LIC New Insurance Plans are available from October 19, 2026, as the Life Insurance Corporation of India introduces three products covering retirement income, hospitalization benefits, and cancer-related financial protection.
India’s largest life insurer has launched New Jeevan Dhara-II (Plan 892), Health Shield (Plan 907), and New Cancer Cover (Plan 908). Each product is designed to address a different financial need, from securing income after retirement to managing expenses associated with hospitalisation and serious illnesses.
LIC announced the three plans on October 13, 2026, ahead of their scheduled October 19 availability. The launch expands its product portfolio and provides customers with additional options for long-term financial planning and insurance protection.
Key Highlights
- Launch Date: All three LIC plans became available from October 19, 2026.
- Retirement Income: New Jeevan Dhara-II offers guaranteed annuity rates for future income.
- Health Protection: Health Shield provides fixed benefits for eligible hospitalisation and specified medical events.
- Cancer Protection: New Cancer Cover provides financial assistance following covered cancer diagnoses.
- Plan Numbers: New Jeevan Dhara-II (892), Health Shield (907), and New Cancer Cover (908).
- Policy Selection: Customers should compare premiums, benefit limits, exclusions, and eligibility before purchasing.
LIC New Insurance Plans at a Glance
The three products serve different purposes. New Jeevan Dhara-II focuses on retirement income, while Health Shield and New Cancer Cover provide specified health-related benefits.
| LIC Insurance Plan | Plan Number | Main Purpose |
|---|---|---|
| New Jeevan Dhara-II | 892 | Guaranteed deferred annuity and retirement income |
| Health Shield | 907 | Fixed hospital cash and specified health benefits |
| New Cancer Cover | 908 | Financial protection against covered cancer diagnoses |
The products have separate policy terms and benefits. Customers should not assume that buying one plan provides the protection offered by the others.
LIC New Jeevan Dhara-II: Retirement Income Benefits
LIC’s New Jeevan Dhara-II (Plan 892) is a deferred annuity plan intended for individuals seeking a predictable future income, particularly during retirement.
Under a deferred annuity arrangement, policyholders make premium payments according to their selected option, while regular annuity payments begin after the chosen deferment period.
The plan offers guaranteed annuity rates, allowing customers to understand the income payable under their selected terms.
Its main features include:
- Guaranteed annuity rates under applicable policy options.
- Regular income after the deferment period.
- Different annuity arrangements to address retirement planning needs.
- Benefits determined by the selected option and policy conditions.
A deferred annuity can help supplement pension savings and other retirement investments.
However, customers should assess the amount of guaranteed income, premium commitment, death benefits, surrender provisions, and flexibility before making a long-term financial decision.
LIC Health Shield: Hospitalisation and Medical Benefits
LIC’s Health Shield (Plan 907) provides fixed financial benefits for eligible hospitalisation and certain specified medical events.
Unlike conventional indemnity-based health insurance, which reimburses eligible expenses subject to policy limits, fixed-benefit insurance pays predetermined amounts when the relevant conditions are satisfied.
Health Shield includes benefits relating to hospital cash and specified medical situations, subject to the policy document.
Important features include:
- Daily hospital cash benefits for qualifying hospital stays.
- Benefits for specified surgical procedures, where applicable.
- Protection linked to certain covered medical events.
- Predetermined payouts subject to policy conditions and limits.
These benefits may help policyholders manage additional expenses associated with medical treatment or hospitalisation.
However, a fixed hospital cash payout may be significantly lower than the actual treatment bill.
Customers should therefore review eligibility conditions, waiting periods, exclusions, maximum benefit limits, and claim procedures.
Health Shield may complement existing health insurance, but it should not automatically be considered a replacement for comprehensive medical coverage.
LIC New Cancer Cover: Financial Protection Against Cancer
LIC’s New Cancer Cover (Plan 908) provides financial protection following the diagnosis of specified cancers, subject to the insurer’s definitions and policy terms.
The product distinguishes between eligible early-stage and major-stage cancer diagnoses, with benefits depending on the type and stage of the covered condition.
Its important features include:
- Financial benefits for eligible early-stage cancer diagnoses.
- Higher protection under applicable major-stage cancer provisions.
- Income-related benefits where specified in the policy.
- Payouts linked to the sum assured and relevant coverage conditions.
Cancer-related expenses can place significant financial pressure on families, particularly when treatment affects regular household income.
A fixed-benefit cancer policy may provide additional financial support during such circumstances.
However, coverage does not automatically extend to every cancer diagnosis or medical treatment.
Applicants should carefully review waiting periods, survival conditions, cancer-stage definitions, exclusions, and the documents needed to support a claim.
LIC New Insurance Plans: Eligibility, Premiums and How to Buy
Eligibility for the LIC New Insurance Plans depends on the product selected, the applicant’s age, and the insurer’s underwriting requirements.
Entry-age limits, premium payment arrangements, policy duration, and available benefits may differ among the three products.
Premiums may vary according to factors such as age, selected coverage, payment options, and policy conditions.
LIC has made separate sales brochures, policy documents, and Customer Information Sheets (CIS) available for each plan.
Customers interested in purchasing these policies can approach authorised LIC agents or branches and check the insurer’s official digital channels for available purchasing options.
Before buying, customers should obtain an applicable premium quotation or benefit illustration and review all policy conditions.
Which LIC New Insurance Plan Should You Choose?
Choosing the right plan depends on financial priorities, existing insurance coverage, and long-term affordability.
| Financial Need | LIC Plan to Consider |
|---|---|
| Predictable retirement income | New Jeevan Dhara-II |
| Additional hospitalisation-related benefits | Health Shield |
| Financial protection following eligible cancer diagnoses | New Cancer Cover |
New Jeevan Dhara-II may be relevant for individuals who want a guaranteed income stream after retirement.
Health Shield may interest customers seeking additional support during qualifying hospitalisation, while New Cancer Cover focuses specifically on covered cancer-related financial risks.
These products should not be treated as interchangeable because their benefits and claim conditions differ.
What Customers Should Check Before Purchasing
Before purchasing any of the newly launched LIC products, customers should understand the following:
- Premium affordability: Assess whether payments fit current and future budgets.
- Coverage limits: Identify the maximum benefits available under the selected policy.
- Waiting periods: Check when coverage begins for specified medical conditions.
- Policy exclusions: Understand which circumstances or diagnoses are not covered.
- Claim requirements: Review the documents and conditions needed to receive benefits.
- Existing coverage: Determine whether another insurance policy already addresses the same risks.
Reading the Customer Information Sheet and full policy document can help customers avoid misunderstandings about benefits and limitations.
Why LIC’s New Insurance Plans Matter
The introduction of three specialised insurance products reflects LIC’s efforts to address different financial protection needs.
Retirement income remains an important consideration for individuals seeking greater financial stability after employment.
Hospitalisation and serious illnesses can also disrupt household finances through treatment expenses, reduced earnings, and additional care requirements.
By offering retirement, hospitalization, and cancer-related products separately, LIC provides consumers with more choices based on their financial circumstances.
However, the value of any insurance product depends on the policyholder’s needs, premium affordability, coverage limits, and the specific policy terms.
Conclusion
The launch of three LIC New Insurance Plans expands the insurer’s offerings across retirement income, hospitalisation benefits, and cancer protection.
New Jeevan Dhara-II (Plan 892) provides deferred annuity options, Health Shield (Plan 907) offers specified hospitalisation and medical benefits, and New Cancer Cover (Plan 908) provides financial assistance for eligible cancer diagnoses.
Available from October 19, 2026, these products offer different approaches to financial protection rather than one combined insurance solution.
Customers should compare premiums, eligibility requirements, benefits, exclusions, and claim conditions before selecting the policy that best matches their financial needs.
