Life Insurance Corporation of India (LIC) will introduce three insurance products on October 19, 2026. The new offerings are New Jeevan Dhara-II, a deferred annuity plan; Health Shield, a health insurance plan; and New Cancer Cover, designed to provide financial protection against specified cancers. All three products will be available in India’s domestic market.
Key Overview
- Launch date: October 19, 2026.
- New Jeevan Dhara-II: A savings-oriented deferred annuity plan.
- Health Shield: An individual health insurance plan.
- New Cancer Cover: A plan providing financial protection against specified cancers.
- Product structure: All three are non-participating, non-linked individual insurance plans.
LIC Expands Its Insurance Portfolio
LIC is preparing to launch three new insurance products, expanding its offerings across retirement income and health protection. The products will be available for sale from October 19, 2026, following an announcement made through a regulatory filing dated October 12.
The launch includes one savings-oriented deferred annuity plan and two health-focused products. The new offerings are intended for India’s domestic market and fall under the non-participating, non-linked individual insurance category.
The introduction gives customers additional options for planning retirement income and seeking financial protection against health-related risks. However, detailed policy terms, premiums and eligibility requirements should be checked in the official product documents once available.
New Jeevan Dhara-II Targets Retirement Planning
LIC’s New Jeevan Dhara – II is a non-participating, non-linked individual savings deferred annuity plan.
Deferred annuities are designed to help individuals prepare for future income needs, particularly during retirement. Under this type of arrangement, an individual builds or commits funds towards an annuity that begins paying income at a later date, depending on the policy’s terms.
The plan is described as offering guaranteed and fixed benefits payable on death or survival. Its stated features include annuity payments from inception, higher annuity rates at higher ages and life cover during the deferment period.
The precise premium requirements, annuity options and eligibility conditions will be important for prospective policyholders to review before making a decision.
Health Shield Adds a Health Protection Option
The second product, LIC’s Health Shield, is an individual health insurance plan classified as a non-participating, non-linked pure risk plan.
Health insurance can help policyholders manage financial exposure to covered medical risks. Unlike savings-oriented products, a pure risk plan primarily provides protection against specified events rather than being designed to accumulate investment-linked returns.
The available launch information identifies Health Shield as a health protection product but does not provide a complete breakdown of its coverage limits, exclusions, waiting periods or premium rates. Customers will need to examine the policy wording to understand the circumstances under which benefits are payable.
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New Cancer Cover Focuses on Specified Cancers
LIC’s third offering, New Cancer Cover, is a regular-premium health insurance plan intended to provide financial protection when the insured person is diagnosed with specified early-stage or major-stage cancers during the policy term.
The described coverage includes certain early-stage conditions, such as carcinoma-in-situ, prostate cancer, thyroid cancer, bladder cancer, chronic lymphocytic leukaemia and cervical intraepithelial neoplasia.
Cancer-related treatment can create financial pressure for individuals and families through medical expenses and possible interruptions to earnings. A dedicated cancer policy can provide financial support when a covered diagnosis occurs, subject to the contract’s definitions and conditions.
Prospective customers should check the full list of covered cancers, the definition of each stage, waiting periods, exclusions and benefit-payment rules. The presence of a cancer diagnosis alone does not necessarily guarantee a payout if the condition does not meet the policy’s terms.
What the Launch Means for Customers
The three products address different financial needs. New Jeevan Dhara-II focuses on deferred annuity and retirement planning, while Health Shield and New Cancer Cover concentrate on health-related risks.
The distinction matters because insurance products are not interchangeable. A deferred annuity serves a different purpose from a health insurance policy, and a cancer-specific plan may cover a narrower set of risks than broader health insurance.
Customers should compare coverage, premiums, exclusions, benefit conditions and affordability before selecting a plan. The official policy documents will be essential for determining whether each product meets an individual’s circumstances.
Outlook
LIC’s October 19 launch expands its range of individual insurance options across savings, retirement income and health protection. The products may appeal to customers seeking more specialised ways to plan for retirement or prepare financially for health-related risks.
Their eventual value to policyholders will depend on the final policy terms, pricing, coverage and accessibility. Understanding these details will be important before customers commit to premiums or rely on a policy for future financial protection.
Frequently Asked Questions
1. When will LIC launch its three new insurance products?
The products are scheduled to become available for sale on October 19, 2026.
2. What are the names of the new LIC products?
They are New Jeevan Dhara-II, Health Shield and New Cancer Cover.
3. What does New Jeevan Dhara-II offer?
It is a savings-oriented deferred annuity plan with stated guaranteed benefits, subject to its policy terms.
4. What does LIC’s New Cancer Cover provide?
It is designed to provide financial protection for specified early-stage and major-stage cancers diagnosed during the policy term, subject to the policy’s conditions.
Sources: ScanX | The Economic Times | EquityBulls | NDTV Profit
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