New Delhi, Oct. 29 -- The Life Insurance Corporation of India (LIC) has introduced a new Health Shield Plan 907 that pays fixed benefits for specified medical events. It is a non-linked, non-participating individual health plan that provides additional financial support during hospitalisation, surgery, and certain medical treatments.

Unlike conventional health insurance, which reimburses eligible medical expenses up to the sum insured, Health Shield pays predetermined benefits, subject to policy terms and conditions. Here is what the plan offers and what buyers should know.

The plan has a 15-year policy term, and premiums can be paid over the same period, as per the plan terms. The initial benefit ranges from Rs.2,500 to Rs.10,000. Prem...