The insurer’s New Jeevan Dhara-II, Health Shield and New Cancer Cover offer deferred annuity income, hospital cash and critical illness benefits from 19 October 2026.
Life Insurance Corporation of India has rolled out three products aimed at distinct financial worries: retirement income, hospital costs and protection against cancer. The new offerings, New Jeevan Dhara-II, Health Shield and New Cancer Cover, became available from 19 October 2026, according to company details carried by Aaj Tak, The Economic Times and Business Standard. Together, they reflect LIC’s attempt to address some of the most common reasons people buy insurance: a dependable income later in life, help with treatment bills and a safety net for serious illness.
New Jeevan Dhara-II is the retirement-focused option. The plan is structured as a deferred annuity, meaning buyers pay now and receive regular income after the deferment period ends. LIC says the annuity rate is fixed at the time the policy starts, and customers can choose between regular premiums or a lump-sum payment. The plan can be taken on a single-life or joint-life basis, and there is an option to add more premium during the accumulation period to increase the annuity later. The company also says higher contributions or purchase amounts may attract incentives, including for certain existing policyholders and nominees.
Health Shield is designed as a fixed-benefit family health policy rather than a reimbursement plan. According to LIC’s product description, it pays a daily cash amount during hospitalisation, provides a lump sum for major surgery and covers specified critical illnesses. The policy also comes with premium stability over the term, a no-claim benefit that can enhance cover if claims are not made, and a premium waiver feature in the event of the principal insured person’s death, subject to policy conditions. The plan is open to the main insured person from age 18 to 65, with cover available for family members including children from 90 days old, and both the policy term and premium-paying period are set at 15 years.
New Cancer Cover is targeted at one of the most financially punishing illnesses. LIC says the plan provides a 25% benefit when a covered early-stage cancer is diagnosed and a 100% benefit for a covered advanced-stage diagnosis. In the advanced-stage scenario, the policy also provides a monthly income equal to 1% of the sum insured for 10 years, which may pass to a nominee if the policyholder dies, under the plan rules. Buyers can choose a level or increasing sum insured, and premium waiver benefits may apply once an eligible cancer diagnosis is made. Entry ages for the three plans vary by product, with LIC saying the options are available through its authorised agents, brokers, marketing firms and online through its website. As with any insurance purchase, the company advises prospective buyers to read the policy document carefully, including exclusions, waiting periods and claim procedures, before deciding whether a plan fits their needs.
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.
