LIC to launch three new insurance plans with lifetime pension benefits

Life Insurance Corporation of India (LIC) is expanding its product portfolio with the launch of three new insurance plans designed to cater to diverse customer needs, the state-owned insurer announced. The new policies will be available for purchase beginning October 19, offering comprehensive coverage across retirement income, health protection, and medical expense management.

Among the key features of the new offerings is lifetime pension coverage, which ensures regular income for policyholders throughout their retirement years. The plans also incorporate critical illness protection, specifically covering cancer treatment and related expenses—a significant consideration given the rising incidence of the disease across India.

Additionally, the new policies include hospitalization expense coverage, providing financial protection against mounting medical costs. This feature addresses growing concerns about healthcare affordability, particularly for middle and lower-income households seeking comprehensive insurance solutions.

The launch reflects LIC's strategy to strengthen its insurance and investment product range as the insurer seeks to enhance market penetration and customer retention. Industry observers note that the introduction of lifetime pension options signals growing demand for retirement security products among Indian consumers.