LIC Announces Launch of 3 New Pension and Cancer-Specific Health Insurance Plans Starting October 19

Life Insurance Corporation of India (LIC) is introducing three new pension schemes in October. All three schemes are set to launch on October 19. Notably, one of these schemes is specifically designed for cancer patients.

LIC is the country's largest insurance company and offers various schemes to secure your future and health. As part of this initiative, LIC is soon launching three new schemes. These will be pension plans that also provide health and cancer-related protection.

The company announced these three schemes on October 12, providing details about each of them. They are scheduled to launch on October 19.

Which schemes are being launched?

The three schemes LIC is launching are 'New Jeevan Dhara II', 'Health Shield', and 'New Cancer Cover'. All three are available to Indian customers and aim to provide insurance protection tailored to individual needs.

What makes these three schemes special?

Each of the three schemes being launched by LIC is unique. Here are their key features:

New Jeevan Dhara-II

This is a pension scheme designed to provide individuals with a regular pension in the future. It involves a specific period before the pension payments begin, making it a 'deferred annuity plan'. The scheme offers a guaranteed pension, increased pension amounts as one ages, and essential life insurance coverage.

LIC Health Shield

This is a health insurance scheme aimed at providing financial security during times of illness or health-related needs. It is a personal health insurance plan; the coverage and other benefits provided under it will be determined according to the policy's terms and conditions.

LIC New Cancer Cover

This plan has been launched specifically for cancer patients. It provides financial protection to the policyholder immediately upon the diagnosis of the disease. Benefits can be availed if a specified early-stage or advanced-stage cancer is diagnosed during the policy term. Coverage under this plan includes carcinoma in situ, prostate cancer, thyroid cancer, bladder cancer, chronic lymphocytic leukemia, and cervical intraepithelial neoplasia; however, specific terms and conditions apply.

It is worth noting that all three of these plans are personal health insurance policies. They fall under the non-linked and non-participating categories. "Non-linked" means that the plan's benefits are not directly tied to stock market performance. "Non-participating" means that the policyholder does not receive a share of the company's profits or bonuses, unless the policy specifically provides for such a benefit.