Current Context: On 13 October 2026, the Life Insurance Corporation of India (LIC) announced three insurance plans: New Jeevan Dhara-II, Health Shield and New Cancer Cover. The products address retirement income, specified health risks and financial protection against cancer. They will be available for purchase in the domestic market from 19 October 2026.
Key Points:
- New Jeevan Dhara-II — Plan 892: A non-participating, non-linked, individual savings deferred annuity plan designed to provide regular retirement income.
- Guaranteed Annuity: Annuity rates are guaranteed at policy inception, with lifelong payments beginning after the deferment period.
- Flexible Options: Offers single-life and joint-life annuities, along with single and regular premium options.
- Health Shield — Plan 907: A non-participating, non-linked, individual health pure risk plan providing fixed benefits against specified health risks.
- Health Benefits: Includes daily hospital cash benefits and lump-sum benefits for specified major surgeries and critical illnesses. Family coverage is available.
- Policy Duration: Health Shield has a 15-year policy term and premium-paying term, with premiums guaranteed throughout the policy term.
- New Cancer Cover — Plan 908: Provides fixed financial benefits on diagnosis of specified early-stage and major-stage cancers, irrespective of actual treatment expenses.
- Cancer Benefits: Includes lump-sum payments, a monthly income benefit for major-stage cancer, and premium waiver, subject to policy conditions.
- Purchase Channels: The plans will be available through LIC’s website, licensed agents, corporate agents, brokers and insurance marketing firms.
Question:
Q1. Which newly announced LIC plan is a deferred annuity product for retirement income?a) Health Shield
b) New Cancer Cover
c) New Jeevan Dhara-II
d) Bima Kavach
Answer: c) New Jeevan Dhara-II (Plan 892) provides lifelong annuity payments after the chosen deferment period, with annuity rates guaranteed when the policy begins.
