Final answer:
Transport category aircraft require life rafts if they are operating more than 50 nautical miles from the nearest land point along the planned route of flight.
Step-by-step explanation:
Transport category aircraft do require life rafts if they are operating more than 50 nautical miles from the nearest land point along the planned route of flight, unless the flight is conducted entirely within 50 nautical miles from shore and is not more than 30 minutes flying time at normal cruising speed from that shore. The 400nm or 120 cruise criteria mentioned in the question is not relevant to the requirement for life rafts. The requirement for life rafts is based on distance from the nearest land point.