Life Insurance Corporation of India (LIC) will make three new plans available from October 19, 2026: LIC’s New Jeevan Dhara-II (Plan 892), a deferred annuity plan for retirement income; LIC’s Health Shield (Plan 907), a fixed-benefit health plan for families; and LIC’s New Cancer Cover (Plan 908), which pays fixed amounts on diagnosis of specified cancers. The details were reported by The Economic Times and other business publications, citing LIC’s announcement dated October 13, 2026.
This article summarises the features reported so far for these LIC new plans 2026. It is an independent explainer, not an official LIC publication. Final benefits, limits and conditions are set out in each plan’s sales brochure and policy document.
Quick Summary: LIC’s Three New Plans
- New Jeevan Dhara-II (Plan 892): a non-participating, non-linked individual savings deferred annuity plan that pays a lifetime annuity after a chosen deferment period.
- Health Shield (Plan 907): a non-participating, non-linked individual health plan with fixed benefits, including daily hospital cash and lump sums for major surgeries and critical illnesses.
- New Cancer Cover (Plan 908): a non-participating, non-linked individual health plan that pays fixed amounts on diagnosis of specified early-stage and major-stage cancers.
- Availability: from October 19, 2026, through LIC agents, corporate agents, brokers and insurance marketing firms, and online, according to the reports.
LIC Announces Three New Insurance Plans in 2026
According to the reports, LIC’s CEO and MD R. Doraiswamy launched the three products, and the announcement was dated October 13, 2026. The plans cover three different needs: income in retirement, fixed-benefit health protection, and cancer-specific financial support.
It helps to understand one distinction early. New Jeevan Dhara-II is an annuity plan: you build or pay a purchase amount, and it pays you a regular income later. Health Shield and New Cancer Cover are fixed-benefit health plans: they pay pre-set amounts when a covered event, such as a hospital stay, a listed surgery or a specified cancer diagnosis, occurs. They do not reimburse your actual hospital bills, so they work alongside, rather than in place of, a regular health insurance policy.
| Plan | Plan no. | Main purpose | Key reported benefits |
|---|---|---|---|
| LIC’s New Jeevan Dhara-II | 892 | Retirement income (deferred annuity) | Annuity rates guaranteed at inception; single or joint life; single or regular premium; top-up annuity during deferment |
| LIC’s Health Shield | 907 | Fixed-benefit health cover for the family | Daily hospital cash; lump sums for major surgeries and critical illnesses; premiums guaranteed for the term; no claim benefit |
| LIC’s New Cancer Cover | 908 | Fixed-benefit cancer cover | 25% of sum assured for specified early-stage cancer; 100% for specified major-stage cancer; monthly income of 1% for 10 years after major-stage diagnosis |
LIC New Jeevan Dhara-II Plan 892 — Key Features and Benefits
LIC New Jeevan Dhara-II Plan 892 is described as a non-participating, non-linked, individual savings deferred annuity plan. You pay premiums now, choose a deferment period, and a lifetime annuity starts after that period ends. That makes it relevant to anyone searching for an LIC pension plan 2026.
Reported features
- Annuity rates are guaranteed at the start of the policy.
- Choice of single premium or regular premium.
- Single life or joint life annuity options, with multiple annuity options available.
- Top-up annuity: additional premiums can be paid during the deferment period to buy extra annuity.
- Incentives reported for higher premiums or purchase prices, for eligible existing LIC policyholders, and for nominees or beneficiaries of deceased LIC policyholders.
Reported eligibility
- Minimum entry age: 18 years.
- Maximum entry age: 65 or 70 years, less the deferment period, depending on the annuity option.
- Minimum vesting age (when the annuity starts): 30 years.
- Deferment period: 2 to 15 years for regular premium; 1 to 15 years for single premium.
Annuity amounts depend on the premium, age, deferment period and option chosen, and none were published in the reports. For background on how LIC’s existing annuity plans work, see our guides to LIC New Jeevan Shanti and LIC Jeevan Akshay VII, or our pension plans page.
LIC Health Shield Plan 907 — Coverage and Benefits
LIC Health Shield Plan 907 is reported as a non-participating, non-linked, individual health plan offering fixed benefits against specified health risks, with family members insured under one policy. Because the benefits are fixed, the amount paid does not depend on the actual hospital bill.
Reported LIC health insurance benefits
- A fixed daily hospital cash benefit during hospitalisation.
- Lump-sum payouts for major surgeries and critical illnesses.
- Premiums guaranteed for the full policy term.
- A no claim benefit that can increase the health cover.
- Premium waiver for the other insured members if the principal insured dies, subject to policy conditions.
- Optional riders for an additional premium, and an incentive for choosing a higher initial daily benefit.
Reported eligibility
- Principal insured: 18 to 65 years.
- Children as other insured members: 90 days to 20 years.
- Policy term and premium paying term: 15 years each.
The reports did not list the daily benefit amounts, the surgeries and critical illnesses covered, waiting periods or exclusions. These will matter a great deal, and should be checked in the policy document. Fixed-benefit plans do not cover every illness or every hospital expense.
LIC New Cancer Cover Plan 908 — Key Benefits
LIC New Cancer Cover Plan 908 is reported as a non-participating, non-linked, individual health plan that pays fixed amounts on diagnosis of specified early-stage or major-stage cancers, regardless of the actual cost of treatment.
Reported LIC cancer cover benefits
- Specified early-stage cancer: 25% of the applicable sum assured.
- Specified major-stage cancer: 100% of the applicable sum assured.
- Monthly income of 1% of the applicable sum assured for 10 years after a major-stage cancer diagnosis. If the policyholder dies during this period, the remaining payments go to the nominee, subject to policy terms.
- Premium waiver after an eligible cancer diagnosis, subject to conditions.
- Choice of level sum assured or increasing sum assured.
Reported eligibility
- Entry age: 18 to 65 years.
- Maturity age: 28 to 75 years.
- Premium paying term: 10 to 15 years.
- Minimum basic sum assured: ₹15 lakh to ₹35 lakh, depending on age.
- Maximum basic sum assured: ₹50 lakh, counting all existing policies under this plan.
Which cancers and stages qualify, and any waiting period, are defined in the policy wording. Our earlier article on LIC Cancer Cover explains how this type of plan works in general.
When Will the New LIC Plans Be Available?
On the question of the LIC new insurance plans launch date, the reports state that all three plans will be available from October 19, 2026. They are to be sold through licensed agents, corporate agents, brokers and insurance marketing firms, and online through LIC’s official website.
Who Should Explore These Plans?
The following is general guidance, not a recommendation. Suitability depends on your age, health, income, existing cover and goals.
- New Jeevan Dhara-II: people who want to build towards a guaranteed lifetime income that starts at a future date, including couples who want a joint life option.
- Health Shield: families who want fixed cash support during hospitalisation or after a major surgery or critical illness, in addition to a regular health insurance policy.
- New Cancer Cover: adults who want a lump sum and income support if diagnosed with a specified cancer, for example to cover costs that a regular health policy does not pay, such as loss of income.
Important Things to Check Before Buying
- The full list of covered surgeries, critical illnesses and cancer stages, and their definitions.
- Waiting periods, survival periods and exclusions, which the reports did not detail.
- For the annuity plan, the actual annuity rate for your age, deferment period and option, and what happens on death or surrender.
- The premium for your age and chosen benefit level, and whether you can keep paying it for the full term.
- How each plan fits with the life and health cover you already have.
- Tax treatment, which depends on current law and your circumstances.
Disclaimer: This article is for general information only and is based on media reports of LIC’s announcement. It is not financial advice. Review the official sales brochure and policy document before buying any plan.
How to Get Assistance With LIC Plan Information
If you would like help understanding the reported features, eligibility or the differences between these plans, you can send us a question through our enquiry form. An enquiry does not guarantee eligibility, policy approval or any particular benefit.
Conclusion
LIC’s three new plans address different needs: New Jeevan Dhara-II for future retirement income, Health Shield for fixed-benefit family health cover, and New Cancer Cover for cancer-specific support. They are due to be available from October 19, 2026. Until the full brochures are reviewed, treat the reported features as a summary and check the detailed terms before deciding.
, Health Shield (907) and New Cancer Cover (908) launch on Oct 19. Check reported benefits and eligibility.){kind=link}