New Delhi, October 14, 2026: The Life Insurance Corporation of India (LIC) has launched three new insurance plans aimed at providing financial security after retirement, health protection and financial support in the event of a cancer diagnosis.
LIC Chairman and Managing Director R. Doraiswamy launched the three plans on October 13, 2026. The newly introduced products are LIC’s New Jeevan Dhara-II (Plan 892), LIC’s Health Shield (Plan 907) and LIC’s New Cancer Cover (Plan 908).
The plans are designed to address different financial needs, including retirement income, hospitalisation expenses and financial assistance following a specified cancer diagnosis.
1. LIC’s New Jeevan Dhara-II (Plan 892)
LIC’s New Jeevan Dhara-II is a non-participating, non-linked individual savings and deferred annuity plan designed to provide financial independence through regular income after retirement.
Key Features
Provides annuity payments for life after completion of the deferment period.
Offers a range of annuity options to meet different financial requirements.
Provides guaranteed annuity rates at the time of policy inception.
Includes a top-up annuity facility through additional premium payments during the deferment period.
Offers regular premium and single premium payment options.
Provides single-life and joint-life annuity options.
The deferment period ranges from 2 to 15 years for regular premium policies and 1 to 15 years for single premium policies.
The minimum entry age is 18 years, while the maximum age depends on the annuity option selected.
The plan is intended for individuals seeking to build a retirement income stream and improve their financial security in later years.
2. LIC’s Health Shield (Plan 907)
LIC’s Health Shield is a non-participating, non-linked individual health insurance plan that provides fixed benefits against specified health risks.
Key Features
Offers health coverage for the entire family, subject to policy conditions.
Provides a fixed daily hospital cash benefit during hospitalisation.
Offers lump-sum payouts for major surgeries and critical illnesses covered under the policy.
Provides guaranteed premiums throughout the policy term.
Includes a No Claim Benefit to increase health coverage.
Allows policyholders to obtain additional protection through available riders at an extra premium.
Provides a premium waiver benefit for other insured family members in the event of the principal insured person’s death, subject to policy conditions.
The entry age for the principal insured ranges from 18 to 65 years.
Children aged 90 days to 20 years may also be eligible for coverage.
The policy term and premium-paying term are 15 years.
The plan aims to help individuals and families manage financial challenges arising from hospitalisation and specified medical conditions.
3. LIC’s New Cancer Cover (Plan 908)
LIC’s New Cancer Cover is a non-participating, non-linked individual health insurance plan that provides fixed financial benefits upon the diagnosis of specified early-stage and major-stage cancers.
The benefits are payable according to the policy terms, irrespective of the actual treatment expenses incurred by the insured.
Key Features
Early-stage cancer: 25% of the applicable sum assured is payable upon diagnosis of a specified early-stage cancer.
Major-stage cancer: 100% of the applicable sum assured is payable upon diagnosis of a specified major-stage cancer.
Monthly income benefit: A monthly benefit equal to 1% of the applicable sum assured is payable for 10 years following a major-stage cancer diagnosis.
Nominee benefit: In the event of the insured person’s death, the monthly income benefit may be payable to the nominee, subject to policy conditions.
Offers a choice between level sum assured and increasing sum assured options.
Provides a premium waiver benefit following an eligible cancer diagnosis, subject to policy conditions.
The minimum entry age is 18 years, while the maximum entry age is 65 years.
The plan is intended to provide financial assistance to policyholders and their families in managing the financial impact of a cancer diagnosis.
LIC’s New Plans Focus on Retirement and Health Security
With the launch of these three products, LIC is addressing three distinct financial needs: retirement income, health-related financial protection and support against the financial impact of cancer.
New Jeevan Dhara-II focuses on providing lifelong annuity income after the deferment period. Health Shield offers fixed benefits for specified medical events, while New Cancer Cover provides financial benefits following the diagnosis of eligible cancers.
Customers should review the official policy documents for detailed information about premiums, eligibility, exclusions, waiting periods and other terms and conditions before purchasing any plan.
Source: LIC of India press release dated October 13, 2026.
