LIC to launch three insurance plans on 19 October: Benefits, features and eligibility explained
The payout is based on the applicable sum assured rather than the actual cost of treatment. The plan also includes a monthly income benefit following a major-stage cancer diagnosis and a premium-waiver benefit, subject to policy conditions.
LIC said the three plans will be available for purchase from 19 October 2026, both online through its website and offline through licensed insurance agents, corporate agents, brokers and insurance marketing firms.
Prospective policyholders should refer to LIC’s official sales brochures for the detailed eligibility criteria, premium structure, benefits, exclusions and policy conditions before purchasing any of the plans.
Life Insurance Corporation of India (LIC) will make three new insurance plans available for sale in the domestic market from 19 October 2026. The products cover deferred annuity, health insurance and cancer protection, according to the insurer’s official announcement and regulatory disclosure.
The three products are LIC’s New Jeevan Dhara-II (Plan 892), LIC’s Health Shield (Plan 907) and LIC’s New Cancer Cover (Plan 908). All three are non-participating and non-linked plans, LIC said.
The products serve different purposes. New Jeevan Dhara-II is a savings-oriented deferred annuity plan, while Health Shield and New Cancer Cover are individual health plans classified as pure-risk products.
The three plans cater to different financial needs, from securing a regular income after retirement to managing hospitalisation expenses and protecting against the financial impact of a cancer diagnosis.
New Jeevan Dhara-II is a non-participating, non-linked individual savings plan that provides annuity payments for life after the deferment period. LIC says annuity rates are guaranteed at policy inception.
The plan offers single-premium and regular-premiumpayment options, as well as single-life and joint-life annuity options. Policyholders can also pay an additional premium during the deferment period to access a top-up annuity facility.
LIC’s Health Shield is a non-participating, non-linked individual health insurance plan that provides fixed benefits against specified health risks.
The plan includes a daily hospital cash benefit and lump-sum payouts for major surgeries and critical illnesses. It also offers family coverage, a no-claim benefit to increase health cover and optional riders at an additional premium, subject to policy terms.
LIC’s New Cancer Cover is a non-participating, non-linked individual health insurance plan that provides fixed financial benefits following the diagnosis of specified early-stage and major-stage cancers.
Kirti jha
Kirti Jha is a Senior Content Producer at Mint, where she writes on mutual funds, taxation, personal finance and macroeconomic developments. Her reporting focuses on helping readers understand complex financial developments through data-driven, research-backed stories that explain how policy changes, market trends and regulatory decisions affect investors and households. <br><br> Before joining Mint, Kirti worked at ET Money, where she specialised in mutual fund research and investment analysis. She tracked portfolio disclosures, fund manager strategies, sectoral allocation shifts and investment trends, distilling large datasets into investor-focused insights. Her work combined quantitative analysis with consumer-centric storytelling, enabling readers to better understand fund positioning, portfolio changes and long-term investment opportunities.<br><br> Kirti holds a Bachelor's degree in Economics from Indraprastha College for Women, University of Delhi, and a Master's in Finance from the Jindal School of Banking & Finance at O.P. Jindal Global University. Her academic training emphasised analytical thinking, quantitative research and financial decision-making, providing a strong foundation in understanding capital markets, financial systems and economic policy. With a combined experience in investment research and financial journalism, she is committed to producing accurate, accessible and insightful journalism that empowers readers to make well-informed financial decisions.
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