LIC Launches Three New Insurance Plans for 2026

Life Insurance Corporation of India (LIC) has launched three new insurance plans designed to meet customers' retirement, healthcare, and critical illness protection needs. The new offerings include:

• LIC's New Jeevan Dhara-II (Plan 892)
• LIC's Health Shield (Plan 907)
• LIC's New Cancer Cover (Plan 908)

LIC CEO and Managing Director R. Doraiswamy officially introduced the products. According to LIC’s announcement on October 13, 2026, all three products fall under the non-participating, non-linked individual insurance category and will be available for purchase starting October 19, 2026.

These new additions expand LIC’s portfolio, offering policyholders versatile financial security options ranging from guaranteed retirement income to fixed-benefit healthcare and specialized cancer coverage.

1. New Jeevan Dhara-II (Plan 892): Guaranteed Retirement Income

New Jeevan Dhara-II is a savings-oriented deferred annuity plan structured to help individuals build post-retirement financial security. The policy guarantees a continuous lifetime income stream after a chosen deferment period.

Key Features of New Jeevan Dhara-II:

• Guaranteed Annuity Rates: Annuity rates are locked in at policy inception, ensuring a predictable income stream.
• Flexible Premium Options: Policyholders can choose between single-premium and regular-premium payment structures.
• Annuity Choices: Offers single-life and joint-life annuity options.
• Top-Up Facility: Allows additional contributions during the deferment period to increase the final annuity payout.

This plan provides a structured solution for individuals seeking long-term retirement security with minimal market risk.

2. Health Shield (Plan 907): Fixed-Benefit Health Insurance

LIC's Health Shield is a pure-risk health insurance plan that delivers fixed-benefit payouts against specified medical emergencies rather than relying strictly on expense reimbursements.

Key Features of Health Shield:

• Daily Hospital Cash Benefit: Provides a fixed cash payment for each day of hospitalization according to policy terms.
• Lump-Sum Surgery Payouts: Delivers defined lump-sum benefits upon the occurrence of covered major surgeries or critical illnesses.
• Family Protection: Offers flexible coverage options for family members to shield against sudden medical costs.
• No-Claim Bonus: Rewards claims-free policy years by enhancing total health coverage.

Health Shield assists families in managing incidental hospital expenses and safeguarding personal savings during medical emergencies.

3. New Cancer Cover (Plan 908): Targeted Financial Protection

New Cancer Cover is a pure-risk health insurance plan designed to offer financial support upon the diagnosis of specified early-stage or major-stage cancers. Payouts are paid out directly based on the applicable Sum Assured rather than actual medical expenses incurred.

Key Features of New Cancer Cover:

• Stage-Wise Lump-Sum Payouts: Pays 25% of the Sum Assured for specified early-stage cancer and 100% of the Sum Assured for major-stage cancer.
• Monthly Income Benefit: In major-stage cancer cases, policyholders receive a monthly payout equal to 1% of the Sum Assured for 10 years.
• Nominee Protection: If the policyholder passes away during the payout period, the remaining monthly benefits continue to the designated nominee.
• Premium Waiver Benefit: Waives future premium obligations following an eligible cancer diagnosis.

Availability and Purchase Options

All three LIC products will officially launch on October 19, 2026. Customers can purchase these plans both online via the official LIC website (www.licindia.in) and offline through authorized LIC agents, corporate agents, brokers, and Insurance Marketing Firms (IMFs).