The Life Insurance Corporation of India (LIC) has announced three new insurance products that will be available for purchase from October 19, 2026. The new offerings cover retirement income, health insurance and financial protection against cancer.
According to LIC’s official announcement and regulatory disclosure, the three products are New Jeevan Dhara-II (Plan 892), Health Shield (Plan 907) and New Cancer Cover (Plan 908). All three are non-participating and non-linked plans, designed to address different financial protection needs.
While New Jeevan Dhara-II focuses on providing income through annuity payments, Health Shield offers fixed benefits for specified medical events. New Cancer Cover provides financial benefits following the diagnosis of eligible stages of cancer.
1. LIC New Jeevan Dhara-II: Deferred Annuity Plan
LIC New Jeevan Dhara-II is an individual savings-oriented deferred annuity plan. It is designed to provide annuity payments throughout life after the selected deferment period.
One of its key features is that the annuity rates are guaranteed at the time the policy is issued, according to LIC.
The plan offers both single-premium and regular-premium payment options. Policyholders can also choose between single-life and joint-life annuity arrangements, depending on their requirements.
Another feature is the top-up annuity facility, which allows policyholders to pay an additional premium during the deferment period to access additional annuity benefits, subject to the applicable terms.
The plan may appeal to individuals seeking to arrange a regular income stream for their retirement years.
2. LIC Health Shield: Fixed Benefits for Medical Expenses
LIC Health Shield is an individual health insurance plan that provides predetermined financial benefits for specified medical conditions and events. Like the other two products, it is a non-participating and non-linked plan.
The policy includes a daily hospital cash benefit, along with lump-sum payments for specified major surgeries and critical illnesses.
It also offers family coverage, a no-claim benefit that can increase the available health cover, and optional riders for additional protection at an extra premium.
The benefits payable will depend on the selected cover, the applicable policy conditions and the terms specified by LIC.
3. LIC New Cancer Cover: Financial Protection Against Cancer
LIC New Cancer Cover is an individual health insurance plan designed to provide financial assistance following the diagnosis of specified early-stage or major-stage cancers.
Unlike a policy that reimburses treatment bills, the payout under this plan is based on the applicable sum assured rather than the actual cost of medical treatment.
The plan also provides a monthly income benefit following a major-stage cancer diagnosis. In addition, it includes a premium-waiver benefit, subject to the conditions specified in the policy.
These features are intended to provide financial support to policyholders facing the expenses and income-related challenges associated with a cancer diagnosis.
When Can You Buy LIC’s Three New Insurance Plans?
LIC has announced that all three plans will be available from October 19, 2026, through online and offline channels.
Customers will be able to purchase the policies through LIC’s official website. Offline purchases will also be available through licensed insurance agents, corporate agents, brokers and insurance marketing firms.
Before selecting a plan, prospective buyers should review LIC’s official sales brochures carefully. These documents provide details about eligibility requirements, premiums, benefits, exclusions and other policy conditions.
Choosing between the three plans will depend on whether the primary requirement is retirement income, health-related financial protection or cover against specified cancer diagnoses.
Disclaimer: This article is intended for general informational purposes only and does not constitute financial, insurance or investment advice. Policy benefits, eligibility, premiums, exclusions and conditions are governed by LIC’s official policy documents. Prospective policyholders should review the latest sales brochures and consult an authorised LIC representative before purchasing an insurance plan.
