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.

The New Cancer Cover plan, which is a health, pure risk plan, provides fixed financial benefits upon diagnosis of specified early and major stage cancer irrespective of the actual treatment cost incurred by the insured. A monthly income benefit equal to 1% of the applicable sum assured is payable for 10 years to the policy holder in the event of major stage cancer and in case of his/her death, to the nominee.