LIC Launches Three New Plans: Lifetime Income, Family Hospital Cover and Cancer Protection
LIC introduces three plans designed to provide long-term income security, hospital cover for families and financial protection against cancer-related expenses.
LIC has launched three new plans covering lifetime income, family hospitalisation expenses and cancer protection, expanding its offerings across savings and health-related needs.
NEW DELHI: Life Insurance Corporation of India (LIC) on Tuesday launched three new individual plans: LIC’s New Jeevan Dhara-II (Plan 892), LIC’s Health Shield (Plan 907) and LIC’s New Cancer Cover (Plan 908). The plans were launched by LIC Chief Executive Officer and Managing Director R. Doraiswamy in Mumbai, the corporation said in a press release.
The plans cover retirement income, hospitalisation and cancer. All three are non-participating, non-linked individual plans. They will be available for purchase from October 19, 2026. Customers can buy them offline through licensed agents, corporate agents, brokers and insurance marketing firms, or online directly through LIC’s website, licindia.in.
LIC – New Jeevan Dhara-II: guaranteed annuity for life after retirement
LIC’s New Jeevan Dhara-II is a non-par, non-linked, individual, savings, deferred annuity plan. According to LIC, it is designed to provide financial independence through guaranteed income after retirement. Once the deferment period ends, the plan pays annuity for life. Annuity rates are guaranteed at the time of policy inception, and a wide range of annuity options is available to meet the diverse financial needs of annuitants.
Policyholders can choose between regular and single premium, and between single-life and joint-life annuity options. A top-up annuity facility, which LIC described as a unique feature of the plan, allows policyholders to pay additional premium during the deferment period.
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The minimum entry age is 18 years (last birthday). The maximum entry age is 65 or 70 years (last birthday) minus the deferment period, depending on the annuity option exercised. The minimum vesting age is 30 years (last birthday) for all annuity options. The maximum vesting age is 65 or 70 years (last birthday), depending on the option selected. The deferment period ranges from 2 to 15 years under the regular premium option and from 1 to 15 years under the single premium option. LIC has also provided incentives for high premium or purchase price. These incentives also apply to existing LIC policyholders and to nominees or beneficiaries of deceased LIC policyholders.
LIC – Health Shield: fixed daily hospital cash for the family
LIC’s Health Shield is a non-par, non-linked, individual health, pure risk plan that provides fixed-benefit coverage against specified health risks. LIC said the plan offers comprehensive health coverage for the entire family. It pays a fixed “Daily Hospital Cash Benefit” during hospitalisation. It also offers lump-sum payouts for major surgeries and critical illnesses. Premiums are guaranteed throughout the policy term.
The principal insured must be between 18 and 65 years of age (age last birthday) at entry. Children aged 90 days (completed) to 20 years (last birthday) are eligible for cover as other insured members. Both the policy term and the premium-paying term are 15 years. If the original principal insured dies, a premium waiver benefit is available for the other insured members, subject to policy conditions.
Policyholders can opt for riders at an additional premium to obtain further protection. The plan also provides for an increase in health cover through a No Claim Benefit. LIC said an incentive is available for those opting for a higher initial daily benefit.
LIC – New Cancer Cover: payout on diagnosis, irrespective of treatment cost
LIC’s New Cancer Cover is a non-par, non-linked, individual health, pure risk plan. It provides fixed financial benefits on diagnosis of specified early-stage and major-stage cancer, irrespective of the actual treatment cost incurred by the insured.
On diagnosis of a specified early-stage cancer, 25 per cent of the “Applicable Sum Assured” is payable. On diagnosis of a specified major-stage cancer, 100 per cent is payable. In the event of a major-stage diagnosis, a monthly income benefit equal to 1 per cent of the Applicable Sum Assured is also payable for 10 years. It is paid to the policyholder or, if the policyholder dies, to the nominee. Policyholders can choose between a level sum assured and an increasing sum assured. A premium waiver benefit applies following an eligible cancer diagnosis, subject to policy conditions.
The entry age is 18 to 65 years (last birthday), and the maturity age is 28 to 75 years (last birthday). The premium-paying term is a minimum of 10 years and a maximum of 15 years. The minimum basic sum assured ranges from Rs 15 lakh to Rs 35 lakh, depending on the applicable age criteria. The maximum sum assured is Rs 50 lakh, taking into account all existing policies under the plan.
