The Life Insurance Corporation of India (LIC) is launching three distinct schemes from October 19, offering tailored solutions for retirement income, family health protection, and critical illness coverage. The first offering, New Jeevan Dhara-II, is a non-participating, non-linked deferred annuity plan designed to provide structured post-retirement income. Policyholders make payments during an initial accumulation phase to secure predictable, guaranteed payouts starting at a later age, helping retirees manage recurring household and healthcare expenses. Buyers are advised to carefully evaluate payout start dates, income durability, premium obligations, and nominee death benefits before committing. The second scheme, Health Shield, provides fixed-benefit health insurance for the entire family with guaranteed premiums across the policy term. It features daily hospital cash allowances alongside fixed lump-sum payouts for major surgeries and critical illnesses, serving as a supplementary safety net alongside standard medical insurance. The third product, New Cancer Cover, delivers predefined financial compensation upon the diagnosis of specified early- or major-stage cancers, paying out fixed sums regardless of actual hospital bills to cushion against treatment costs and income loss. Minimum basic sums assured range from ₹15 lakh to ₹35 lakh depending on entry age, capped at a maximum of ₹50 lakh across all policies under the plan. LIC emphasizes that prospective buyers should assess their overall financial goals, compare premium costs, and review policy exclusions rather than treating these specialized products as interchangeable solutions.
