LIC launches three new plans
The Life Insurance Corporation of India (LIC) has launched three new insurance products: New Jeevan Dhara-II, Health Shield, and New Cancer Cover. These non-linked, non-participating plans are designed to provide savings, health coverage, and critical illness benefits.
Why it matters
As a major state-owned insurer, new product launches from LIC significantly impact the Indian financial services market and consumer insurance options.
The Life Insurance Corporation of India (LIC) has introduced three new plans – New Jeevan Dhara-II, Health Shield and New Cancer Cover (Plan 908).
CEO and Managing Director R. Doraiswamy launched the plans. All the three are non-par, non-linked, individual plans and will be available for purchase from October 19, LIC said on Tuesday.
The New Jeevan Dhara –II is a savings, deferred annuity plan offering guaranteed income after retirement. It offers guaranteed annuity rates at the time of policy inception.
Health Shield is a pure risk plan providing fixed benefit coverage against specified health risks. It offers comprehensive health coverage for the entire family. One of the features of the plan is the fixed ‘Daily Hospital Cash Benefit’ during hospitalisation as well as Lump-sum payouts for major surgeries and critical illnesses.
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