New Delhi, Sept. 1 -- On Tuesday, Life Insurance Corporation of India (LIC) unveiled two new products, namely Bima Platinum and Jeevan Raksha policies. These policies were announced by LIC CEO and MD R Doraiswamy on the occasion of the company's 70th anniversary, as per a press note.

While the former combines savings and protection, the latter focuses on pure life-risk coverage. Both are said to be non-participating and non-linked plans, as per the statement. However, their structure and benefits remain different.

Bima Platinum is a limited-premium plan, bringing together savings with financial protection. It is said to offer guaranteed additions of Rs.70 for every Rs.1,000 of annual premium paid during the premium-paying term. One of i...