LIC’s Bima Platinum is a Non-Linked, Non-Participating, Individual Savings Plan that combines life insurance protection with guaranteed savings and income benefits.
The plan is a Limited Premium Payment plan. During the Premium Paying Term, Guaranteed Additions accrue at the specified rate. On survival, the policy provides regular income benefits, a booster income benefit and a maturity benefit.
Guaranteed Additions of ₹70 per ₹1,000 of Total Annualized Premium during the Premium Paying Term.
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Get Regular Income Benefit of 10% of Basic Sum Assured along with a 70% Booster Income Benefit as per the selected policy term.
Provides life insurance protection along with Basic Sum Assured + accrued Guaranteed Additions on maturity, subject to policy conditions.
You can choose from the following Premium Paying Terms:
| 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 |
The maximum policy term is also subject to the applicable maximum age at maturity.
The entry age depends on the Premium Paying Term selected.
The minimum age at maturity is 28 years, while the maximum age at maturity is generally 75 years, subject to the applicable conditions.
One of the main features of LIC Bima Platinum is the Guaranteed Addition.
For an in-force policy, Guaranteed Additions accrue at the end of each policy year during the Premium Paying Term.
The standard rate is:
₹70 per ₹1,000 of Total Annualized Premium in respect of premiums paid.
No further Guaranteed Additions accrue after the Premium Paying Term.
Certain eligible policies may receive an enhanced Guaranteed Addition rate under applicable incentives.
After completion of the Premium Paying Term, the policy 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 during the applicable payout period, subject to the policy remaining in force and the Life Assured surviving.
The payout period is:
Policy Term – Premium Paying Term
If the Basic Sum Assured is ₹10 lakh, the Regular Income Benefit is:
10% × ₹10,00,000 = ₹1,00,000 per year
The exact number of income payments depends on the selected Policy Term and Premium Paying Term.
LIC Bima Platinum also provides a Booster Income Benefit equal to 70% of the Basic Sum Assured on the specified policy anniversary.
The Booster Benefit is payable as follows:
| Premium Paying Term | Booster Benefit |
|---|---|
| 7 years | 12th policy anniversary |
| 10 years | 15th policy anniversary |
| 12 years | 17th policy anniversary |
| 15 years | 20th policy anniversary |
| 18 years | 23rd policy anniversary |
For example, with a Basic Sum Assured of ₹10 lakh:
70% × ₹10,00,000 = ₹7,00,000
If the Life Assured survives until the Date of Maturity and the policy is in force, the Maturity Benefit is:
Basic Sum Assured + Accrued Guaranteed Additions
The Basic Sum Assured on Maturity is equal to the Basic Sum Assured.
Any applicable accumulated/deferred income benefits will also be dealt with according to the policy provisions.
If the Life Assured dies during the policy term, after commencement of risk and while the policy is in force, the Death Benefit is payable as specified under the policy.
The Sum Assured on Death is the higher of:
The Death Benefit is also subject to the minimum benefit of 105% of Total Premiums Paid up to the date of death.
For an in-force policy, accrued Guaranteed Additions are also payable as applicable.
The policyholder can choose to defer future Regular Income Benefits and/or the Booster Income Benefit, subject to the conditions specified by LIC.
The deferred benefits can accumulate until they are withdrawn or become payable under the policy.
LIC specifies an applicable accumulation rate for deferred benefits, which can change for different financial years.
The Maturity Benefit can be received as a lump sum or, subject to the policy conditions, through instalments over:
Instalments can be received monthly, quarterly, half-yearly or yearly, subject to the minimum instalment amounts specified by LIC.
Subject to eligibility, LIC provides several rider options with Bima Platinum, including:
Riders require additional premium and are subject to their respective terms and conditions.
A loan facility is available under the plan, subject to the applicable policy conditions and surrender value requirements.
The loan can provide liquidity during the policy term without requiring the policyholder to terminate the policy.
The policy may be surrendered subject to the conditions specified in the policy document.
The amount payable on surrender depends on the applicable surrender value provisions and the timing of surrender.
Premiums and benefits may qualify for tax treatment under applicable income-tax laws, subject to prevailing rules and eligibility.
Tax laws can change from time to time. Policyholders should consult a qualified tax advisor for their individual tax situation.
LIC’s Bima Platinum is a Non-Participating plan. Therefore, it does not participate in LIC’s profits and does not receive discretionary bonuses.
The Guaranteed Additions and other benefits are payable according to the terms and conditions of the policy.
The actual premium depends on factors such as age, Basic Sum Assured, Premium Paying Term, Policy Term, premium payment mode and applicable underwriting conditions.
For an exact premium and benefit illustration, please contact an LIC agent/advisor or obtain an official LIC quotation.
The above information is for general understanding. The official LIC policy document and applicable terms and conditions shall prevail.
PLANET CONSULTING, Mahendra Patel Associates, A/203 Arihant Shopping Complex, Arihant Nagar, Dhamankar Naka,
Bhiwandi, Mumbai - 421305,
Maharashtra, India.
