years |
| 18 Years | 28 Years | 40 Years |
Optional Riders Available Under LIC Bima Platinum
Five optional riders are available under LIC Bima Platinum, subject to eligibility and payment of additional premium. These riders can provide additional protection over and above the benefits available under the base policy.
1 LIC’s Accidental Death and Disability Benefit Rider
This rider provides additional protection in case of accidental death or accidental permanent disability.
In case of accidental permanent disability, the benefit is paid in monthly instalments over 10 years. Specified future premiums may also be waived, subject to the applicable rider conditions.
2 LIC’s Accident Benefit Rider
This rider provides an additional Accident Benefit Sum Assured in case of accidental death, subject to the terms and conditions of the rider.
The cover continues up to the end of the Premium Paying Term, subject to the applicable rider conditions.
3 LIC’s New Term Assurance Rider
This rider provides additional term insurance protection to the policyholder.
If the rider is in-force and the Life Assured dies during the Rider Term, the specified Term Rider Sum Assured on Death becomes payable, subject to the applicable rider conditions.
4 LIC’s Premium Waiver Benefit Rider
This rider is particularly useful when the Life Assured is a minor.
If the eligible Proposer dies during the Rider Term, future premiums payable under the Base Policy from the date of death until expiry of the Rider Term are waived, subject to the terms and conditions of the rider.
5 LIC’s Critical Illness Health Rider
This rider offers two options depending on the level of critical illness protection selected:
Other Important Terms and Conditions
Grace Period
A grace period of 30 days is available for yearly, half-yearly and quarterly premiums, while 15 days is available for monthly premiums.
If death occurs during the grace period before payment of the due premium, the policy is treated as in-force, subject to deduction of the unpaid premium and applicable balance premium.
Paid-Up Value
If less than one full year’s premium has been paid and subsequent premium is not paid, benefits cease after the grace period and premiums already paid are not refundable.
However, after at least one full year’s premium has been paid, the policy can continue as a paid-up policy if subsequent premiums are not paid. The Death Paid-up Sum Assured, Maturity Paid-up Sum Assured and income benefits are reduced proportionately based on the period for which premiums have been paid.
Revival
A lapsed policy can generally be revived during the lifetime of the Life Assured within five consecutive complete years from the First Unpaid Premium, and before maturity, subject to the applicable conditions.
Surrender Value
The policy can be surrendered after completion of the first policy year, provided one full year’s premium has been paid.
The surrender value is the higher of: Guaranteed Surrender Value including surrender value of accrued Guaranteed Additions; or Special Surrender Value.
The Guaranteed Surrender Value is acquired after payment of premiums for at least two consecutive years.
Policy Loan
Loan facility is available after completion of the first policy year, provided one full year’s premium has been paid, and is subject to the surrender value and applicable loan conditions.
After the Premium Paying Term, the permissible loan is subject to conditions including a maximum of 65% of Surrender Value and the specified relationship between loan interest and Regular Income Benefit. Loan interest compounds half-yearly at the rate specified by LIC.
Outstanding loan and interest may be recovered from future Income Benefits and/or claim proceeds.
Free Look / Cooling-Off Period
The plan provides a 30-day Free Look Period from receipt of the electronic or physical policy document, whichever is earlier.
If the policyholder is not satisfied with the policy terms and conditions, the policy can be returned with reasons for objection. Refund is subject to deductions such as stamp duty, actual medical examination expenses and proportionate risk premium.
Nomination and Assignment
Assignment is permitted under the plan in accordance with Section 38 of the Insurance Act, 1938, as amended from time to time.
Nomination is governed by Section 39 of the Insurance Act, 1938, as amended. Notice of nomination or change of nomination is to be submitted for registration at the concerned LIC office. Know more details about nomination here.
Suicide Clause
In case of suicide within 12 months from commencement of risk or revival, the nominee/beneficiary is entitled to 80% of Total Premiums Paid or the Surrender Value available on the date of death, whichever is higher, provided the policy is in-force and subject to the specified conditions.
The suicide provision has specific exceptions and conditions, including provisions for policies where the Life Assured is below 8 years.
Conclusion – Should You Consider LIC Bima Platinum Plan 770?
LIC Bima Platinum Plan 770 is an attractive new-age LIC savings and protection plan for customers looking for guaranteed benefits, long-term financial security and periodic income from a single policy.
Its combination of Guaranteed Additions, 10% Regular Income Benefit, 70% Booster Income Benefit, maturity benefit equal to Basic Sum Assured plus accrued Guaranteed Additions, and comprehensive death protection makes it a compelling option for long-term financial planning.
The plan also stands out because of its flexible Premium Payment Terms of 7, 10, 12, 15 and 18 years, income-deferral facility, Death/Maturity Settlement Options and availability of multiple optional riders. These features allow customers to structure their insurance according to their financial goals and protection requirements.
For parents, the Premium Waiver Benefit Rider can add valuable financial protection for a minor’s policy. For adults, the available accident, term assurance and critical illness riders can strengthen the overall protection package.
The availability of loan, paid-up and revival provisions further adds flexibility during the long policy tenure. The 30-day Free Look Period also gives customers an opportunity to review the policy document carefully after purchase.
Final Recommendation
If your objective is to build disciplined long-term savings while enjoying life insurance protection, guaranteed additions and periodic income benefits, LIC Bima Platinum Plan 770 is worth considering.
Customers should select the Basic Sum Assured, Premium Paying Term and Policy Term according to their income, financial goals and long-term affordability. Since this is a long-term insurance contract, the policyholder should ensure that premiums can be comfortably maintained throughout the chosen Premium Paying Term.
Overall, LIC Bima Platinum Plan 770 presents a strong combination of guaranteed savings, life protection, periodic income and flexibility, making it a worthwhile LIC plan to consider for long-term financial planning.
Use our Human Life Value calculator to know how much risk cover you should have on your life.