LIC launches three new insurance products with lifetime pension and cancer coverage

The Life Insurance Corporation of India has rolled out three new insurance plans designed to address diverse customer needs spanning retirement income, health protection, and critical illness coverage. The new offerings include New Jeevan Dhara-II, Health Shield, and New Cancer Cover, each tailored to provide specific financial security across different life stages and health contingencies.

New Jeevan Dhara-II is structured to provide lifetime annuity benefits, ensuring regular income throughout retirement years. This product appeals to policyholders seeking guaranteed pension payouts for life, offering financial stability during post-employment years. The scheme emphasizes consistent income generation rather than lump-sum payouts.

The Health Shield plan focuses on hospitalization coverage, providing predetermined compensation during medical emergencies requiring inpatient care. This product addresses the rising cost of hospital treatments and aims to reduce out-of-pocket expenses for policyholders during health crises.

The New Cancer Cover plan offers staged insurance benefits tied to different stages of cancer diagnosis and treatment. Rather than a single lump-sum payout, this plan provides insurance disbursements calibrated to specific cancer stages, enabling policyholders to access funds aligned with treatment progression and financial needs at each phase.

These three products represent LIC's effort to expand its portfolio with specialized coverage options, addressing gaps in traditional life insurance by integrating health protection and critical illness components into dedicated policies for Indian consumers.