Mumbai, Oct 13: Life Insurance Corporation of India (LIC) on Tuesday launched three new insurance plans, including a deferred annuity scheme and two health insurance products aimed at providing financial security during retirement, hospitalisation and cancer treatment.
LIC Chairman and Managing Director R. Doraiswamy launched New Jeevan Dhara-II (Plan 892), Health Shield (Plan 907) and New Cancer Cover (Plan 908). The plans will be available for purchase from October 19, 2026, both online and through authorised intermediaries.
New Jeevan Dhara-II is a non-linked, non-participating individual savings plan designed to provide guaranteed annuity income after a specified deferment period. Policyholders can choose between single and regular premium payments, as well as single-life and joint-life annuity options. The plan offers deferment periods of one to 15 years, depending on the premium option, and allows top-up annuity purchases during the deferment period.
Health Shield is a non-linked, non-participating health insurance plan offering fixed benefits against specified health risks. It provides daily hospital cash benefits during hospitalisation and lump-sum payouts for major surgeries and critical illnesses. The plan has a policy and premium-paying term of 15 years, with premiums guaranteed throughout the term. Coverage is available for the principal insured aged 18 to 65 years, while eligible children aged 90 days to 20 years can also be covered. Additional benefits include a no-claim benefit that increases health cover and a premium-waiver provision, subject to policy conditions.
New Cancer Cover provides fixed financial benefits upon diagnosis of specified early-stage and major-stage cancers, irrespective of the actual treatment expenses. It pays 25 percent of the applicable sum assured for specified early-stage cancer and 100 percent for specified major-stage cancer. The plan also provides a monthly income benefit equivalent to one percent of the applicable sum assured for 10 years following a major-stage cancer diagnosis. Policyholders can choose between level and increasing sum assured options.
The cancer plan offers basic sum assured options ranging from Rs 15 lakh to Rs 35 lakh, depending on age criteria, with a maximum sum assured of Rs 50 lakh, subject to the plan’s conditions.
The products can be purchased through LIC’s website, and authorised agents and other licensed intermediaries. LIC has advised prospective policyholders to consult the respective sales brochures for detailed terms and conditions.
