LIC Bima Platinum Calculator

LIC Bima Platinum Plan 770 is a new limited-premium savings and protection plan launched by Life Insurance Corporation of India on 1 September 2026. It offers guaranteed additions, a booster income benefit, and lifetime income after the premium paying term ends.

What Is LIC Bima Platinum Plan 770?

LIC Bima Platinum (Plan No. 770) is a non-linked, individual savings-oriented life insurance plan with limited premium paying terms.

It is designed for people who want:

• A guaranteed life cover for their family
• Forced savings with guaranteed additions every year during the premium paying term
• Regular income after the premium paying period ends
• A booster lump sum at the start of the payout phase if they survive to that point

In simple terms: you pay premiums for a fixed number of years, and then LIC starts paying you regularly for the rest of your life, along with a big one-time booster amount.

Launch Date and Availability

• Launch date: 1 September 2026 (Tuesday)
• Plan number: 770
• Type: Non-linked, non-participating (benefits are largely guaranteed as per policy terms)]

As of now, there is no announced withdrawal or closing date for this plan. LIC usually keeps such plans open until further notice or until replaced by a new product. Always check the latest status on the official LIC website or with your agent before buying.

Key Features of Bima Platinum Plan 770

1. Limited Premium Paying Term

You do not pay premiums for your whole life. You choose a premium paying term (PPT) from the options:

• 7 years
• 10 years
• 12 years
• 15 years
• 18 years

After this period, you stop paying, but benefits continue.

2. Guaranteed Additions

During the premium paying term, LIC adds a guaranteed amount to your policy every year.

• Guaranteed addition rate: ₹70 per ₹1,000 of basic sum assured per year
• This is effectively 7% of the basic sum assured each year during the PPT

Example:
If your basic sum assured is ₹10,00,000:

• Guaranteed addition per year = ₹70 × (10,00,000 / 1,000) = ₹70,000
• For a 10-year PPT, total guaranteed additions = ₹70,000 × 10 = ₹7,00,000 (if you survive the full PPT)

These additions accumulate and form part of your maturity and death benefits.

3. Booster Income Benefit

A unique feature of this plan is the Booster Income Benefit:

• If the life assured survives until the start of the payout phase (i.e., after the premium paying term ends), LIC pays a one-time booster amount equal to 70% of the basic sum assured.

Example:
Basic sum assured = ₹10,00,000
Booster income benefit = 70% × 10,00,000 = ₹7,00,000 (paid once at the start of the income phase)

This is over and above the regular annual income and guaranteed additions.

4. Regular Lifetime Income

After the premium paying term ends, the plan pays a regular annual income:

• Annual income = 10% of the basic sum assured
• Paid every year for the rest of the life assured’s life (lifetime income).

Example:
Basic sum assured = ₹10,00,000
Annual income = 10% × 10,00,000 = ₹1,00,000 per year for life.

This makes Plan 770 similar in spirit to a pension plan, but with a savings and protection component during the premium paying years.

5. Death Benefit

If the life assured dies:

• During the premium paying term:
  • Nominee receives the Sum Assured on Death plus all accrued guaranteed additions up to the date of death.
  • Sum Assured on Death is typically the higher of:
    • A multiple of annualized premium (often 7 times, as per similar LIC plans), or
    • A percentage of basic sum assured (commonly 125% or more), subject to policy terms.
  • The death benefit will not be less than 105% of total premiums paid (excluding taxes and rider premiums), as per standard LIC practice for such plans.
• After the premium paying term starts (during income phase):
  • The exact death benefit structure depends on the policy wording, but typically:
    • Regular annual income may continue to the nominee for some period, or
    • A lump sum may be paid along with any remaining guaranteed additions.

Always refer to the official policy brochure for the exact death benefit formula for Plan 770.

6. Maturity Benefit

If the life assured survives the entire policy term:

• Maturity benefit includes:
  • Basic Sum Assured
  • All accumulated Guaranteed Additions
  • Booster Income Benefit (70% of basic sum assured, if applicable)
  • Any additional bonuses or benefits as declared by LIC (if any, depending on plan design).

This makes the maturity amount significantly higher than the basic sum assured alone.

Eligibility Criteria

These are typical eligibility conditions for LIC Bima Platinum Plan 770 (based on available information and similar LIC plans):

• Minimum entry age: Usually around 18 years (completed)
• Maximum entry age: Often up to 65 years (nearer birthday), but exact limits should be confirmed from the official brochure.
• Minimum basic sum assured: ₹3,00,000
• Maximum basic sum assured: No fixed upper limit; subject to LIC’s underwriting and board-approved policies.
• Sum assured multiples: In multiples of ₹10,000.
• Policy term: Linked to the chosen premium paying term and age at entry; typically designed so that income starts after PPT and continues for life.

Exact age limits and policy term combinations should be verified from the official LIC document or your agent.

Premium Payment Options

You can pay premiums in different modes, such as:

• Yearly
• Half-yearly
• Quarterly
• Monthly (if allowed by LIC for this plan)

Premium amounts depend on:

• Age at entry
• Chosen basic sum assured
• Premium paying term (7, 10, 12, 15, or 18 years)
• Payment mode (yearly vs monthly, etc.)

LIC usually charges a small extra for more frequent modes (monthly/quarterly) compared to yearly.

How the LIC Bima Platinum Plan 770 Calculator Works

A LIC Bima Platinum Plan 770 calculator helps you estimate:

• Annual or monthly premium
• Total premiums payable over the PPT
• Guaranteed additions over time
• Booster income benefit
• Expected annual income after PPT
• Approximate maturity value (if you survive the full term)

Inputs You Need

To use any Plan 770 calculator, you typically need:

1. Date of birth (to calculate age at entry)
2. Gender (some plans have different rates for male/female)
3. Basic sum assured (e.g., ₹5,00,000, ₹10,00,000, etc.)
4. Premium paying term (7, 10, 12, 15, or 18 years)
5. Premium payment mode (yearly, half-yearly, quarterly, monthly)
6. Smoking status (if applicable)

Some calculators may also ask for:

• City or pincode (for certain underwriting rules)
• Contact details (for quote generation)

What the Calculator Shows

A good Plan 770 calculator will display:

• Annual premium (with and without GST)
• Total premium payable over the entire PPT
• Year-wise guaranteed additions
• Booster income benefit amount (70% of basic sum assured)
• Annual income after PPT (10% of basic sum assured)
• Estimated maturity value (basic sum assured + guaranteed additions + booster, if applicable)

Note: Exact maturity and death benefit numbers depend on the final policy terms and any bonuses LIC may declare in the future.

Example Calculation (Illustrative)

Let’s take a simple example to understand how the numbers work.

Assumptions:

• Age at entry: 30 years
• Basic sum assured: ₹10,00,000
• Premium paying term: 10 years
• Premium payment mode: Yearly
• Guaranteed addition: ₹70 per ₹1,000 SA per year
• Booster income benefit: 70% of basic sum assured
• Annual income after PPT: 10% of basic sum assured

Step 1: Guaranteed Additions

• Guaranteed addition per year = ₹70 × (10,00,000 / 1,000) = ₹70,000
• Over 10 years = ₹70,000 × 10 = ₹7,00,000

Step 2: Booster Income Benefit

• Booster = 70% × 10,00,000 = ₹7,00,000 (paid once when income phase starts)

Step 3: Annual Income After PPT

• Annual income = 10% × 10,00,000 = ₹1,00,000 per year for life

Step 4: Maturity Benefit (If Survives Full Term)

At the start of the income phase (after 10 years), the policyholder would have:

• Basic sum assured: ₹10,00,000
• Guaranteed additions (10 years): ₹7,00,000
• Booster income benefit: ₹7,00,000

So, a lump sum around ₹24,00,000 could be available at the start of the payout phase, along with ₹1,00,000 per year thereafter for life.

Actual numbers may vary slightly based on exact premium rates, taxes, and any additional bonuses.

Sample Premium Table (Indicative)

The table below shows how different premium paying terms affect the structure of benefits for a ₹10,00,000 basic sum assured. Premium amounts are illustrative; use an official LIC calculator or brochure for exact figures.

*Lump sum = Basic sum assured + total guaranteed additions + booster income benefit (if all conditions met).

Longer PPT means you pay premiums for more years, but you also accumulate more guaranteed additions.

How to Use an Online LIC Bima Platinum Plan 770 Calculator

If you are building or using a Plan 770 calculator on your website, the flow can be:

1. User enters details:
   • Date of birth
   • Gender
   • Desired basic sum assured
   • Preferred premium paying term (7/10/12/15/18 years)
   • Premium payment mode
2. Calculator computes:
   • Age at entry
   • Annual premium (using LIC’s rate table for Plan 770)
   • Total premium payable over PPT
   • Guaranteed additions per year and total
   • Booster income benefit
   • Annual income after PPT
   • Estimated maturity value
3. Display results clearly:
   • Show a summary table
   • Show year-wise breakdown (optional)
   • Highlight key benefits: guaranteed additions, booster, lifetime income
4. Add disclaimers:
   • “Figures are illustrative and subject to LIC’s official terms.”
   • “GST and other charges may apply.”
   • “Benefits payable as per policy contract and LIC rules.”

This structure aligns well with Google’s Helpful Content and EEAT guidelines: clear, useful, and transparent.

Who Should Consider LIC Bima Platinum Plan 770?

This plan may suit people who:

• Want guaranteed returns with life cover, not market-linked risk
• Are comfortable locking in premiums for 7–18 years
• Desire a regular income after a certain age (like a pension)
• Want a large one-time lump sum at the start of the income phase (via booster + guaranteed additions)
• Prefer a simple, traditional LIC product over complex mutual funds or ULIPs

It may be less suitable if:

• You need pure term protection at the lowest cost (a pure term plan is better for that).
• You want full liquidity and easy withdrawals (insurance products are long-term and have surrender penalties).
• You are looking for very high, market-beating returns (equity mutual funds may offer higher long-term growth, with higher risk).

Tax Benefits (As Per Prevailing Laws)

Under current Indian tax laws (subject to change):

• Premiums paid may be eligible for deduction under Section 80C up to ₹1.5 lakh per financial year, if conditions are met.
• Maturity and death benefits from traditional life insurance policies are generally tax-exempt under Section 10(10D), provided:
  • The annual premium does not exceed a specified percentage of the sum assured (often 10% for policies issued after 1 April 2023), and
  • Other conditions in the Income Tax Act are satisfied.

Always consult a tax advisor for your specific situation, as rules can change.

How It Compares With Other LIC Plans

Bima Platinum stands out due to its booster income benefit and flexible PPT options.

Frequently Asked Questions (FAQ)

Conclusion

LIC Bima Platinum Plan 770 is a new, savings-focused life insurance plan with a clear structure: pay premiums for 7–18 years, get guaranteed additions each year, receive a big 70% booster when the income phase starts, and then enjoy 10% of your basic sum assured every year for life.

For conservative investors who want predictable returns, lifetime income, and life cover in one product, Plan 770 can be a strong option. Use a dedicated LIC Bima Platinum Plan 770 calculator to see exact premium and benefit numbers for your age and sum assured before making a decision.

Naresh Kumar

Naresh Kumar is a web developer, digital marketer, and LIC agent dedicated to helping people make smarter financial decisions. He creates easy-to-use tools such as LIC premium, maturity, return, SIP, home loan, and surrender calculators, along with insightful articles on LICCalculator.info to simplify insurance and investment planning.