Life Insurance Corporation of India (LIC) will make three new insurance plans available for sale in the domestic market from 19 October 2026. According to LIC's official announcement and regulatory disclosure, the products cover deferred annuity, health insurance and cancer protection. The three products are LIC's New Jeevan Dhara-II (Plan 892), LIC's Health Shield (Plan 907) and LIC's New Cancer Cover (Plan 908). All three are non-participating and non-linked plans, as confirmed by LIC. In a regulatory filing on the BSE today (Tuesday, October 13, 2026), LIC officially announced the launch date and product categories. LIC CEO and MD R. Doraiswamy officially launched the three plans on Tuesday, marking the formal unveiling of these new insurance offerings. As reported by the Press Trust of India (PTI), LIC announced these products on October 13, giving customers new options for their long-term financial planning.
New Jeevan Dhara-II is a non-participating, non-linked individual savings and deferred annuity plan designed to provide financial independence through guaranteed income after retirement. According to PTI, LIC said the product is designed to provide financial independence through guaranteed income after retirement. A deferred annuity generally allows a policyholder to make payments or build funds during an initial period, with annuity income starting at a later date. This can help individuals plan for regular income after they stop earning a salary. The minimum entry age is 18 years, while the deferment period ranges from one to 15 years, depending on the premium option. Policyholders can also pay an additional premium during the deferment period to access a top-up annuity facility. Under this plan, benefits payable on death or survival are guaranteed and fixed, with higher annuity rates at higher ages and life cover during the deferment period. The terms "non-participating" and "non-linked" are important, as a non-participating policy does not share in the insurer's profits through bonuses, while a non-linked policy is not directly linked to market performance. Before investing, buyers should check when the annuity payments start, how much income they can expect, whether payouts continue for life or a specified period, and what benefits are available to nominees after the policyholder's death.
Health Shield is a non-participating, non-linked individual health insurance plan that provides comprehensive family health coverage with guaranteed premiums throughout the policy term. According to PTI, the plan will have premiums guaranteed throughout the policy term. The product offers a fixed daily hospital cash benefit during hospitalisation and provides lump-sum payouts for major surgeries and critical illnesses. A daily hospital cash benefit is different from reimbursement-based health insurance, as it provides a predetermined amount for each eligible day of hospitalisation, subject to policy terms and conditions. This money can help meet incidental expenses, including travel, food for accompanying family members and other costs that may not be fully covered by a standard health insurance policy. However, buyers should not assume that a hospital cash benefit will cover the entire cost of treatment. They should check the daily payout, maximum number of payable hospitalisation days, waiting periods, exclusions and the list of covered critical illnesses and surgeries. Families should also compare the plan's coverage with their existing health insurance, as a fixed-benefit policy may supplement comprehensive medical insurance but should not automatically be treated as a substitute for adequate hospitalisation cover.
New Cancer Cover is a non-participating, non-linked individual health insurance plan that provides fixed financial benefits following the diagnosis of specified early-stage and major-stage cancers. According to PTI, the policy provides fixed financial benefits irrespective of the actual treatment costs incurred by the insured person, meaning the payout is determined by the policy's terms rather than being restricted to reimbursement of medical bills. The plan covers early-stage cancers including carcinoma-in-situ, prostate cancer, thyroid cancer, bladder cancer, chronic lymphocytic leukaemia and cervical intraepithelial neoplasia. The plan also includes a monthly income benefit following a major-stage cancer diagnosis and a premium-waiver benefit, subject to policy conditions. Policyholders receive 25 per cent of the applicable sum assured for eligible early-stage cancer and 100 per cent for major-stage cancer. The minimum basic sum assured ranges from ₹15 lakh to ₹35 lakh depending on applicable age criteria, with a maximum sum assured of ₹50 lakh taking into account all existing policies under the plan. The distinction between early-stage and major-stage cancer benefits is important, as buyers should examine which cancers and stages qualify for a payout, the amount payable at each stage, waiting periods and survival-period conditions. They should also check whether a claim for one stage affects eligibility for subsequent benefits.
LIC said the three plans will be available for purchase from 19 October 2026, both online through its website and offline through licensed insurance agents, corporate agents, brokers and insurance marketing firms. According to LIC's official statement, prospective policyholders should refer to LIC's official sales brochures for the detailed eligibility criteria, premium structure, benefits, exclusions and policy conditions before purchasing any of the plans. The Press Trust of India (PTI) reports that the launch of these products does not necessarily mean that customers need to buy additional insurance, as the right choice will depend on their existing policies, financial obligations, retirement plans and ability to pay premiums over the long term. Before purchasing any of the three products, buyers should compare the costs by checking premiums, payment frequency and the total amount payable over the policy term, read the exclusions to understand waiting periods, eligibility requirements and circumstances in which claims may be rejected, assess existing cover by checking whether an existing health insurance policy or critical illness plan already provides similar benefits, understand the payouts by examining the income schedule and death benefits for annuities, and verify benefit amounts and claim conditions for health products, and review affordability to ensure that premiums remain manageable alongside emergency savings, loan repayments and other financial commitments. The products serve different purposes, from securing regular income after retirement to managing hospitalisation expenses and protecting against cancer diagnosis financial impact, but should not be compared as interchangeable options.
