The Life Insurance Corporation of India (LIC) is preparing to introduce three new insurance plans on October 19, 2026. These plans provide financial support for receiving regular income after retirement, covering hospitalization expenses, and protecting against cancer.
According to documentation submitted by LIC on October 12, 2026, the three new products include New Jeevan Dhara-II (Plan 892), Health Shield (Plan 907), and New Cancer Cover (Plan 908). Although all three plans will be available from October 19, they are designed to meet diverse client needs.
The New Jeevan Dhara-II policy from LIC guarantees a regular income to its holders. This is a deferred annuity payment plan that allows recipients to receive a lifetime pension after the policy term ends. The rate is determined at the time of policy issuance. Clients can choose between a single lump-sum or regular contribution option. A single annuity and a joint annuity option are also available.
For plans with regular contributions, the period before income commencement can range from 2 to 15 years, whereas for plans with a lump-sum contribution, this period can be from 1 to 15 years. The minimum age for purchase is 18 years.
LIC's second program, Health Shield, is a medical insurance plan. It provides a fixed sum payment for each day spent in an eligible hospital. Furthermore, it includes compensation for major surgeries and serious illnesses.
The term and premium payment period for this plan are 15 years. The insured person must be between 18 and 65 years old. Children aged 90 days to 20 years can be added as additional insured persons.
This policy provides a payout of 25% of the sum assured upon confirmation of early-stage cancer and 100% upon confirmation of advanced-stage cancer. In case of severe illness, 1% of the sum assured will be paid monthly for 10 years, along with the possibility of future premium waivers. Individuals aged 18 to 65 can purchase this plan. The minimum sum insured ranges from ₹15 million to ₹35 million depending on age, with a maximum limit of ₹50 million.