LIC’s Bima Platinum Plan 770: Complete Details, Premium Calculator, Benefits and Review
LIC’s Bima Platinum (Plan No. 770, UIN: 512N397V01) is a close-ended, limited-premium life insurance plan that combines guaranteed annual income with long-term savings. The plan will be available for purchase from 7 September 2026 until 31 March 2027.
Bima Platinum is classified as a non-linked, non-participating, individual life insurance savings plan. In simple terms, its benefits are not directly linked to stock-market performance, and the policy does not earn bonuses based on LIC’s profits. Instead, the income, Booster Benefit, maturity benefit and Guaranteed Additions are determined according to the policy’s stated rules.
Table of Contents
What kind of plan is Bima Platinum?
Four points will help you understand the basic structure of LIC’s Bima Platinum before looking at its detailed benefits.
Not linked to the stock market
Your policy benefits do not rise or fall directly with stock-market movements. Bima Platinum is a non-linked insurance savings plan.
No profit-linked bonus
The policy does not participate in LIC’s profits and does not earn a Simple Reversionary Bonus or Final Additional Bonus.
Benefits are defined in advance
Regular Income, Booster Income and Guaranteed Additions are determined according to the policy rules and are not dependent on future bonus declarations.
Pay for a limited period
You can select a premium-paying term of 7, 10, 12, 15 or 18 years, while the policy and applicable benefits continue for the longer policy term.
Guaranteed benefits remain subject to payment of premiums and the terms and conditions of the policy. Reduced benefits may apply if the policy becomes paid-up.
Three guaranteed benefits under Bima Platinum
After the selected premium-paying period, the plan provides annual income, a one-time Booster and a separate maturity benefit.
- Every year
Regular Income Benefit
10% of Basic Sum Assured
The first payment is due at the end of the selected premium-paying term. It then continues annually during the applicable payout period, subject to the policy conditions.
- One-time payment
Booster Income Benefit
70% of Basic Sum Assured
This additional amount is paid once on the fifth policy anniversary after the end of the premium-paying term. The regular annual income is also payable in that year.
- At maturity
Maturity Benefit
Full BSA + Guaranteed Additions
On survival to maturity, the full Basic Sum Assured is paid together with the Guaranteed Additions accumulated under the policy.
The key advantage: Regular Income and Booster Income do not reduce the Basic Sum Assured payable at maturity. The policyholder receives income during the policy term and can still receive the full Basic Sum Assured, together with accumulated Guaranteed Additions, at maturity.
LIC Bima Platinum at a Glance
Here is a quick summary of the eligibility conditions, guaranteed benefits and important options available under LIC’s Bima Platinum.
| Particular | Details |
|---|---|
| Plan identity | |
| Plan name | LIC’s Bima Platinum |
| Plan number | 770 |
| UIN | 512N397V01 |
| Availability | 7 September 2026 to 31 March 2027 (close-ended plan) |
| Type of plan | Non-linked, non-participating, individual life insurance savings plan |
| Premium structure | Limited premium payment |
| Term and Sum Assured | |
| Premium-paying terms | 7, 10, 12, 15 or 18 years |
| Policy term | 17 to 40 years, depending on the selected premium-paying term and age |
| Minimum Basic Sum Assured | ₹3,00,000 |
| Maximum Basic Sum Assured | No specified upper limit, subject to LIC’s underwriting decision |
| Sum Assured increments | Multiples of ₹10,000 |
| Guaranteed benefits | |
| Regular Income Benefit | 10% of the Basic Sum Assured every year during the applicable payout period |
| First Regular Income | At the end of the selected premium-paying term |
| Booster Income | A one-time payment equal to 70% of the Basic Sum Assured |
| Booster payment year | On the fifth policy anniversary after the end of the premium-paying term |
| Maturity benefit | Full Basic Sum Assured plus accumulated Guaranteed Additions |
| Base Guaranteed Addition rate | ₹70 per ₹1,000 of Total Annualized Premium in respect of premiums paid, with eligible additions to the rate where applicable |
| Death benefit | Sum Assured on Death plus accrued Guaranteed Additions, subject to the applicable policy conditions and minimum benefit limits |
| Eligibility and payment | |
| Premium modes | Yearly, half-yearly, quarterly, monthly through e-NACH/NACH, and Salary Savings Scheme |
| Minimum maturity age | 28 years completed |
| Maximum maturity age | 75 years, age nearer birthday |
| Additional options | |
| Loan facility | Available after the policy acquires the required surrender value, subject to LIC’s rules |
| Optional riders | Accident, disability, term assurance, premium waiver and critical illness riders, subject to eligibility |
| Income deferral | Regular Income and/or Booster Income may be deferred subject to the applicable conditions |
| Settlement options | Eligible maturity and death benefits may be received in instalments under the available options |
| Tax treatment | Tax benefits may be available as per the prevailing income-tax laws and applicable conditions |
Please note: This is a simplified summary. Eligibility, benefits and optional facilities are subject to the complete terms and conditions issued by LIC.
Premium-Paying Term and Policy-Term Options
Bima Platinum offers five premium-paying terms. The minimum policy term, starting year of Regular Income and Booster payment year depend on the option selected.
| Premium-Paying Term | Minimum Policy Term | Maximum Policy Term* | Regular Income Starts | Booster Income Payable |
|---|---|---|---|---|
| 7 years | 17 years | 40 years | End of year 7 | End of year 12 |
| 10 years | 20 years | 40 years | End of year 10 | End of year 15 |
| 12 years | 22 years | 40 years | End of year 12 | End of year 17 |
| 15 years | 25 years | 40 years | End of year 15 | End of year 20 |
| 18 years | 28 years | 40 years | End of year 18 | End of year 23 |
*Maximum-term condition: Although the maximum policy term is 40 years, the chosen term must also ensure that the Life Assured’s age at maturity does not exceed 75 years, age nearer birthday.
Understanding the Payout Period
The payout period is the part of the policy term during which Regular Income Benefits become payable.
Example: 25-year policy with a 10-year PPT
Here is how the premium and benefit periods are arranged.
- 1
Years 1–10
Premiums are payable for the selected 10-year premium-paying term.
- 2
End of year 10
The first Regular Income Benefit becomes payable.
- 3
End of year 15
Booster Income is paid in addition to that year’s Regular Income Benefit.
- 4
End of year 25
The Basic Sum Assured and accumulated Guaranteed Additions become payable at maturity.
Regular Income is payable annually from the end of year 10 through the policy anniversary immediately before maturity. In this example, that results in 15 annual Regular Income payments, subject to the policy conditions and survival of the Life Assured.
How Guaranteed Additions Work
Bima Platinum provides Guaranteed Additions during the premium-paying term. However, the method of calculation is different from plans where additions are based on the Basic Sum Assured.
The calculation is not based on Basic Sum Assured
The Guaranteed Addition rate is applied to the Total Annualized Premium in respect of premiums paid. The Basic Sum Assured is used only to identify the applicable high-Sum-Assured enhancement slab.
Start with the base rate
₹70 per ₹1,000This is equivalent to 7% of the applicable premium base used for the calculation.
Add eligible enhancements
The rate may increase for a higher Basic Sum Assured, online or CIS purchase, and eligible existing policyholders or nominees.
Additions stop after the PPT
Guaranteed Additions accrue at the end of each policy year during the premium-paying term. No new Guaranteed Addition accrues after the PPT.
Guaranteed Addition = Total Annualized Premium in respect of premiums paid × applicable rate ÷ 1,000
Worked example for the plan…
Basic Sum Assured ₹10 lakh, annualized premium ₹1,83,300, 10-year PPT and offline purchase without any other enhancement.
| End of policy year | Annualized premiums paid | Applicable rate | Addition for that year |
|---|---|---|---|
| Year 1 | ₹1,83,300 | ₹79 per ₹1,000 | ₹14,481 |
| Year 2 | ₹3,66,600 | ₹79 per ₹1,000 | ₹28,961 |
| Year 10 | ₹18,33,000 | ₹79 per ₹1,000 | ₹1,44,807 |
Enhancements to the Guaranteed Addition Rate
The following amounts are added to the base rate of ₹70 per ₹1,000. These figures increase the rate; they are not reductions in the premium.
| PPT | ₹3L to below ₹5L | ₹5L to below ₹7L | ₹7L to below ₹10L | ₹10L and above | Online or CIS | Existing policyholder |
|---|---|---|---|---|---|---|
| 7 years | Nil | +₹3.00 | +₹6.00 | +₹8.00 | +₹30.00 | +₹1.00 |
| 10 years | Nil | +₹4.00 | +₹7.00 | +₹9.00 | +₹30.00 | +₹1.25 |
| 12 years | Nil | +₹5.00 | +₹8.00 | +₹10.00 | +₹24.00 | +₹1.50 |
| 15 years | Nil | +₹6.00 | +₹10.00 | +₹12.00 | +₹22.00 | +₹1.75 |
| 18 years | Nil | +₹7.00 | +₹12.00 | +₹15.00 | +₹20.00 | +₹2.00 |
High-Sum-Assured enhancement
The Basic Sum Assured determines the applicable slab. However, the resulting rate continues to be applied to the relevant annualized premiums paid—not to the Basic Sum Assured.
Online or CIS enhancement
An eligible online purchase or purchase under the Corporation’s Insurance Scheme receives the applicable enhancement. These two enhancements cannot both be claimed for the same purchase.
Existing-policyholder enhancement
A qualifying existing LIC policyholder—or an eligible nominee or beneficiary of a deceased policyholder—may receive the additional rate, subject to LIC’s conditions.
How enhancements combine: Where the eligibility conditions are satisfied, the high-Sum-Assured enhancement, one applicable channel enhancement and the existing-policyholder enhancement are added to the base rate. Annualized Premium excludes taxes, rider premiums, underwriting extra premiums and modal loadings.
Use the LIC Bima Platinum calculator below to estimate the premium, yearly guaranteed income, Booster Income and maturity benefit for your selected age, Basic Sum Assured, policy term and premium-paying term.
The results are indicative and depend on the premium rates and benefit rules entered in the calculator. GST, underwriting decisions, rider eligibility and LIC’s final quotation may affect the actual premium and benefits.
htmlLIC Bima Platinum Benefit Illustration with an Example
Let us understand the plan using a simple example. Suppose a person aged 30 purchases Bima Platinum with a Basic Sum Assured of ₹10 lakh, a policy term of 20 years and a premium-paying term of 10 years.
The tabular premium rate for this combination is ₹183.30 per ₹1,000 of Basic Sum Assured. Therefore:
₹183.30 × (₹10,00,000 ÷ ₹1,000) = ₹1,83,300 per year
The policyholder pays this base premium for 10 years. Applicable taxes, rider premiums and any underwriting extra premium are additional.
How the Benefits Are Paid
| Policy stage | Age | What happens? | Amount |
|---|---|---|---|
| Years 1–10 | 30–39 | Premiums are payable. | ₹1,83,300 yearly, excluding tax |
| End of year 10 | 40 | The first Regular Income Benefit becomes payable. | ₹1,00,000 |
| End of years 10–19 | 40–49 | Regular Income is payable every year for 10 years. | ₹1,00,000 each year |
| End of year 15 | 45 | Booster Income is paid in addition to that year’s Regular Income. | ₹7,00,000 Booster + ₹1,00,000 Regular Income |
| End of year 20 | 50 | Basic Sum Assured and accumulated Guaranteed Additions are paid as the maturity benefit. | Approximately ₹17,96,439 |
Regular Income and Booster Income
The annual Regular Income is 10% of the Basic Sum Assured:
Since the payout period is 20 − 10 = 10 years, ten Regular Income payments are payable from the end of policy year 10 to the end of policy year 19.
₹1,00,000 × 10 payments = ₹10,00,000
The Booster Income is 70% of the Basic Sum Assured and is payable five years after completion of the premium-paying term:
Payable at the end of year 10 + 5 = end of policy year 15
How the Maturity Amount Is Calculated
For a ₹10 lakh Basic Sum Assured and a 10-year PPT, the high-Sum-Assured enhancement increases the Guaranteed Addition rate from ₹70 to ₹79 per ₹1,000 of the relevant annualized premiums paid.
As more premiums are paid, the premium amount used for calculating each year’s Guaranteed Addition increases. The total Guaranteed Additions accumulated over the 10-year PPT are approximately ₹7,96,439.
Total Benefits under This Illustration
This demonstrates an important feature of Bima Platinum: the Regular Income and Booster Income received during the policy term do not reduce the ₹10 lakh Basic Sum Assured payable at maturity.
Death Benefit under LIC Bima Platinum
LIC Bima Platinum also provides life insurance protection throughout the policy term. If the Life Assured dies after commencement of risk while the policy is in force, the nominee receives:
How is the Sum Assured on Death calculated?
The Sum Assured on Death is the higher of the following two amounts:
Eleven times annualized premium
Eleven times the annualized base premium applicable under the policy.
Basic Sum Assured
The Basic Sum Assured selected when purchasing the policy.
Guaranteed Additions
Guaranteed Additions accrued under the policy are added to the applicable Sum Assured on Death.
The policy therefore first compares eleven times the annualized premium with the Basic Sum Assured. The higher amount becomes the Sum Assured on Death. Accrued Guaranteed Additions are then added to it.
Minimum protection under the policy
The death benefit is also subject to important minimum safeguards. It cannot be less than:
- 105% of the total premiums paid up to the date of death; and
- the surrender value available on the date of death.
For this purpose, annualized premium excludes taxes, rider premiums, underwriting extra premiums and modal loadings.
Consider the earlier illustration of a person aged 30 with a ₹10 lakh Basic Sum Assured, 20-year policy term and 10-year premium-paying term.
The annualized base premium is ₹1,83,300. Assume death occurs at the end of the fifth policy year after five full annual premiums have been paid and the policy is in force.
In this example, eleven times the annualized premium is higher than the ₹10 lakh Basic Sum Assured. Therefore, ₹20,16,300 becomes the Sum Assured on Death. The accrued Guaranteed Additions are payable in addition to this amount.
Commencement of Risk for Children
If such a child dies before commencement of risk, the amount payable is the total premiums paid under the base policy, without interest. Once risk has commenced, the normal death-benefit provisions apply.
Option to Receive the Death Benefit in Instalments
Instead of receiving the entire death benefit as a lump sum, the policyholder may choose to have the full or partial death benefit paid to the nominee in instalments over 5, 10 or 15 years, subject to LIC’s conditions and minimum instalment requirements.
What Happens If You Stop Paying Premiums?
Bima Platinum is a long-term policy. Ideally, all premiums should be paid for the selected premium-paying term. However, if a premium is missed, the consequences depend mainly on how many premiums have already been paid.
Grace Period for Paying a Late Premium
LIC provides a grace period from the premium due date:
- 30 days for yearly, half-yearly and quarterly premium modes.
- 15 days for monthly premium mode.
The policy continues to be treated as in force during this grace period. If the premium remains unpaid after the grace period expires, the policy lapses or becomes paid-up, depending on the premiums already paid.
Effect of Stopping Premiums
| Premium-payment position | Policy status | What happens? |
|---|---|---|
| Less than one full year’s premium paid | Lapsed without paid-up value | Benefits cease after expiry of the grace period. Ordinarily, no benefit is payable and premiums already paid are not refunded. |
| At least one full year’s premium paid and the first policy year completed | Paid-up policy | The policy continues for the remaining term, but death, income, Booster and maturity benefits are reduced. |
| Policy surrendered after becoming eligible | Policy terminates | LIC pays the applicable surrender value. No future insurance, income, Booster or maturity benefit remains after surrender. |
| Arrears paid and revival accepted by LIC | Policy restored | Full policy benefits can be restored subject to LIC’s revival conditions, interest and evidence of continued insurability. |
How Paid-Up Benefits Are Reduced
The basic reduction is determined using the proportion of premiums actually paid compared with the premiums originally payable.
This proportion is applied separately to the major benefits.
Paid-Up Regular Income
Regular Income Benefit × paid-up proportion. It remains payable on the originally scheduled income dates.
Paid-Up Booster Income
Booster Income Benefit × paid-up proportion. It remains payable on the originally scheduled Booster date.
Paid-Up Maturity Sum Assured
Basic Sum Assured × paid-up proportion, plus Guaranteed Additions calculated under the paid-up provisions.
Paid-Up Death Sum Assured
Sum Assured on Death × paid-up proportion, plus applicable paid-up Guaranteed Additions, subject to policy conditions.
Consider a policy with a 10-year premium-paying term. Suppose the policyholder pays five full yearly premiums and then stops paying.
If the original benefits were based on a ₹10 lakh Basic Sum Assured, the principal paid-up benefits would be:
Applicable paid-up Guaranteed Additions would be added separately to the maturity benefit. Their calculation is more detailed than simply applying 50% to the original projected Guaranteed Additions.
What Happens to Guaranteed Additions?
- Guaranteed Additions already accrued for completed premium-paying years are not automatically lost.
- During the remaining PPT, further additions may accrue at a reduced paid-up rate calculated according to the policy conditions.
- No Guaranteed Additions accrue after completion of the PPT.
Because the paid-up Guaranteed Addition calculation depends on the exact premium history and timing of discontinuance, the policyholder should obtain an official paid-up quotation from LIC.
Surrendering Bima Platinum
The policy may be surrendered after completion of the first policy year, provided at least one full year’s premium has been paid. The amount payable is the higher of:
- Guaranteed Surrender Value, where applicable; or
- Special Surrender Value.
Guaranteed Surrender Value is acquired after payment of two consecutive years’ premiums. Special Surrender Value may become available earlier under the applicable policy conditions.
Can a Lapsed or Paid-Up Policy Be Revived?
Revival normally requires payment of outstanding premiums with applicable interest. LIC may also require health information, medical evidence or other proof of continued insurability. LIC may accept the revival on original or modified terms, or decline it.
On an accepted revival, the difference between the full and paid-up Guaranteed Additions may be restored in accordance with the policy conditions. If a Regular Income payment became due while the policy was paid-up, the applicable difference may also be settled according to LIC’s revival provisions.
What Happens to Riders?
Optional riders do not acquire paid-up value. Rider cover generally ceases when the base policy lapses. Riders can be revived only along with the base policy and subject to the conditions applicable to the respective rider.
Loan Facility under LIC Bima Platinum
LIC Bima Platinum allows the policyholder to borrow against the policy’s surrender value. This can provide temporary liquidity without immediately surrendering and terminating the policy.
When is a policy loan available?
A loan may be taken after completion of the first policy year,
provided at least one full year’s premium has been paid and the
policy has acquired the required surrender value.
Maximum Loan during the Premium-Paying Term
During the PPT, the maximum loan depends on whether the policy is in force or paid-up and on the number of full years’ premiums paid.
| Policy position | Premiums paid | Maximum loan |
|---|---|---|
| In-force policy | Before payment of two full years’ premiums | 50% of surrender value |
| In-force policy | After payment of at least two full years’ premiums | 75% of surrender value |
| Paid-up policy | Before payment of two full years’ premiums | 40% of surrender value |
| Paid-up policy | After payment of at least two full years’ premiums | 65% of surrender value |
Suppose the surrender value determined by LIC is ₹4,00,000 and at least two full years’ premiums have been paid.
These are maximum limits based on the assumed surrender value. The amount sanctioned by LIC may be lower.
Loan after Completion of the PPT
Therefore, even if 65% of the surrender value produces a larger loan, LIC may restrict the sanctioned amount so that the annual interest remains within the permitted Regular Income limit.
Loan Interest
The policy loan carries interest at the rate specified by LIC when the loan is granted. Interest is compounded half-yearly and must be paid according to the schedule stated in the loan terms.
Because LIC may revise the loan interest rate for new loans, the applicable rate should be confirmed when applying.
How a Policy Loan Affects Income and Claims
Outstanding loan and interest do not remain separate from the policy benefits. LIC may recover them from amounts becoming payable under the policy.
- Regular Income and Booster Income falling due may first be adjusted against outstanding loan and interest.
- This adjustment applies even when the policyholder has selected the option to defer income benefits.
- Outstanding loan and interest may be deducted from the death benefit, maturity benefit, surrender value or other policy proceeds.
- Only the remaining balance, if any, will be paid to the policyholder or nominee.
Loan and Income Deferral
If a policy loan is taken during the premium-paying term, an existing request to defer future income benefits is cancelled. Income benefits subsequently becoming due are first used to adjust the loan and interest, with any balance being paid to the policyholder.
Amounts already accumulated under the deferral option before the loan was taken may continue to accumulate according to the applicable policy conditions.
Optional Riders Available with LIC Bima Platinum
Riders are optional benefits that can be added to the base policy by paying an additional premium. Bima Platinum offers five riders, subject to age, term, underwriting and other eligibility conditions.
Riders at a Glance
| Rider | Primary protection | When can it be added? | Important point |
|---|---|---|---|
| Accidental Death and Disability Benefit Rider | Accidental death and specified permanent disability | At inception or during the base PPT, subject to conditions | Includes disability instalments and eligible premium waiver |
| Accident Benefit Rider | Additional benefit on accidental death | At inception or during the base PPT, subject to conditions | Accident cover normally continues only until the end of the PPT |
| New Term Assurance Rider | Additional life cover on death | Only at policy inception | Maximum rider term is subject to the base term and rider limits |
| Premium Waiver Benefit Rider | Waiver of eligible future base premiums on the proposer’s death | For policies taken on the life of an eligible minor | The rider is taken on the proposer’s life |
| Critical Illness Health Rider | Lump-sum benefit on diagnosis of covered critical illnesses | Only at policy inception | Available with options covering 15 or 40 specified illnesses |
Accidental Death and Disability Benefit Rider
UIN: 512B209V02
If the Life Assured dies due to an accident within the period specified under the rider, the Accident Benefit Sum Assured is payable in addition to the base-policy death benefit.
In the case of specified accidental permanent disability, the Accident Benefit Sum Assured is paid in equal monthly instalments over ten years. Eligible future rider premiums and the corresponding portion of the base-policy premium may also be waived.
The rider term is limited to the remaining base-policy term or the period up to age 70, whichever is shorter. The rider premium-paying term is also subject to the age-65 limit and minimum outstanding-term requirements.
Accident Benefit Rider
UIN: 512B203V03
This rider pays an additional Accident Benefit Sum Assured if the Life Assured dies because of an accident, subject to the rider’s claim conditions.
Unlike the ADDB Rider, this rider does not provide the same permanent-disability instalment benefit. Its accident cover generally continues only until completion of the base-policy PPT.
ADDB Rider versus Accident Benefit Rider
ADDB Rider
Covers accidental death and specified permanent disability. It may provide disability instalments and waiver of eligible future premiums. Cover can extend beyond the base PPT, subject to the rider term.
Accident Benefit Rider
Primarily provides an additional accidental-death benefit. Its cover is generally limited to the base premium-paying term and it does not provide the same disability benefit.
New Term Assurance Rider
UIN: 512B210V02
This rider provides an additional Term Rider Sum Assured if the Life Assured dies during the rider term. The benefit is payable in addition to the death benefit under Bima Platinum.
It can be selected only when the base policy is purchased. It cannot ordinarily be added later.
The rider term is limited to the base-policy term or 35 years, whichever is shorter, and cover cannot extend beyond the applicable maximum age.
Premium Waiver Benefit Rider
UIN: 512B204V04
This rider is relevant when Bima Platinum is purchased on the life of a minor. The rider is taken on the life of the eligible proposer, such as a parent.
If the proposer dies during the rider term, eligible future base premiums falling due during the remaining rider period are waived. The base policy can then continue without those premiums being paid personally.
Premiums for other riders are not waived. If the base PPT extends beyond the Premium Waiver Rider term, premiums falling due after expiry of the rider term must again be paid.
Critical Illness Health Rider
UIN: 512B227V01
This rider pays a lump-sum Critical Illness Sum Assured when the Life Assured is diagnosed with a covered illness and satisfies the rider’s waiting period, survival period and other claim conditions.
It must be selected at policy inception. Two coverage options are available:
- Option 1: Coverage for 15 specified major critical illnesses.
- Option 2: Coverage for 40 specified major critical illnesses, including the Assisted Living Benefit.
Under Option 2, seven specified illnesses may also qualify for an Assisted Living Benefit equal to 1% of the Critical Illness Sum Assured every month for 36 months, subject to the rider conditions.
General Rider Limits and Conditions
- All riders are subject to LIC’s underwriting and eligibility requirements.
- The combined premiums for life-insurance riders cannot generally exceed 30% of the base-policy premium.
- The Critical Illness Health Rider premium cannot exceed 100% of the base-policy premium.
- Each rider has its own minimum and maximum Sum Assured, term and cover-ceasing age.
- Rider premiums are payable in addition to the Bima Platinum base premium and applicable taxes.
- Riders are not available where the policy is sold through the POSP-LI or CPSC-SPV channel.
Should You Add a Rider?
A rider should be selected only after considering the protection already available through separate term insurance, accident insurance and health insurance. Compare the rider’s coverage period, exclusions, benefit amount and premium with equivalent standalone insurance before making a decision.
Advantages and Limitations of LIC Bima Platinum
Bima Platinum combines guaranteed income, a one-time Booster and a maturity benefit within a limited-premium insurance policy. However, whether it is suitable depends on the buyer’s financial objective, ability to continue premiums and need for life insurance protection.
- Benefits are defined in advance Regular Income, Booster Income and the Basic Sum Assured payable at maturity are specified under the policy.
- Limited premium commitment Premiums are payable only for the selected PPT, while the policy and its benefits continue for a longer term.
- Regular guaranteed income The policy pays 10% of the Basic Sum Assured every year during the applicable payout period.
- Substantial one-time Booster An additional 70% of the Basic Sum Assured is payable five years after completion of the PPT.
- Income does not reduce maturity BSA Regular and Booster Income payments do not reduce the full Basic Sum Assured payable at maturity.
- Guaranteed Additions Eligible Guaranteed Additions accrue during the PPT and are added to the maturity or applicable death benefit.
- Life insurance protection The policy provides a death benefit throughout the policy term, subject to policy status and conditions.
- Useful flexibility Loan, income deferral and maturity/death instalment options are available subject to eligibility and policy conditions.
- Long financial commitment Depending on the chosen option, premiums may continue for as long as 18 years and the policy term may extend to 40 years.
- Early surrender can be disadvantageous The surrender value, particularly in the early years, may be substantially lower than the total premiums paid.
- No market-linked growth The policy does not participate directly in equity-market growth or other market-linked investment performance.
- No profit-linked bonus As a non-participating plan, it does not earn bonuses based on LIC’s future profits.
- Inflation can reduce future purchasing power A fixed ₹1 lakh annual income may be valuable today but could purchase considerably less after 15 or 20 years.
- Insurance cover may be insufficient The death benefit should be compared with the family’s actual life-cover requirement. Separate term insurance may still be necessary.
- Benefits reduce if premiums are discontinued Paid-up Regular Income, Booster, death and maturity benefits are proportionately reduced.
- Additional costs apply GST, optional rider premiums and underwriting extra premiums are additional and affect the policyholder’s actual cash flow.
Who May Consider LIC Bima Platinum?
Bima Platinum may be suitable if you:
- Prefer predictable benefits rather than market-linked returns.
- Can comfortably pay all premiums throughout the selected PPT.
- Want annual income beginning after a predetermined number of years.
- Have a planned need for a larger one-time amount through the Booster Income.
- Want income during the policy term without reducing the full Basic Sum Assured payable at maturity.
- Have already considered adequate emergency savings, health insurance and life cover.
It may not be suitable if you:
- May need access to the invested money within a few years.
- Are uncertain about your ability to continue premiums for the complete PPT.
- Primarily need a large amount of life cover at a low premium.
- Expect equity-like or inflation-beating long-term growth.
- Prefer complete flexibility over contributions and withdrawals.
- Have not yet established an emergency fund or adequate health and term-insurance protection.
Guaranteed Does Not Automatically Mean Suitable
Consider the timing of every payment
Adding all future benefits and comparing the total with the premiums paid can give a misleading impression. Premiums are paid in earlier years, while several benefits are received many years later.
A proper evaluation should calculate the policy’s internal rate of return, or IRR, using the exact timing of every premium and benefit.
Questions to Ask before Buying
- Can I continue the premium comfortably for the entire selected PPT?
- At what age will my Regular Income start and when will it stop?
- Does the Booster payment year match a genuine financial requirement?
- What is the total premium including GST and optional riders?
- Which Guaranteed Addition enhancements am I actually eligible for?
- What is the policy’s approximate IRR based on the official benefit illustration?
- How does the death cover compare with my family’s required life cover?
- What would I receive if I stopped premiums or surrendered early?
- Have I compared this plan with term insurance, deposits and other long-term investment choices?
Our View on LIC Bima Platinum
A structured guaranteed-income plan—not a high-growth investment
Bima Platinum offers an interesting combination of limited premium payment, yearly guaranteed income, a one-time Booster and a separate maturity benefit. Its strongest appeal is the certainty and timing of the benefits rather than the possibility of high investment growth.
The plan may be useful for conservative customers who can retain the policy for its complete term and whose financial goals match its payout schedule. However, it should be purchased only after checking affordability, inflation, effective return and adequacy of life cover.
Tax Treatment of LIC Bima Platinum
Tax treatment depends on the prevailing Income-tax Act, the tax regime selected by the taxpayer, the annual premium, the Sum Assured, other insurance policies held and the nature of the amount received.
Deduction on Premiums
Eligible life-insurance premiums may qualify for deduction under Section 80C when the taxpayer uses the old tax regime, subject to the conditions of that section.
The combined Section 80C limit is currently ₹1,50,000 and includes several other eligible investments and payments. The entire Bima Platinum premium may not necessarily qualify.
Taxation of Policy Benefits
Regular Income, Booster Income and maturity proceeds may qualify for exemption under Section 10(10D) only when all applicable conditions are satisfied.
The exemption should not be assumed merely because the amount is received from a life-insurance policy.
High-Premium Policy Rule
For eligible non-ULIP life-insurance policies issued on or after 1 April 2023, the Section 10(10D) exemption is subject to an annual-premium limit of ₹5 lakh.
Where a person holds multiple relevant policies, their aggregate premiums may need to be considered when applying this limit.
TDS on Taxable Proceeds
If a policy payment is taxable and the recipient is resident, Section 194DA may require tax to be deducted at source on the income component of the payment.
The current TDS rate is 2%, subject to the applicable payment threshold and tax provisions.
Are Death Benefits Tax-Free?
Amounts received on the death of the Life Assured generally continue to qualify for exemption under Section 10(10D), even where the high-premium conditions affect maturity or survival proceeds.
Frequently Asked Questions about LIC Bima Platinum
Is LIC Bima Platinum linked to the stock market?
No. It is a non-linked plan. Policy benefits are not based on stock-market or unit-fund performance.
Does Bima Platinum earn LIC bonuses?
No. It is a non-participating plan and therefore does not earn bonuses linked to LIC’s profits. It provides Guaranteed Additions according to the policy conditions instead.
When does Regular Income begin?
The first Regular Income Benefit becomes payable at the end of the selected premium-paying term, provided the policy remains eligible for the benefit.
How much Regular Income is payable?
The annual Regular Income Benefit is 10% of the Basic Sum Assured. A ₹10 lakh Basic Sum Assured therefore provides ₹1 lakh of annual Regular Income.
How many Regular Income payments will I receive?
The number of payments is generally equal to the policy term minus the premium-paying term. For a 20-year policy with a 10-year PPT, ten Regular Income payments are scheduled.
When is Booster Income paid?
Booster Income is payable five years after completion of the selected PPT. It is equal to 70% of the Basic Sum Assured.
Does the income received reduce the maturity amount?
No. Regular Income and Booster Income do not reduce the full Basic Sum Assured payable at maturity. Accumulated Guaranteed Additions are also added to the maturity Basic Sum Assured.
Are Guaranteed Additions calculated on Basic Sum Assured?
No. The applicable rate is applied to the relevant annualized premiums paid. Basic Sum Assured is used to determine whether a high-Sum-Assured enhancement is available.
What happens if I stop paying premiums?
If the policy has acquired paid-up status, its benefits continue at reduced levels. If the required minimum premium-payment condition has not been met, benefits may cease after the grace period. Revival may be possible within the permitted period.
Can I take a loan under Bima Platinum?
Yes. A loan may become available after completion of the first policy year and payment of one full year’s premium, subject to the policy acquiring the required surrender value.
Can Regular or Booster Income be deferred?
Yes. Eligible future Regular Income, Booster Income or both may be deferred, subject to advance notice, absence of an outstanding loan and other policy conditions.
Can both accident riders be selected?
No. The policyholder may select either the Accidental Death and Disability Benefit Rider or the Accident Benefit Rider—not both.
Is the calculator on this page an official LIC calculator?
No. It is an independent indicative calculator prepared for educational purposes. LIC’s official quotation and signed benefit illustration will govern the actual premium and benefits.
Is Bima Platinum available permanently?
No. It is a close-ended plan scheduled for sale from 7 September 2026 to 31 March 2027. LIC may stop accepting new proposals after the closing date.
Conclusion: Should You Buy LIC Bima Platinum?
LIC Bima Platinum offers a distinctive combination of limited premium payment, annual guaranteed income, a one-time Booster and payment of the complete Basic Sum Assured with Guaranteed Additions at maturity.
Its principal strength is predictability. Its principal limitation is the long commitment and the possibility that fixed future benefits may lose purchasing power because of inflation.
Consider the plan only if its premium commitment and payout dates match genuine financial goals. Before purchasing, check the official benefit illustration, effective return, surrender values, tax position and adequacy of the life cover.
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