LIC Bima Platinum Plan 770 Calculator: Premium, Income, Booster and Maturity 2026

LIC Bima Platinum Plan 770 Calculator 2026: LIC introduced Bima Platinum alongside a second product, Jeevan Raksha (Plan 894), on 1 September 2026, the day the Corporation marked seventy years since its formation. CEO and Managing Director R. Doraiswamy launched both plans, and LIC opened them for sale a week later, on 7 September 2026.

Bima Platinum carries the official plan number 770 and the UIN 512N397V01. It is classified as a Non-Participating, Non-Linked, Individual Savings Plan — which, in plain terms, means two things. "Non-linked" tells you your money isn't invested in the stock market, so your returns don't rise or fall with equity prices. "Non-participating" tells you the policy doesn't share in LIC's profits the way an older-style "with-profits" endowment plan does — there's no annual bonus declaration to watch for. Instead, every rupee you're entitled to is written into the policy document from day one as a fixed, guaranteed figure.

Key Features at a Glance

Who Can Buy It: Entry Age by Premium Paying Term

The minimum entry age across the plan is just 30 days, which makes it usable as a child policy, but the maximum entry age tightens as you choose a shorter paying term, because LIC needs to fit the full term in before the 75-year maturity ceiling.

A 50-year-old, for example, can choose the 7- or 10-year paying term but not the 18-year one, simply because 18 years of premiums plus maturity at 75 wouldn't leave enough room.

How the Guaranteed Addition Actually Works

This is the part most people misread, so it's worth being precise. The Guaranteed Addition rate of ₹70 per ₹1,000 is not an annual interest rate — it's a flat addition applied to your annualised premium, for each year you pay it, only during the premium-paying term.

Formula: Guaranteed Addition (per year) = Annualised Premium ÷ 1,000 × 70

Worked example: if your annualised premium is ₹1,00,000, each year's addition is: ₹1,00,000 ÷ 1,000 × 70 = ₹7,000

Pay that premium for, say, 10 years, and the accrued additions by the end of the paying term would be roughly ₹70,000 (ignoring any applicable incentives) — not ₹7,000 total. Once the premium-paying term ends, no further additions are added, even though the policy itself may continue for several more years in its payout period.

Regular Income Benefit: The Yearly Payout

Once your premium-paying years are behind you, the policy starts paying back every year for the remainder of the term — this is the Regular Income Benefit, fixed at 10% of the Basic Sum Assured.

Formula: Regular Income Benefit (per year) = 10% × Basic Sum Assured

Example: on a Basic Sum Assured of ₹10,00,000, that's: 10% × ₹10,00,000 = ₹1,00,000 every year

If you picked a 10-year paying term on a 20-year policy, the payout period is 10 years (20 − 10), so you'd receive this ₹1,00,000 figure ten times across the back half of the policy, each one subject to the policy still being in force and the life assured surviving to that anniversary.

Booster Income Benefit: The One-Time Top-Up

The Booster is a single lump-sum payment, separate from the yearly Regular Income, equal to 70% of the Basic Sum Assured. LIC's own launch notification is specific about the timing: it falls due at the end of the (PPT + 5)th policy year — five years after your premium-paying term finishes, not at a fixed anniversary number regardless of term.

So the actual anniversary depends on which paying term you picked:

Example: on a ₹10,00,000 Basic Sum Assured, the Booster is: 70% × ₹10,00,000 = ₹7,00,000, paid once, at that specific anniversary, subject to the policy remaining in force.

Maturity Benefit: What You Get at the End

If the life assured survives to the end of the policy term, LIC pays the Basic Sum Assured plus whatever Guaranteed Additions have accrued over the paying term.

Formula: Maturity Benefit = Basic Sum Assured + Total Accrued Guaranteed Additions

Because the Guaranteed Addition depends on your exact premium and how many years you paid it, the final figure can't be reduced to a single universal number — it has to be calculated for your specific inputs, which is exactly the job a calculator is built to do.

Death Benefit: The Protection Side of the Plan

If the life assured dies during the policy term, after the risk cover has started and before maturity, the nominee receives the higher of:

• 11 × Annualised Premium, or
• The Basic Sum Assured

...plus any Guaranteed Additions accrued up to that point. There's also a floor: the payout will never be less than 105% of total premiums paid, and never less than the surrender value as of the date of death.

Example: with an annualised premium of ₹1,00,000 and a Basic Sum Assured of ₹10,00,000: 11 × ₹1,00,000 = ₹11,00,000, which is higher than the ₹10,00,000 Sum Assured — so ₹11,00,000 (plus accrued additions) becomes the applicable death benefit in this case.

A standard exclusion to know about: like almost every life insurance policy, Bima Platinum carries a suicide clause. If death occurs by suicide within 12 months of the policy starting (or being revived), the payout is limited to 80% of premiums paid or the surrender value, whichever is higher — this is a standard IRDAI-mandated clause across the industry, not something specific to this plan.

A Full Worked Example, Start to Finish

Let's put the pieces together for one illustrative policyholder:

• Basic Sum Assured: ₹10,00,000
• Premium Paying Term: 10 years
• Policy Term: 20 years
• Payout Period: 20 − 10 = 10 years
• Booster due at: end of year 15 (PPT + 5)

Regular Income: 10% × ₹10,00,000 = ₹1,00,000, paid annually for 10 years (years 11–20) Booster Income: 70% × ₹10,00,000 = ₹7,00,000, paid once, at year 15 Maturity Benefit: ₹10,00,000 + accrued Guaranteed Additions (depends on actual premium paid)

Laid out this way, you can see why the four components need to be read separately rather than bundled into one "total return" figure — they land in your hands at completely different points in the policy's life.

Flexibility Built Into the Plan

Three optional features are worth knowing before you decide on a structure:

Income deferral — Instead of taking the Regular Income or Booster Income the moment it's due, you can ask LIC in writing (at least three months ahead) to defer it. The deferred amount accumulates at a rate LIC fixes for that accumulation period; for benefits falling due between 1 May 2026 and 30 April 2027, the brochure states this at 5.78% per annum effective. You can only do this if there's no outstanding loan against the policy.

Maturity in instalments — Rather than one lump sum, you can choose to receive the maturity payout spread over 5, 10 or 15 years, paid monthly, quarterly, half-yearly or yearly, subject to minimum instalment sizes (₹5,000 monthly, up to ₹50,000 yearly). For settlements starting between 1 May 2026 and 30 April 2027, LIC applies an effective interest rate of 5.11% per annum to work out the instalment size.

Death benefit in instalments — The same 5/10/15-year spread is available to a nominee receiving the death claim, which can turn a single large payout into a planned income stream rather than a lump sum that needs to be managed all at once.

Surrender Value and Policy Loan

You can surrender the policy after the first full year's premium is paid, and you'll receive the higher of the Guaranteed Surrender Value or the Special Surrender Value (the latter reviewed annually per IRDAI norms). Once surrendered, the policy ends and no further benefits are payable — so it's worth treating surrender as a last resort rather than a routine option.

A policy loan is available on the same one-year-paid condition. During the premium-paying years, an in-force policy can borrow up to 50% of surrender value before two full years of premiums, rising to 75% after. For loans taken between 1 May 2026 and 30 April 2027, the brochure lists the interest rate at 9.50% per annum, compounded half-yearly.

Tax and GST Treatment

Statutory taxes (including applicable GST) are charged on top of your premium and aren't counted as part of the benefit calculation — so the premium you see quoted and the premium you actually pay can differ by the tax component. For how maturity or income benefits are taxed in your hands, the honest answer is that this depends on your premium-to-cover ratio and the Income Tax Act provisions in force at the time, which can change. This article isn't tax advice — check with a chartered accountant or tax professional for your specific numbers.

Strengths and Trade-Offs

What the plan does well:

• Every number is fixed in the policy document — no bonus guesswork
• Five choices of paying term let you match the commitment to your own timeline
• The 70% Booster is a meaningfully large one-time sum relative to the Sum Assured
• Deferral and instalment options give some flexibility most endowment plans don't offer

What to weigh before buying:

• Being non-participating means no upside if LIC's investment performance is strong in a given year
• Money is locked in for a long horizon — liquidity is lower than a savings account or short-term FD
• Surrendering early typically means a real loss against premiums paid
• A guaranteed maturity figure is not automatically a high real return once inflation is accounted for — it should be compared against other guaranteed and market-linked options before you decide

Frequently Asked Questions

What is LIC Bima Platinum Plan 770? It's a non-linked, non-participating savings and protection plan from LIC, launched 1 September 2026, combining a Guaranteed Addition during the premium-paying years with a Regular Income Benefit, a one-time Booster Income Benefit, and a maturity payout.

What is the minimum Basic Sum Assured? ₹3,00,000, in multiples of ₹10,000, with no fixed upper ceiling (subject to LIC's underwriting approval).

How is the Guaranteed Addition calculated? ₹70 for every ₹1,000 of your annualised premium, added once per year during the premium-paying term only.

When exactly is the Booster Income Benefit paid? At the end of the (PPT + 5)th policy year — so a 10-year paying term pays the Booster at year 15, an 18-year term at year 23, and so on.

Is the Regular Income Benefit guaranteed every year? It's payable each year of the payout period, subject to the policy being in force and the life assured surviving to that anniversary — it stops if the policy lapses or the life assured passes away, at which point the death benefit provisions apply instead.

Can I take a loan against this policy? Yes, once the policy has at least one full year's premium paid and has an eligible surrender value, subject to the loan percentage and interest rate conditions in force when you apply.

Is the maturity amount the same as a 7% annual return? No — ₹70 per ₹1,000 is a flat addition formula, not a compounding interest rate, and shouldn't be read as an annual percentage return on your money.

Can I receive the maturity benefit as monthly income instead of a lump sum? Yes, through the settlement option, over 5, 10 or 15 years, in monthly, quarterly, half-yearly or yearly instalments, subject to minimum instalment amounts.

Is this calculator's output official? No. Any Bima Platinum calculator — including the one on this page — produces an illustrative estimate for comparison purposes. Your actual premium and benefits are confirmed only in LIC's official quotation and benefit illustration at the time of purchase.