India’s Life Insurance Corporation will add a deferred annuity, fixed-benefit health plan and cancer policy to its domestic range on 19 October.
Life Insurance Corporation of India will add three new products to its domestic line-up on 19 October, widening its offer across retirement income, health protection and cancer cover. In an official announcement, LIC said the new plans are New Jeevan Dhara-II, a deferred annuity product; Health Shield, a fixed-benefit health insurance plan; and New Cancer Cover, a policy aimed at providing financial protection after specified cancer diagnoses.
The insurer said all three are non-participating and non-linked, meaning returns are not tied to bonuses from the insurer’s profits and the plans do not invest directly in market-linked assets. New Jeevan Dhara-II is designed for savers seeking income after a deferment period, with LIC saying annuity rates are guaranteed at the time the policy begins. The product will be offered with single-premium and regular-premium payment options, plus single-life and joint-life annuity choices. LIC also said policyholders can pay extra during the deferment period to access a top-up annuity facility.
Health Shield is intended to provide preset payments for specified medical events rather than reimburse actual hospital bills. According to LIC, the plan includes daily hospital cash benefits, lump-sum payments for major surgeries and critical illnesses, family coverage, a no-claim benefit that can increase cover, and optional riders available for an additional premium, subject to policy terms. The company said the structure makes it a pure-risk product focused on fixed benefits rather than expense replacement.
New Cancer Cover is aimed at easing the financial impact of specified early-stage and major-stage cancers. LIC said the payout is based on the sum assured, not the actual treatment cost, and that the plan also provides a monthly income benefit after a major-stage diagnosis as well as a premium-waiver feature, subject to conditions. Livemint reported that prospective buyers should review the sales brochures carefully for the eligibility rules, premium structure, exclusions and other policy conditions before buying. LIC said the plans will be sold both online and through its agent network, corporate agents, brokers and insurance marketing firms.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
