On 19 October 2026 LIC of India made three new plans available for sale: New Jeevan Dhara-II (Plan 892), Health Shield (Plan 907) and New Cancer Cover (Plan 908). LIC had informed the stock exchanges about the launch on 12 October 2026, and the plans were announced in a press release the next day. Together they cover three needs that families in Chandigarh ask us about every week – a guaranteed pension, cash support during hospitalisation, and protection against the cost of cancer.
Here is a simple explanation of each plan from the LIC office in Manimajra. Features below are from LIC’s announcement; final terms are as per each plan’s sales brochure and policy document.
1. LIC New Jeevan Dhara-II (Plan 892) – pension for life
New Jeevan Dhara-II is a non-participating, non-linked individual deferred annuity plan. You pay now – either one single premium or regular premiums – and after a deferment period of your choice, LIC pays you an annuity (pension) for the rest of your life.
- Guaranteed rates: the annuity rate is fixed when you buy the policy, so the pension amount is known in advance.
- Deferment: 1 to 15 years with single premium, 2 to 15 years with regular premium.
- Single or joint life: pension for yourself alone, or for you and your spouse.
- Top-up: during the deferment period you can pay extra premium to increase the future annuity.
- Eligibility: minimum entry age 18 and minimum vesting age 30; the maximum entry age depends on the annuity option and deferment period.
- Incentives for higher premiums, for existing LIC policyholders, and for nominees or beneficiaries of deceased policyholders.
Who it suits: salaried people and business owners in their 40s and 50s who want a pension to start at a fixed age, and anyone who wants to lock in today’s annuity rates. Compare it with New Jeevan Shanti and our other LIC pension plans.
2. LIC Health Shield (Plan 907) – fixed health benefits for the family
Health Shield is a non-participating, non-linked individual health plan with fixed benefits. Instead of reimbursing the hospital bill, it pays fixed amounts:
- a daily hospital cash benefit for each day in hospital,
- lump sum payouts for specified major surgeries and critical illnesses.
The policy term and premium paying term are both 15 years, and premiums are guaranteed for the full term. The principal insured can join between 18 and 65 years of age, and children from 90 days to 20 years can be covered under the same policy. A no-claim benefit increases the cover, there is an incentive for choosing a higher initial daily benefit, riders are available, and if the principal insured dies, premiums for the other insured members are waived, subject to conditions.
Who it suits: families who already have a mediclaim or employer health cover but want extra cash for the costs a mediclaim does not pay – travel, lost income, attendant expenses – during a hospital stay.
3. LIC New Cancer Cover (Plan 908) – lump sum on cancer diagnosis
New Cancer Cover is a non-participating, non-linked individual health plan that pays fixed benefits when a specified cancer is diagnosed, irrespective of the actual treatment cost:
- Early-stage cancer: 25% of the applicable sum assured.
- Major-stage cancer: 100% of the applicable sum assured, plus a monthly income of 1% of the sum assured for 10 years (paid to the nominee if the policyholder dies during that period, as per terms).
- Premium waiver after an eligible cancer diagnosis.
- Choice of level or increasing sum assured.
- Entry age 18 to 65 years; premium paying term 10 to 15 years.
It replaces the earlier Cancer Cover (Plan 905). If you already hold the old plan, it continues as per its own terms.
Which of the three do you need?
- Retirement in 5 to 15 years and no pension? Look at New Jeevan Dhara-II.
- Worried about hospital costs beyond your mediclaim? Health Shield adds fixed cash benefits.
- Family history of cancer, or want a big lump sum if it happens? New Cancer Cover.
- Family depends on your income? None of these replaces life cover – start with a term plan from our LIC term plans list.
For all the plans LIC has launched or withdrawn this year, see LIC new plans 2026, and for help choosing, read best LIC policy 2026 or the Hindi guide LIC की नई योजना 2026.
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This article is for general information. Plan features are subject to LIC’s latest brochures; tax benefits are as per prevailing laws.