Formula
P = (T − R) × S / 1000
I = P × c
T = A / (ä × (1 − λ))
M = G + q × T × Σt=1k min(t, k) × S / 1000
P × Σt=0k−1 (1 + r)−t = Σt Ct (1 + r)−t + M (1 + r)−n
where
- P
- annual premium
- T
- tabular premium per ₹1,000 of sum assured, for your age, term and premium paying term
- R
- high sum assured rebate, ₹ per ₹1,000, from this plan's table (nil on smaller policies)
- S
- Basic Sum Assured
- I
- each instalment
- c
- instalment as a share of the annual premium: 1 yearly, 0.509 half-yearly, 0.2568 quarterly or 0.0861 monthly
- A
- present value, per ₹1,000 of sum assured, of everything the policy pays: death cover, survival benefits and maturity
- ä
- present value of ₹1 a year, paid at the start of each year of the premium paying term while you are alive
- λ
- expense loading, 10%
- M
- maturity amount
- G
- guaranteed maturity sum, equal to S
- q
- guaranteed addition rate, 7% of the tabular premiums paid to date, credited at the end of each policy year while premiums are paid
- min(t, k)
- the number of yearly premiums paid by the end of year t
- Ct
- income of 10% of S at the end of the premium paying term and each year after it until the year before maturity, plus 70% of S 5 years after the premium paying term ends
- r
- annualised return: the rate that makes both sides equal
- n
- policy term, in years
- k
- premium paying term, in years
*Source LIC Bima Platinum brochure (PDF)
In short (tl;dr)
Bima Platinum is LIC's non-participating limited premium savings plan that turns into an income: 10% of the sum assured a year once the premiums stop, a one-off 70% five years later, and the sum assured plus additions at maturity.
Worked example: at 35, ₹5,00,000 of cover over 30 years costs ₹73,600 a year for 12 years and is projected to pay ₹9,01,856 at maturity, a return of 5.16% a year.
What is LIC Bima Platinum?
Bima Platinum (Plan 770, UIN 512N397V01) went on sale on 7 September 2026. You pay for 7, 10, 12, 15 or 18 years. At the end of the last premium year LIC starts paying a Regular Income Benefit of 10% of the Basic Sum Assured, and pays it every year until the year before maturity. Five years after the premiums end it adds a Booster Income Benefit of 70% of the sum assured in one payment. At maturity you get the sum assured back together with the guaranteed additions.
The additions accrue only while you are paying. Each year LIC credits Rs 70 for every Rs 1,000 of annualised premium paid so far, so the credit grows with each premium and stops with the last one. LIC's illustration, a Rs 10 lakh policy at age 35 over 25 years with 12 years of premiums at Rs 1,46,650, accrues Rs 9,15,096 of additions, pays Rs 1,00,000 a year from year 12 to year 24 and Rs 7,00,000 in year 17, and returns Rs 19,15,096 at maturity.
The income can be left with LIC instead of drawn. The brochure lets you defer the regular income, the booster or both, and the deferred money accumulates at a rate tied to the 5-year government bond yield less 1%, 5.78% for anything falling due between May 2026 and April 2027. This calculator assumes every payment is drawn when due.
Key features
- Regular Income Benefit of 10% of the Basic Sum Assured every year from the end of the premium term to the year before maturity
- Booster Income Benefit of 70% of the Basic Sum Assured at the end of the fifth year after the premium term
- Guaranteed Additions of Rs 70 per Rs 1,000 of total annualised premium paid, during the premium term
- Premium term of 7, 10, 12, 15 or 18 years; policy term up to 40 years
- Death cover of 11 times the annualised premium or the Basic Sum Assured, whichever is higher
Bima Platinum at a glance
- Plan number
- 770
- Category
- Endowment
- Entry age
- 0 to 55 years
- Policy term
- 17 to 40 years
- Premium paying term
- 7, 10, 12, 15, 18 years
- Sum assured
- ₹3 Lakh and above
- Maximum maturity age
- 75 years
- UIN
- 512N397V01
We checked the plan number and UIN above against LIC's own page for this plan on 2026-10-02. Check it on licindia.in
What are the benefits of LIC Bima Platinum?
What does LIC Bima Platinum pay on death?
Sum Assured on Death, the higher of 11 times the annualised premium and the Basic Sum Assured, plus the Guaranteed Additions accrued, never less than 105% of premiums paid and never less than the surrender value on the date of death. Income benefits already paid are not deducted.
What do you get at maturity?
The Basic Sum Assured plus the Guaranteed Additions accrued during the premium term, paid at the end of the policy term after the regular income and the booster.
Who is LIC Bima Platinum for?
Someone who can pay a large premium for a short spell and then wants a fixed yearly income for 10 years or more, with a lump sum in the middle and another at the end.
What should you watch out for?
Short premium terms mean a high yearly premium: LIC's sample for Rs 3 lakh of cover on a 7-year term is Rs 81,810 to Rs 1,00,365 a year. This calculator applies the base Rs 70 rate only, so its maturity figure is low for a policy that earns any of the incentives.
What does LIC Bima Platinum cost?
Worked out on a 30-year term with premiums paid for 12 years. Change any of these in the calculator above for your own figures.
By sum assured, at age 35
| Sum assured | Premium a year | Total paid in | Projected maturity |
|---|---|---|---|
| ₹5,00,000 | ₹73,600 | ₹8,83,200 | ₹9,01,856 |
| ₹10,00,000 | ₹1,47,200 | ₹17,66,400 | ₹18,03,712 |
| ₹25,00,000 | ₹3,68,000 | ₹44,16,000 | ₹45,09,280 |
Premiums are modelled on this plan's own tabular rates. The additions on this plan are contractual rather than declared, so unlike a with-profits plan the figure does not rest on a bonus declaration.
By age, on ₹5,00,000 of cover
Sum assured moves the premium almost in a straight line, so the table above is easy to read across. Age does not, and it is the input people most often want to test before filling anything in.
| Age at entry | Premium a year | Total paid in | Projected maturity | Age when it pays |
|---|---|---|---|---|
| 25 years | ₹72,926 | ₹8,75,116 | ₹8,98,178 | 55 |
| 30 years | ₹73,161 | ₹8,77,931 | ₹8,99,459 | 60 |
| 40 years | ₹74,408 | ₹8,92,897 | ₹9,06,268 | 70 |
The premium barely moves across the rows. Mortality is a small part of a savings premium and the savings part is the same at any age. What age changes is the last column: when the money arrives, and how old you are when it does.
LIC's own sample premium, from the brochure
From the sourceNot modelled: this is the table LIC prints in its own brochure (Sales brochure, section 8 Sample Illustrative Premium (policy term 30, offline, standard lives)), at ₹3,00,000 of cover, the sum assured LIC chose to illustrate. Everywhere else on this page the premium is worked out for the sum assured you enter; here it is fixed at that figure, because that is what LIC published.
These figures are taken from the document linked below. Check them there.
| Age at entry | 7 years | 10 years | 12 years | 15 years | 18 years |
|---|---|---|---|---|---|
| 15 | ₹81,810 | ₹54,735 | ₹43,020 | ₹32,145 | ₹24,990 |
| 25 | ₹83,145 | ₹55,275 | ₹43,290 | ₹32,220 | ₹25,005 |
| 35 | ₹87,495 | ₹57,015 | ₹44,160 | ₹32,445 | ₹25,005 |
| 45 | ₹1,00,365 | ₹62,025 | ₹46,770 | ₹33,465 | ₹25,425 |
Priced on ₹3,00,000 of cover, exclusive of taxes, standard lives. Our own model is anchored on the age 35, 30-year term, 12-year premium term cell in this table; the other cells are the real test of the model, and the editorial and methodology policy publishes how far off they run.editorial and methodology policy publishes how far off they run.
Where the maturity figure comes from
Taken apart, on the ₹5,00,000 policy in the first table. Every line is contractual on this plan: the additions are written into the policy at a stated rate rather than declared each year, so none of this depends on how LIC's investments do.
- Basic sum assured (guaranteed)
- ₹5,00,000
- Guaranteed additions
- ₹4,01,856
- Paid at maturity
- ₹9,01,856
- Income paid before then, 17 payments of ₹50,000 and 1 of ₹4,00,000 from year 12
- ₹12,50,000
- Return a year on the premiums
- 5.16%
When does LIC Bima Platinum pay for itself?
The grey line is what you have paid in by each policy year. The yellow line is what the policy has paid back by then. They cross in year 22, which is the point the policy has returned everything it cost.
That return counts everything the policy pays back, income included, against everything you put in, after the cost of the life cover it carried for 30 years. It is not a market return. On this plan the figures behind it are contractual, so it moves only with the age and term you enter.
Who can take LIC Bima Platinum?
Age to start
- Minimum
- 30 days
- Maximum
- 55 years
These are the widest limits the plan allows. The range narrows once you choose a premium paying term, and the calculator applies whichever range fits your answers.
Policy term
- Minimum
- 17 years
- Maximum
- 40 years
Age when the policy matures
- Maximum
- 75 years
Your age at entry plus the policy term cannot come to more than 75.
Years you pay for
- Minimum
- 7 years
- Maximum
- 18 years
Any whole number of years from 7 to 18.
Sum assured
- Minimum
- ₹3,00,000
- Maximum
- No limit set by LIC
LIC caps this by what underwriting allows rather than with a printed figure. This calculator accepts up to ₹5 Crore.
The calculator applies every limit above. LIC sets them out under "Eligibility Conditions and Other Restrictions" on page 3 of the Bima Platinum sales brochure, linked in the form above.
What age can you take LIC Bima Platinum at?
The entry age depends on how long you pay for. A longer premium paying term is open to younger lives and closes earlier; a short one starts later and stays open to 55. These are the twelve rows LIC prints in its eligibility table.
| Premium paying term | Minimum age at entry | Maximum age at entry |
|---|---|---|
| 7 years | 11 years | 55 years |
| 10 years | 8 years | 55 years |
| 12 years | 6 years | 53 years |
| 15 years | 3 years | 50 years |
| 18 years | 30 days | 47 years |
Minimum ages are completed years; maximum ages are nearer birthday. The calculator enforces these, so an age outside the range for your chosen premium term is rejected with the range that applies.
Tax on LIC Bima Platinum
Two provisions do the work, and both turn on the size of the premium rather than on the plan. The Income-tax Act, 2025 renumbered both from 1 April 2026 without changing the rules, so each is given here under its old number and its new one.
Section 80C, now Section 123, on what you pay in
Premiums count towards the ₹1.5 lakh limit, in the year they are paid, if you are on the old regime. The deduction is restricted where the annual premium is more than 10% of the sum assured.
Section 10(10D), now Schedule II, on what comes back
Maturity proceeds are exempt where the premium in every year stays inside 10% of the sum assured, and, for a policy issued on or after 1 April 2023, where the premiums on all such policies together stay inside ₹5 lakh a year. Death proceeds are exempt either way.
Where this policy sits
The ₹5,00,000 policy priced above costs ₹73,600 a year, which is 14.7% of the sum assured. That is above the 10% test, so both provisions are restricted for it. A larger sum assured moves the ratio down.
GST
Nil. Individual life insurance premiums have been exempt since 22 September 2025, so the instalment the calculator shows is the amount that leaves your account.
None of this is tax advice. Which regime you are on, what else you hold and when the policy was issued all change the answer, so confirm your own position with a tax adviser before you rely on it.
How this calculator works
Bima Platinum is priced here on its own parameters, not a generic formula. We build the plan's full cash-flow schedule, meaning the death benefit in each policy year, every survival payout and the maturity value, then discount it on a basis calibrated to a reference premium for this plan. That reference is checked two ways: against LIC's published tabular rate, and against the return the plan's own benefits imply for the policyholder.
- Reference premium
- ₹147.20 per ₹1,000 at age 35, 30-year term, 12-year premium term
- Discount basis
- 5.94% a year, on LIC (2012-14) Ultimate mortality
- Guaranteed additions
- 7% of the tabular premiums paid to date, added at the end of every policy year while premiums are being paid.
- GST
- Nil. Individual life insurance premiums have been exempt from GST since 22 September 2025, so the instalments shown are what you actually pay.
Bonus rates are declared annually and are not guaranteed; only the sum assured and any contractual guaranteed additions are. Read our editorial and methodology policyfor the full basis, and confirm every figure with LIC before you buy.
Check the source:Bima Platinum on licindia.inLIC valuation and bonus declarationsIRDAI regulations
How LIC Bima Platinum compares
The plans people weigh this one against, and what separates each from it.
| Plan | Policy term | You pay for | Cover from | What is different |
|---|---|---|---|---|
| Bima PlatinumNo. 770 · this page | 17 to 40 years | 7, 10, 12, 15, 18 years | ₹3 Lakh | Pays 10% of the sum assured every year once premiums stop, a 70% booster at the end of the fifth year after the last premium, and the sum assured at maturity. |
| Jeevan UtsavNo. 771 | 20 to 100 years | 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16 years | ₹5 Lakh | Guaranteed additions during the premium term, then 10% of the sum assured a year for life. |
| New Bima JyotiNo. 890 | 15 to 20 years | Term minus 5 years | ₹1.25 Lakh | Non-participating endowment that adds 6% of the premiums paid so far to the policy every year. |
| Jeevan LabhNo. 736 | 16, 21, 25 years | 10, 15, 16 years | ₹2 Lakh | Limited premium endowment. You finish paying years before the policy matures. |
| New Money Back Plan - 20 YearsNo. 720 | 20 years | 15 years | ₹2 Lakh | 20% of the sum assured back in years 5, 10 and 15, and the rest at maturity. |
To price several of these against each other on the same age and sum assured, the LIC premium calculator runs every plan on the site through the same engine and puts the answers in one table.
LIC Bima Platinum: frequently asked questions
When does Bima Platinum start paying income?
At the end of the last premium year. A 12-year premium term pays its first 10% at the end of year 12, and then every year until the year before maturity. On a 30-year policy that is 18 payments.
What is the booster benefit in Bima Platinum?
A single payment of 70% of the Basic Sum Assured, five years after the premium term ends: at the 12th policy anniversary on a 7-year premium term, the 15th on 10 years, the 17th on 12 years, the 20th on 15 years and the 23rd on 18 years. It is paid on top of that year's regular income.
How are the guaranteed additions worked out?
At the end of each year of the premium term LIC credits Rs 70 per Rs 1,000 of the total annualised premium paid so far. Nothing further is credited after the last premium. From Rs 5 lakh of sum assured the rate rises by Rs 3 to Rs 15, depending on size and premium term; online purchase adds Rs 20 to Rs 30, and existing LIC policyholders or the nominee of a deceased one get Rs 1 to Rs 2 more.
What is the minimum sum assured in Bima Platinum?
Rs 3,00,000, in multiples of Rs 10,000, with no upper limit beyond underwriting.
Which policy terms can I choose?
Any term from a minimum set by the premium term (17 years for 7, 20 for 10, 22 for 12, 25 for 15, 28 for 18) up to 40 years, as long as the policy matures by age 75. The pay-out period is the policy term minus the premium term, so a longer term means more years of income.
What happens if the life assured is a child under 8?
Entry is allowed from 30 days old on an 18-year premium term. Cover starts two years after the policy date or on the policy anniversary at or after age 8, whichever comes first. A death before that returns the premiums paid, without interest.
Spot something wrong?
If a figure on this page disagrees with an LIC premium notice, bonus statement or benefit illustration, tell us and we will check it against the brochure. Anything else you think this page gets wrong is just as welcome.
Related calculators
Plans people usually weigh up against Bima Platinum before deciding.
Jeevan Utsav
No. 771Guaranteed additions during the premium term, then 10% of the sum assured a year for life.
Open calculatorNew Bima Jyoti
No. 890Non-participating endowment that adds 6% of the premiums paid so far to the policy every year.
Open calculatorJeevan Labh
No. 736Limited premium endowment. You finish paying years before the policy matures.
Open calculatorNew Money Back Plan - 20 Years
No. 72020% of the sum assured back in years 5, 10 and 15, and the rest at maturity.
Open calculator