LIC To Launch Three Insurance Plans on October 19; Check Key Features Of New Policies

Life Insurance Corporation (LIC) has launched three new insurance plans that will be available for subscription from October 19, 2026. The plans are New Jeevan Dhara-II (Plan 892), Health Shield (Plan 907) and New Cancer Cover (Plan 908). These plans are designed to address different financial protection needs, including retirement income, health coverage and cancer-related financial security.

According to a press release by LIC dated October 13, 2026, the three products were launched by LIC CEO, R. Doraiswamy. Customers will be able to purchase the plans through licensed agents, corporate agents, brokers, and insurance marketing firms and even through LIC’s official website.

LIC New Jeevan Dhara-II

LIC’s New Jeevan Dhara-II is a non-participating, non-linked individual savings plan that is structured as a deferred annuity plan. It aims to provide financial independence through guaranteed income after retirement. Under this plan, it offers lifetime annuity payments after the selected deferment period, with guaranteed annuity rates fixed at policy inception.

Policyholders can choose between regular and single-premium payment options, as well as single-life and joint-life annuities. A top-up annuity facility will also be available during the deferment period through additional premium payments.

The deferment period ranges from 2-15 years for regular premium policies, and 1-15 years for single-premium policies. The minimum age entry point is 18 years, while the maximum depends on the annuity option and deferment period. LIC has also announced some incentives for higher premiums, and for eligible existing policyholders, nominees, and beneficiaries of deceased policyholders.

LIC Health Shield

LIC Health Shield is a non-participating, non-linked individual health insurance plan that provides fixed benefits against the specified health risks. The policy offers a daily hospital cash benefit during hospitalisation, along with lump sum payouts for major surgeries and critical illnesses. Premiums remain guaranteed throughout the 15-year policy term, which is also the premium-paying term.

The principal insured must be between 18 and 65 years of age at entry. Children aged 90 days to 20 years can be covered as other insured members. The plan also provides a premium waiver benefit for the insured members under one plan in the event of the policyholder’s demise; this is subject to policy conditions. Customers can opt for additional riders at an extra premium. A no-claim benefit can increase the health cover, while an incentive is available for selecting a higher initial daily benefit.

LIC New Cancer Cover

LIC New Cancer Cover is a non-participating, non-linked individual health insurance plan offering fixed financial benefits upon diagnosis of specified early-stage and major-stage cancers. The plan pays 25 per cent of the applicable sum assured upon diagnosis of a specified early-stage cancer and 100 per cent upon diagnosis of a specified major-stage cancer. In addition, a monthly income benefit equal to 1 per cent of the applicable sum is payable for 10 years after major-stage cancer diagnosis. If the policyholder dies during this period, the benefit will be given to the nominee.

The entry age ranges from 18-65 years, while the maturity age ranges from 28-75 years.

The premium-paying term is 10-15 years. The minimum basic sum assured ranges from Rs 15 lakh-35 lakh, depending on the applicable age criteria, while the maximum sum assured is Rs 50 lakh, considering all existing policies under the plan.