Life Insurance Corporation of India (LIC) launches three new insurance products covering deferred retirement income, family health protection and cancer-related payouts. LIC CEO and managing director R. Doraiswamy announces the plans alongside details of their benefits, eligibility and purchase options, with availability from October 19, 2026.
The retirement product, New Jeevan Dhara-II (Plan 892), is a deferred annuity that provides guaranteed lifetime income after a chosen deferment period. Customers can select regular or single premiums, as well as single-life or joint-life annuity options, and may make additional contributions via a top-up annuity facility during the deferment period. Minimum entry age is 18, with deferment periods ranging from one to 15 years.
LIC’s Health Shield (Plan 907) offers fixed financial benefits tied to specified health events such as hospitalisation, major surgeries and critical illnesses, including daily hospital cash and lump-sum payments for eligible conditions. Adults aged 18 to 65 can purchase, while children aged 90 days to 20 years can receive coverage. The Cancer Cover (Plan 908) provides payouts after diagnosis of specified early-stage or major-stage cancers, including 25% of the sum assured for eligible early-stage cancer and 100% for major-stage cancer, with additional monthly income benefits for major-stage disease. Coverage up to Rs 50 lakh is subject to eligibility and terms.
