New Delhi: The Life Insurance Corporation of India (LIC) has announced three new insurance plans designed to address customers’ retirement income, healthcare and cancer protection needs. The plans are LIC’s New Jeevan Dhara-II (Plan 892), LIC’s Health Shield (Plan 907) and LIC’s New Cancer Cover (Plan 908).
According to the announcement, all three plans will be available for purchase from October 19, 2026. LIC CEO and Managing Director R. Doraiswamy launched the three products.
The new offerings cover different financial needs. New Jeevan Dhara-II focuses on deferred annuity income after a specified period, Health Shield offers fixed-benefit health coverage, and New Cancer Cover provides financial benefits following the diagnosis of covered stages of cancer.
Here is a detailed look at the key features, eligibility conditions and benefits of all three LIC plans.
1. LIC New Jeevan Dhara-II (Plan 892): Pension Income After Retirement
LIC’s New Jeevan Dhara-II is a non-participating, non-linked individual savings and deferred annuity plan designed to provide income after a chosen deferment period.
The plan may be relevant to individuals looking to establish a predictable retirement income stream. The applicable annuity rates are guaranteed at policy inception, subject to the policy’s terms and conditions.
Key features of LIC New Jeevan Dhara-II
- Guaranteed annuity: Provides an annuity option after the selected deferment period.
- Flexible premium payment: Customers can choose between single-premium and regular-premium options.
- Single-life and joint-life options: Available choices can accommodate individual or joint annuity arrangements.
- Top-up annuity facility: Additional premiums may be paid during the deferment period, subject to the plan’s conditions.
- Flexible deferment period: Ranges from 2 to 15 years for regular premiums and from 1 to 15 years for single premiums.
- Purchase incentives: Incentives may be available for higher premiums or purchase prices and eligible existing LIC policyholders.
Who can apply for LIC New Jeevan Dhara-II?
According to the supplied plan details, the minimum entry age is 18 years. The maximum entry age is 65 or 70 years, depending on the applicable option. The minimum age for commencement of the annuity is 30 years.
Prospective buyers should check the official policy brochure for the precise age limits, annuity options, premium requirements and applicable conditions before purchasing.
2. LIC Health Shield (Plan 907): Fixed-Benefit Health Coverage
LIC Health Shield is a non-participating, non-linked pure-risk health insurance plan intended to provide financial support for specified medical events.
The plan includes benefits associated with hospitalisation and covered critical illnesses. Depending on the selected coverage and policy conditions, it may help families manage some of the financial pressure associated with medical treatment.
Key features of LIC Health Shield
- Hospital cash benefit: Provides a daily cash benefit during eligible hospitalisation, subject to policy conditions.
- Critical illness benefit: Offers a lump-sum payout for covered critical illnesses when the applicable conditions are met.
- Family coverage: Designed to provide health protection for eligible family members under the plan’s provisions.
- Guaranteed premiums: Premiums remain guaranteed throughout the policy term, according to the stated plan details.
- Coverage for children: Eligible children can be covered from 90 days of age.
- Policy duration: The policy term and premium-paying term range from 5 to 15 years.
- Premium waiver benefit: An eligible family member may receive a premium waiver following the death of the original insured, subject to policy terms.
- No-claim benefit: An option may be available to increase health coverage through a no-claim benefit.
- Optional riders: Additional protection may be available for an extra premium.
What should buyers check before choosing Health Shield?
Customers should review the policy’s definition of covered illnesses, hospitalisation conditions, benefit limits, exclusions, waiting periods and rider provisions. The precise benefits payable will depend on the selected coverage and the policy wording.
3. LIC New Cancer Cover (Plan 908): Financial Protection Against Cancer
LIC New Cancer Cover is a specialised pure-risk insurance plan designed to provide financial benefits following the diagnosis of specified stages of cancer.
Unlike a general health plan that may cover a range of medical events, this product focuses specifically on covered cancer diagnoses. Its stage-based payout structure is intended to provide financial support when qualifying early-stage or major-stage cancer is diagnosed.
Key features of LIC New Cancer Cover
1. Benefit for early-stage cancer
The plan provides 25% of the sum assured following a qualifying early-stage cancer diagnosis, subject to the policy’s definitions and conditions.
2. Benefit for major-stage cancer
A benefit equal to 100% of the sum assured is payable upon diagnosis of a covered major-stage cancer, according to the plan terms.
3. Monthly benefit after major-stage diagnosis
The stated plan features include a monthly payment equal to 1% of the sum assured for 10 years following a qualifying major-stage cancer diagnosis. Buyers should confirm how this benefit interacts with the other payouts in the official policy wording.
4. Choice of sum assured
Customers can choose between a level sum assured and an increasing sum assured option, subject to availability and the applicable conditions.
5. Waiver of future premiums
The plan provides for the waiver of future premiums following a covered cancer diagnosis, in accordance with the policy provisions.
LIC New Cancer Cover: Eligibility and coverage limits
The supplied details specify the following eligibility and coverage parameters:
- Minimum entry age: 18 years.
- Maximum entry age: 65 years.
- Maturity age: 28 to 75 years.
- Premium-paying term: 10 to 15 years.
- Minimum basic sum assured: The stated minimum varies from ₹15 lakh to ₹35 lakh, depending on the applicable option.
- Maximum sum assured: Up to ₹50 lakh.
Because the minimum sum assured may vary by option, applicants should consult the official brochure to confirm the amount applicable to their chosen policy.
Cancer coverage is subject to the policy’s definitions, exclusions, waiting periods and claim requirements. Customers should not assume that every type or stage of cancer automatically qualifies for a payout.
LIC’s Three New Plans: A Quick Comparison
| Feature | New Jeevan Dhara-II | Health Shield | New Cancer Cover |
|---|---|---|---|
| Plan number | 892 | 907 | 908 |
| Main purpose | Deferred annuity income | Fixed-benefit health protection | Cancer-related financial benefits |
| Key benefit | Annuity after deferment | Hospital cash and critical illness benefits | Stage-based cancer payouts |
| Premium options | Single or regular premium | As specified in the policy | 10–15-year premium-paying term |
| Announced availability | October 19, 2026 | October 19, 2026 | October 19, 2026 |
The three plans serve different purposes and should not be treated as interchangeable. The right option depends on an individual’s retirement goals, existing insurance, healthcare requirements and budget.
When Will LIC’s New Plans Be Available?
According to the announcement, LIC’s New Jeevan Dhara-II, Health Shield and New Cancer Cover will be available from October 19, 2026.
Customers will be able to explore purchase options through LIC agents, corporate agents and brokers. Online purchasing is also expected to be available through LIC’s official website.
Interested customers can visit LIC’s official website to look for the latest product brochures, eligibility requirements and purchasing instructions.
Before making a purchase, it is advisable to compare the policy benefits, premiums, exclusions and claim conditions with existing insurance coverage.
What Do LIC’s New Plans Mean for Customers?
The launch brings three distinct insurance options addressing retirement income and health-related financial risks. New Jeevan Dhara-II is focused on deferred annuity income, Health Shield offers specified hospitalisation and critical illness benefits, and New Cancer Cover concentrates on qualifying cancer diagnoses.
For customers planning their retirement or reviewing their family’s insurance arrangements, the key step is to understand what each policy covers and what it excludes.
The bottom line: LIC’s three announced plans are scheduled to become available from October 19, 2026. Customers should review the official policy documents and obtain clarification on premiums, eligibility and claim conditions before deciding whether a plan meets their needs.
