The Life Insurance Corporation of India (LIC) will launch three insurance plans on October 19, 2026. The three products — New Jeevan Dhara-II (Plan 892), Health Shield (Plan 907) and New Cancer Cover (Plan 908) — were announced in a regulatory filing on October 12, 2026.
All three are non-participating, non-linked individual insurance products, but cater to different needs. New Jeevan Dhara-II is a deferred annuity plan designed to provide income during retirement, Health Shield offers fixed benefits for specified health-related events, and New Cancer Cover provides payouts following the diagnosis of specified early-stage and major-stage cancers.
Here is a look at who can buy these plans and the benefits they offer.
LIC New Jeevan Dhara-II: Guaranteed annuity income
New Jeevan Dhara-II is a deferred annuity plan that provides income for life after a specified deferment period. It offers guaranteed annuity rates at the time of policy inception, allowing buyers to plan their future income.
Policyholders can choose between regular and single premium payment options, as well as single-life and joint-life annuities. The deferment period ranges from two to 15 years for regular premium policies and one to 15 years for single premium policies.
The plan also offers a top-up annuity facility, allowing policyholders to pay an additional premium during the deferment period. Incentives are available for higher premiums or purchase prices and eligible existing LIC policyholders, nominees and beneficiaries of deceased policyholders.
Who can buy it?
The minimum entry age is 18 years. The minimum vesting age is 30 years, while the maximum is 65 or 70 years, depending on the annuity option selected. The maximum entry age also varies according to the chosen option and deferment period.
The plan may suit individuals looking to secure a regular income after retirement. Buyers should compare the available annuity options and understand the applicable payout and death benefit conditions before investing.
LIC Health Shield: Hospital cash and critical illness benefits
Health Shield is an individual health insurance plan that pays fixed benefits for specified medical events. It provides a daily hospital cash benefit during eligible hospitalisation, along with lump-sum payouts for specified major surgeries and critical illnesses.
The plan has a 15-year policy term and a 15-year premium-paying term. LIC says premiums remain guaranteed throughout the policy term.
It also offers a no-claim benefit that increases the health cover, an incentive for choosing a higher initial daily benefit and an option to purchase riders at an additional premium. Following the death of the principal insured, premiums for other insured members may be waived, subject to policy conditions.
Who can buy it?
The principal insured must be between 18 and 65 years old. Children aged 90 days to 20 years can be covered as additional insured members, subject to the plan’s conditions.
The daily hospital cash benefit provides a fixed amount rather than reimbursing the actual hospital bill. Buyers should check the hospitalisation limits, waiting periods, exclusions and list of covered surgeries and critical illnesses. The plan’s benefits should also be assessed alongside existing health insurance.
LIC New Cancer Cover: Financial protection against cancer
New Cancer Cover provides fixed financial benefits following the diagnosis of specified early-stage and major-stage cancers. Payouts are linked to the applicable sum assured and policy conditions, rather than being restricted to the actual cost of treatment.
The plan pays 25% of the applicable sum assured for a specified early-stage cancer diagnosis and 100% for a specified major-stage cancer diagnosis.
Following a qualifying major-stage diagnosis, the policyholder is also eligible for a monthly income benefit equal to 1% of the applicable sum assured for 10 years. A premium waiver benefit applies after an eligible cancer diagnosis, subject to policy conditions. Buyers can choose between level and increasing sum assured options.
Who can buy it?
The minimum entry age is 18 years and the maximum is 65 years. The minimum basic sum assured ranges from ₹15 lakh to ₹35 lakh, depending on the applicable age criteria, while the maximum is ₹50 lakh, taking existing policies under the plan into account.
Prospective buyers should carefully review the definitions of covered cancers, waiting periods, claim requirements and the conditions governing payouts at different stages of the disease.
How to buy LIC’s three new plans
All three plans will be available from October 19, 2026, through licensed insurance agents, corporate agents, brokers and insurance marketing firms. Customers can also purchase them online through LIC’s official website, licindia.in.
Buyers should review the official sales brochures and policy documents for details of premiums, exclusions, eligibility and claim conditions before making a decision.