Comprehensive Guide to LIC Bima Platinum (Plan 770 / UIN: 512N397V01)
In September 2026, the Life Insurance Corporation of India (LIC) unveiled LIC Bima Platinum (Plan No. 770 / UIN: 512N397V01), an exclusive, limited-period, non-linked, non-participating individual life insurance savings product. Unlike conventional market-linked plans or discretionary bonus-driven endowment contracts, Bima Platinum is designed for individuals who demand 100% financial certainty, contractual guarantees, and multi-stage cash flow liquidity.
Available for purchase strictly between September 7, 2026, and March 31, 2027, Bima Platinum introduces a unique 4-pillar payout structure:
- Guaranteed Additions (GA): Accrues at a rate of ₹70 per ₹1,000 Annualized Premium during each year of the Premium Paying Term (PPT).
- Regular Annual Income Benefit: Pays a guaranteed annual cash flow equal to 10% of the Basic Sum Assured from the end of the PPT until one year prior to maturity.
- Booster Income Benefit: Disburses a massive one-time lump sum equal to 70% of the Basic Sum Assured at the end of (PPT + 5) years.
- Guaranteed Maturity Benefit: Hands over 100% of the Basic Sum Assured + Total Accrued Guaranteed Additions (GA) at the completion of the policy term, completely tax-free under Section 10(10D).
1. The Power of a Non-Participating Contract in Uncertain Markets
In traditional participating plans—such as LIC Jeevan Anand (Plan 915), LIC Jeevan Labh (Plan 736 / 936), or LIC New Endowment (Plan 714 / 914)—maturity returns rely heavily on annual valuation surpluses and declared Simple Reversionary Bonuses. While historically consistent, these bonuses are non-guaranteed until declared each financial year.
LIC Bima Platinum (Plan 770) is a Non-Participating instrument. Every single rupee—the ₹70/1k Guaranteed Additions, the 10% annual income, the 70% booster payout, and the final maturity amount—is contractually fixed and legally guaranteed on day one of policy issuance in your policy bond. This makes Plan 770 the ultimate "guaranteed income floor" for retirement planning, milestone child education funding, and sovereign-backed legacy creation.
💡 Contractual Guarantee Formula
Total Benefit Inflow = (10% × Basic SA × Payout Years) + (70% × Basic SA Booster) + [100% Basic SA + (₹70 × Annualized Premium × PPT / 1000)]
2. Flexible PPT and Policy Term Matrix
LIC Bima Platinum offers five distinct limited premium paying options, providing maximum customization for investors of all ages:
| Premium Paying Term (PPT) | Permissible Policy Terms | Regular Income Payout Period | Booster Payout Milestone | Min / Max Entry Age |
|---|---|---|---|---|
| 7 Years PPT (Short Pay) | 17 to 25 Years | Year 8 to Year (Term - 1) | End of Year 12 (7 + 5) | 30 Days to 55 Years |
| 10 Years PPT (Popular) | 20 to 30 Years | Year 11 to Year (Term - 1) | End of Year 15 (10 + 5) | 30 Days to 52 Years |
| 12 Years PPT (Standard) | 22 to 35 Years | Year 13 to Year (Term - 1) | End of Year 17 (12 + 5) | 30 Days to 50 Years |
| 15 Years PPT (Long Term) | 25 to 40 Years | Year 16 to Year (Term - 1) | End of Year 20 (15 + 5) | 30 Days to 45 Years |
| 18 Years PPT (Extended Pay) | 30 to 40 Years | Year 19 to Year (Term - 1) | End of Year 23 (18 + 5) | 30 Days to 40 Years |
3. Anatomy of the 4-Stage Benefit Structure
Stage 1: Guaranteed Additions (GA) During PPT
Throughout the premium-paying years (e.g., 10 years), a Guaranteed Addition of ₹70 per ₹1,000 of Annualized Premium is credited to your policy ledger at the end of each policy year. For an annualized premium of ₹1,00,000 over a 10-year PPT, total GA accumulated equals ₹70,000, which is added directly to your maturity proceeds or death benefit.
Stage 2: Regular Annual Income Benefit (10% of Basic SA)
The moment your premium-paying obligation ends, the liquidity phase begins. Every single policy anniversary—from Year (PPT + 1) up to Year (Policy Term - 1)—LIC transfers 10% of your Basic Sum Assured directly to your bank account via NEFT/NACH. On a ₹10,00,000 policy with a 25-year term and 10-year PPT, you receive ₹1,00,000 every year for 14 continuous years (Total: ₹14,00,000).
Stage 3: One-Time Booster Income Benefit (70% of Basic SA)
To fund major mid-life milestones—such as a child's post-graduation, a home renovation, or a 25th wedding anniversary trip—LIC disburses a guaranteed lump sum equal to 70% of the Basic Sum Assured at the end of (PPT + 5) years. On a ₹10 Lakh policy, this is an instant cash credit of ₹7,00,000.
Stage 4: 100% Tax-Free Maturity Benefit
On completing the full policy term, the policyholder receives the full 100% Basic Sum Assured (₹10,00,000) plus the Total Accumulated Guaranteed Additions (₹70,000), culminating in a final payout of ₹10,70,000.
4. Eligibility Criteria & Commercial Limits
| Parameter | Statutory Specification |
|---|---|
| Plan Number & UIN | Plan No. 770 | UIN: 512N397V01 |
| Sales Availability Window | 7th September 2026 to 31st March 2027 (Close-Ended) |
| Minimum Basic Sum Assured | ₹3,00,000 (Multiples of ₹25,000) |
| Maximum Basic Sum Assured | No Upper Limit (Subject to income and medical underwriting) |
| Minimum Entry Age | 30 Days Completed (0 Years) |
| Maximum Entry Age | 55 Years (7 PPT), 52 Years (10 PPT), 50 Years (12 PPT), 45 Years (15 PPT), 40 Years (18 PPT) |
| Maximum Maturity Age | 75 Years (Nearest Birthday) |
| Payment Frequencies | Yearly, Half-Yearly, Quarterly, Monthly (NACH / Salary Deduction) |
5. High Sum Assured Rebates & Premium Discounts
LIC offers tiered rebates on tabular premiums for larger policy sizes and annual payment modes:
High Sum Assured Rebates (Discount per ₹1,000 Basic SA):
- ₹3,00,000 to ₹4,75,000: Nil
- ₹5,00,000 to ₹9,75,000: ₹1.50 per ₹1,000 Basic Sum Assured
- ₹10,00,000 to ₹24,75,000: ₹2.50 per ₹1,000 Basic Sum Assured
- ₹25,00,000 and Above: ₹3.50 per ₹1,000 Basic Sum Assured
Mode Rebates:
- Yearly Mode: 2% Tabular Rebate
- Half-Yearly Mode: 1% Tabular Rebate
- Quarterly / Monthly: Nil
6. Comprehensive Death Benefit Shield
If the life assured passes away prematurely during the policy term (whether during the PPT or during the post-PPT income payout period), the nominee receives the "Sum Assured on Death" plus all Accrued Guaranteed Additions (GA) up to the date of demise.
"Sum Assured on Death" is defined as the highest of:
- 11 times the Annualized Premium; or
- Basic Sum Assured; or
- 105% of Total Premiums Paid up to the date of death.
🛡️ Non-Deduction Clause
Any Regular Income installments or Booster payouts already received by the policyholder prior to death are NOT deducted from the death claim settlement paid to the family!
7. LIC Bima Platinum (770) vs. LIC Jeevan Utsav (871) vs. LIC Jeevan Labh (736)
| Feature / Parameter | LIC Bima Platinum (770) | LIC Jeevan Utsav (871) | LIC Jeevan Labh (736 / 936) |
|---|---|---|---|
| Plan Category | Non-Par Guaranteed Income + Booster | Non-Par Whole Life 10% Income | With-Profits Limited Pay Endowment |
| Policy Duration | Fixed Term (17 to 40 Years) | Lifelong (Up to Age 100) | Fixed Term (16, 21, or 25 Years) |
| Annual Income | 10% of SA till Maturity | 10% of SA for Life | None (Lump Sum at Maturity) |
| Booster Payout | 70% of SA at (PPT + 5) Yrs | None | None |
| Guaranteed Additions | ₹70 per ₹1,000 Premium | ₹40 per ₹1,000 SA | Simple Reversionary Bonus + FAB |
| Sales Period | Close-Ended (Till Mar 31, 2027) | Open-Ended | Open-Ended |
8. Taxation Analysis: Section 80C & Section 10(10D)
- Tax Deduction at Entry (Section 80C): Annual premiums qualify for deduction up to ₹1,50,000 per financial year under the Old Tax Regime.
- Tax-Free Income & Maturity (Section 10(10D)): All annual 10% regular income payments, the 70% booster payout, maturity proceeds, and death benefits are completely tax-exempt for policies within the statutory ₹5 Lakh annual premium ceiling introduced in Budget 2023.
9. Optional Riders, Loans & Surrender Facility
- Policy Loan Facility: Available after completing 2 full policy years. You can obtain a loan up to 90% of the Surrender Value (80% for paid-up policies).
- Guaranteed Surrender Value (GSV): Policy acquires surrender value after 2 years with defined GSV percentage scales and accrued GA values.
- Available Riders: Accidental Death & Disability Benefit (AD&DB), Term Assurance, Critical Illness (15 conditions), and Premium Waiver Benefit (PWB) for minor child proposals.
10. How to Buy LIC Bima Platinum Online Before March 31, 2027
- Calculate Your Quotation: Select your Sum Assured and PPT above.
- Connect on WhatsApp: Share your calculation directly with Authorized LIC Advisor (Agent Code: LIC10031212).
- Digital Paperless KYC: Complete online Aadhaar/PAN authentication.
- Official Payment: Pay directly to LIC India's official portal.
- e-Policy Issuance: Receive your digitally signed policy document on DigiLocker and registered email.
11. Related LIC Planning Calculators & Resources
- LIC Jeevan Labh (Plan 736 / 936) Calculator – Limited pay endowment with maximum bonus yields.
- LIC Jeevan Anand (Plan 915) Calculator – Living maturity with lifelong whole life risk cover.
- LIC Jeevan Lakshya (Plan 733 / 933) Calculator – Triple child education financial security shield.
- LIC Single Premium Endowment (Plan 717) Calculator – One-time investment with instant loan liquidity.
- LIC New Endowment (Plan 714 / 914) Calculator – Standard endowment savings plan.
- LIC Jeevan Utsav (Plan 871) Calculator – Lifelong guaranteed 10% annual income.
- Official LIC India Web Portal – Policyholder online portal.
- Insurance Regulatory and Development Authority of India (IRDAI) – Regulatory standards.