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.

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.
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LIC 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.
 Illustration basis: Yearly premium mode, standard life,

 no rider and only the applicable high-Sum-Assured enhancement. The

 online/CIS and existing-policyholder enhancements have not been included.

 Entry age 30 years
 Basic Sum Assured ₹10,00,000
 Policy term 20 years
 Premium-paying term 10 years
 Annualized base premium ₹1,83,300
 Maturity age 50 years

 The tabular premium rate for this combination is ₹183.30 per ₹1,000

 of Basic Sum Assured. Therefore:
 Annualized base premium
₹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:
 10% of ₹10,00,000 = ₹1,00,000 every year
 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.
 Total Regular Income:
₹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:
 70% of ₹10,00,000 = ₹7,00,000
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.
 Basic Sum Assured payable at maturity ₹10,00,000 Accumulated Guaranteed Additions ₹7,96,439 Approximate maturity benefit ₹17,96,439
Total Benefits under This Illustration
 Total Regular Income ₹10,00,000 One-time Booster Income ₹7,00,000 Maturity benefit ₹17,96,439 Total policy benefits ₹34,96,439
 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.
 Important: This is an indicative illustration based on

 the stated assumptions and tabular premium rates. It is not an official

 LIC quotation. Taxes, underwriting decisions, rider premiums, purchase

 channel and eligible Guaranteed Addition enhancements can change the

 actual premium and benefits. Please obtain an official benefit

 illustration before purchasing the policy.


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:
 Death Benefit  Sum Assured on Death + Accrued Guaranteed Additions 
How is the Sum Assured on Death calculated?
 The Sum Assured on Death is the higher of the following two amounts:


1
Eleven times annualized premium
 Eleven times the annualized base premium applicable under the policy.


2
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.

Death Benefit Example

 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.
 Eleven times annualized premium ₹1,83,300 × 11 = ₹20,16,300 Basic Sum Assured ₹10,00,000 Higher amount: Sum Assured on Death ₹20,16,300 Approximate Guaranteed Additions accrued ₹2,17,211 Approximate death benefit ₹22,33,511


 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 the entry age is below eight years: Life insurance

 risk begins two years after commencement of the policy or on the policy

 anniversary coinciding with or immediately following completion of

 eight years of age, whichever occurs earlier.
 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.
 Important: The example assumes that the policy remains

 in force and all due premiums have been paid. Death benefits under a

 paid-up or lapsed policy may be different. Suicide exclusions, the

 special waiting period applicable to policies purchased through the

 POSP-LI/CPSC-SPV channel, unpaid premiums and rider conditions must

 also be considered when processing a claim.


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.
 Important distinction: A paid-up policy continues with

 reduced benefits, whereas surrendering the policy ends it permanently

 after payment of the applicable surrender value.
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.
 Paid-up proportion  Number of premiums paid ÷ Number of 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.



Simple Paid-Up Example

 Consider a policy with a 10-year premium-paying term. Suppose the

 policyholder pays five full yearly premiums and then stops paying.
 Paid-up proportion 5 premiums paid ÷ 10 premiums payable = 50%
 If the original benefits were based on a ₹10 lakh Basic Sum

 Assured, the principal paid-up benefits would be:
 Original yearly Regular Income ₹1,00,000 Paid-up yearly Regular Income ₹50,000 Original Booster Income ₹7,00,000 Paid-up Booster Income ₹3,50,000 Paid-up Maturity Sum Assured ₹5,00,000
 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.
 Surrendering early can result in a substantial loss. The surrender value may be considerably lower than the premiums paid.

 Always request an official surrender-value quotation from LIC before

 deciding to terminate the policy.
Can a Lapsed or Paid-Up Policy Be Revived?
 A policy may generally be revived within five consecutive years from the date of the first unpaid premium,

 provided revival is completed before the maturity date.
 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.
 Important: Paid-up, surrender and revival calculations

 depend on the exact premium-payment history, elapsed duration and LIC’s

 applicable factors. The examples above explain the method and should

 not be treated as an official policy quotation.


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





Simple Loan-Limit Example during the PPT

 Suppose the surrender value determined by LIC is ₹4,00,000 and

 at least two full years’ premiums have been paid.

 If the policy is in force 75% × ₹4,00,000 = ₹3,00,000
 If the policy is paid-up 65% × ₹4,00,000 = ₹2,60,000

 These are maximum limits based on the assumed surrender value.

 The amount sanctioned by LIC may be lower.


Loan after Completion of the PPT
 After the premium-paying term, the maximum loan is normally restricted

 to 65% of the surrender value. An additional condition

 applies: the effective annual loan interest should not exceed 50% of the eligible annual Regular Income Benefit.
 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.
 Risk of policy termination: If the outstanding loan

 together with accumulated interest becomes greater than the surrender

 value and applicable accumulated deferred benefits, the policy may be

 forfeited after following LIC’s prescribed procedure.
 Important: The loan amount depends on the surrender

 value available on the application date, policy status, premiums paid,

 eligible Regular Income and LIC’s prevailing loan interest rate.

 Always obtain an official loan quotation before borrowing against the

 policy.


Income Deferral Option under Bima Platinum
 A policyholder does not necessarily have to receive the Regular Income

 or Booster Income immediately when it becomes payable. LIC allows

 these benefits to be deferred and accumulated, subject to the policy

 conditions.
 The policyholder may defer the Regular Income Benefit, Booster Income Benefit, or both.

 This option is available under eligible in-force as well as paid-up

 policies.


R
Regular Income
 All future Regular Income payments may be allowed to accumulate

 instead of being received on their normal due dates.


B
Booster Income
 The one-time Booster Income may also be deferred instead of being

 received on the specified policy anniversary.


₹
Both Benefits
 The policyholder may choose to defer both Regular Income and

 Booster Income, subject to LIC’s conditions.


Conditions for Deferring Income

 A written request must be submitted to LIC at least three months before the benefit due date.
 The policy should not have an outstanding policy loan when the

 deferral option is exercised.
 The request applies to all future benefits of the selected type,

 up to maturity or until the option is cancelled.
 Deferred amounts accumulate at the rate specified by LIC. The rate

 applicable to each deferred benefit is fixed for its accumulation

 period.
 Accumulation is calculated for completed months. Fractions of a

 month are ignored.

Can Deferred Income Be Withdrawn?
 The policyholder may withdraw the accumulated deferred amount at any

 time before maturity. However, the accumulated amount must be

 withdrawn completely; partial withdrawal is not permitted under this

 option.
 After withdrawal, future income benefits will be paid on their normal

 due dates unless the policyholder submits a fresh request to use the

 deferral option again.
 Cancelling the deferral option does not automatically withdraw amounts

 that have already accumulated. Previously deferred amounts may continue

 to accumulate, while future benefits are paid normally.
What Happens to Deferred Amounts on Termination?
 Any accumulated deferred amount becomes payable when the earliest of

 the following occurs:

Withdrawal requested by the policyholder;
Death of the Life Assured;
Maturity of the policy; or
Surrender of the policy.

Effect of Taking a Policy Loan
 If a policy loan is taken during the premium-paying term, the request

 to defer future income benefits is cancelled. Income benefits becoming

 due thereafter are first adjusted against outstanding loan and interest.

 Any remaining balance is paid to the policyholder.
 Amounts accumulated before the loan was taken may continue to

 accumulate according to the applicable conditions.
Death Benefit in Instalments
 The policyholder may choose to have the full or part of the death

 benefit paid to the nominee in instalments instead of as a single

 lump-sum payment.
Available Instalment Periods
 5 years 10 years 15 years
 The option may cover either a specified rupee amount or a specified

 percentage of the death benefit. Any portion not selected for

 instalment payment is paid as a lump sum.
 Instalments may be received yearly, half-yearly, quarterly or monthly

 in advance, subject to the following minimum amounts.




Instalment frequency
Minimum instalment




Monthly
₹5,000


Quarterly
₹15,000


Half-yearly
₹25,000


Yearly
₹50,000




 If the available death-benefit amount is insufficient to provide the

 required minimum instalment, LIC will pay the benefit as a lump sum.
 The instalment option must be selected by the policyholder during the

 Life Assured’s minority or by the Life Assured after attaining age 18.

 The nominee cannot change the chosen instalment arrangement.
Settlement Option for the Maturity Benefit
 Bima Platinum also allows the full or partial maturity benefit to be

 received in instalments instead of taking the entire amount on the

 maturity date.
 The maturity settlement option is available for:
 5 years 10 years 15 years
 The same monthly, quarterly, half-yearly and yearly minimum instalment

 amounts shown above apply to the maturity settlement option.
Important Conditions

 The option may be exercised for the full maturity benefit or only

 part of it.
 The amount may be specified as a fixed rupee amount or as a

 percentage of the maturity benefit.
 The request must be submitted at least three months before the maturity date.
 The first instalment is payable on the maturity date. Subsequent

 instalments are paid according to the chosen frequency.
 If the amount is insufficient to meet the minimum instalment

 requirement, the maturity benefit is paid as a lump sum.

Can the Settlement Option Be Discontinued Later?
 After maturity instalments have started, the Life Assured may request

 payment of the outstanding instalments as a lump sum. LIC will

 calculate the commuted value according to the policy conditions.
 The lump sum will be the higher of:

The discounted value of the remaining instalments; or
 The original amount placed under the settlement option minus the

 instalments already paid.

 Once the commuted amount is paid, the policy terminates.
Death after Maturity
 If the Life Assured dies after maturity while settlement instalments

 are still being paid, the remaining instalments continue to be paid

 to the nominee according to the existing schedule.


Income Deferral
 Regular or Booster Income is allowed to accumulate before maturity.

 The accumulated amount may be withdrawn completely before maturity.


Maturity Settlement
 The maturity amount is converted into scheduled instalments after

 the policy reaches maturity.


 Important: Accumulation and instalment rates are

 determined by LIC and may change for new options. The policyholder

 should obtain an official quotation showing the applicable rate,

 instalment amount and payment schedule before selecting any option.


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 do not change the guaranteed income, Booster Income or maturity

 structure of the base policy. They provide additional protection

 against specified risks such as accidental death, disability, death

 of the proposer or diagnosed critical illness.
 Important restriction: A policyholder may select

 either the Accidental Death and Disability Benefit Rider or the

 Accident Benefit Rider. Both accident riders cannot be selected

 together. Eligible remaining riders may be added separately.
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





 1
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.

 Minimum entry age 18 years completed
 Maximum entry age 60 years nearer birthday
 Maximum cover age 70 years nearer birthday

 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.



 2
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.

 Minimum entry age 18 years completed
 Maximum entry age 60 years nearer birthday
 Maximum cover age 65 years nearer birthday



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.



 3
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.

 Minimum rider cover ₹1,00,000
 Maximum rider cover Up to Basic Sum Assured
 Overall rider limit ₹25 lakh

 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.



 4
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.

 Life Assured Minor aged up to 17
 Proposer minimum age 18 years completed
 Proposer maximum entry 55 years nearer birthday

 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.



 5
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.

 Minimum rider cover ₹1,00,000
 Maximum rider cover Up to Basic Sum Assured
 Overall CI limit ₹1 crore



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.


 Riders do not acquire paid-up value. Rider cover

 generally ceases if the base policy lapses. A rider may be revived

 only along with the base policy and subject to the conditions

 applicable to that rider.
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.
 Important: This is only a simplified summary. Every

 rider is governed by its separate policy document, exclusions, waiting

 periods and claim conditions. Read the applicable rider brochure and

 obtain LIC’s official quotation before selecting a rider.


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.
 Bima Platinum should be evaluated as a long-term guaranteed savings and income plan. It is

 neither a market-linked investment nor a substitute for evaluating

 adequate term-insurance coverage.


Important Advantages


 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.




Limitations to Consider


 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.

 Inflation matters: Even though the rupee amount is

 guaranteed, its future purchasing power is not. Compare the expected

 policy return with your long-term inflation assumption and alternative

 guaranteed products before deciding.
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.

 Important: Guaranteed benefits remain subject to the

 policy remaining eligible for those benefits. Bima Platinum is an

 insurance contract and should not be described as a bank deposit,

 government security or market-linked investment.


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.
 Do not purchase this policy only for tax saving. Tax provisions may change during the long policy term, and the

 treatment applicable to one policyholder may differ from another.


80C
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.


10D
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.


₹5L
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
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.
 Tax position requires individual verification. Bima Platinum can produce several payments across different financial

 years. Obtain advice from a qualified tax professional, particularly

 where annual premiums across relevant life-insurance policies approach

 or exceed ₹5 lakh.
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.

Read More on InsuranceFunda
Official References and External Links

Verify the Plan and Current Rules

 Disclaimer: This article and calculator are intended

 solely for general education and information. They do not constitute

 an official LIC quotation, personalised insurance recommendation,

 investment advice, legal advice or tax advice. Premiums, benefits,

 eligibility, rider availability, surrender values and tax treatment

 are subject to LIC’s official policy documents, underwriting decisions

 and prevailing laws. Readers should examine the official sales brochure,

 policy document, Customer Information Sheet and signed benefit

 illustration before purchasing. In case of any difference, LIC’s

 official documents and applicable law will prevail.