LIC Jeevan Raksha – LIC’s New Pure Term Insurance Plan – Features & Review

Life Insurance Corporation of India (LIC) has launched a new pure term insurance plan — LIC’s Jeevan Raksha (Plan 894).

LIC launched the plan on September 1, 2026, along with LIC’s Bima Platinum, to mark its 70th anniversary. While Bima Platinum is a savings-oriented insurance plan, Jeevan Raksha is designed specifically for pure life insurance protection. The plan is expected to be available for purchase from September 7, 2026.

So, what does LIC Jeevan Raksha offer? And is it worth considering if you are looking for term insurance?

Let us understand.

What is LIC Jeevan Raksha?

LIC’s Jeevan Raksha is a Non-Participating, Non-Linked, Individual Pure Risk Plan.

In simple terms, it is a term insurance policy. The primary purpose of the plan is to provide a financial payout to the nominee if the life assured dies during the policy term. The death benefit is guaranteed and fixed, subject to the terms and conditions of the policy.

Since it is a non-participating plan, the policyholder is not entitled to bonuses or a share in LIC’s surplus. There is also no investment component linked to the market.

In other words: You pay a premium → you get life cover → if death occurs during the policy term, the nominee receives the applicable death benefit. That is the basic idea behind a pure term insurance plan.

Key features of LIC Jeevan Raksha

Here are the important features of the new plan:

How much life cover can you buy?

The minimum Basic Sum Assured under LIC Jeevan Raksha is ₹5 lakh and the maximum is ₹24 lakh.

The Sum Assured can be selected in:

• ₹50,000 multiples between ₹5 lakh and ₹7 lakh
• ₹1 lakh multiples above ₹7 lakh

The maximum cover is subject to LIC’s underwriting policy. And this is perhaps the most important point to keep in mind.

Is ₹24 lakh enough term insurance?

For many families, ₹24 lakh may not be sufficient as their primary life insurance cover.

For example, a young person with a spouse, children, home loan and other financial responsibilities may require a much larger life cover.

The amount of term insurance you need should ideally be based on your family’s financial requirements — outstanding liabilities, future goals, income replacement needs and existing assets — rather than on the maximum cover available under a particular policy.

Therefore, Jeevan Raksha’s ₹24 lakh maximum cover could be a limitation for someone looking for a large standalone term insurance policy. It may, however, be relevant as an additional layer of protection or for someone whose required cover is within this range.

Who may consider LIC Jeevan Raksha?

LIC has traditionally been associated with endowment, money-back and other savings-oriented insurance products.

Jeevan Raksha is different. It does not promise bonuses or maturity benefits. Instead, it focuses on the core purpose of life insurance — providing financial protection against the risk of premature death.

That makes it conceptually closer to other pure-term products already available in LIC’s portfolio, such as New Jeevan Amar, New Tech-Term, Yuva Term, Digi Term and Bima Kavach. Therefore, the important question is not simply: “Is Jeevan Raksha a good LIC policy?”

A better question is: “Does Jeevan Raksha offer the right amount of life cover at a competitive premium for my needs?”

LIC Jeevan Raksha may be worth considering for someone who:

• Has a limited or relatively low income and is looking for an affordable basic life insurance cover.
• Is starting their financial journey and wants to have some life insurance protection rather than remaining uninsured.
• Has limited financial commitments and therefore does not require a very large life cover.
• Wants a simple pure-term insurance plan without savings or investment features.
• Already has life insurance and wants to add a small amount of additional protection.
• Prefers LIC as the insurer and finds the premium affordable.

Your insurance need may be high, even when your income is low. A person with limited income can still have dependents and significant financial responsibilities, but may not have the financial capacity to buy a large term insurance cover. In such situations, a plan like Jeevan Raksha could help provide some basic financial protection rather than remaining completely uninsured.

So, if ₹24 lakh is the maximum cover one can reasonably consider within this particular plan, it can be better than having no life insurance at all—but the individual should also assess whether this amount would actually be sufficient for the family’s needs.

Final thoughts

Term insurance is about balancing adequate protection with what you can realistically afford based on your income and financial situation.

LIC Jeevan Raksha is another pure-term option that can be compared with other plans on premium, coverage, policy term, features and insurer suitability.

Your insurance need may be high, but your income may not allow you to afford a high cover today. In such cases, an affordable cover can still be better than remaining uninsured. As your income and financial responsibilities grow, review your insurance needs and increase your cover if required.

Continue reading:

• LIC Policy Returns in 2026: How Much Do LIC Policies Really Return?
• LIC Bima Kavach Term Insurance Plan | Unbiased Review
• What’s in a Name? The Hidden Truth About Children’s Insurance Plans
• LIC New Jeevan Sathi Limited Premium | Unbiased Review

(Post first published on : 02-Sep-2026)

Note: LIC Jeevan Raksha is a new insurance plan scheduled to be available from September 7, 2026. The information presented in this article is based on the limited information currently available and may be updated, revised or edited in the future as more details, including the official policy document and product terms, become available. Readers are advised to verify the latest terms and conditions with LIC before making any insurance decision.