LIC's Cancer Cover Plan (Table No. 905)

INTRODUCTION:- LIC has introduced a very special health insurance plan – CANCER COVER. It is a non-linked, regular premium payment health insurance plan which provides fixed benefit in case the Life Assured is diagnosed with any of the specified Early and/or Major Stage Cancer during the policy term, subject to certain terms and conditions. In today’s time, when cancer is spreading very fast all over the world, then LIC’s cancer cover plan becomes very important for all of us. In today’s time, the risk of cancer is increasing day by day, and its treatment has also become very expensive. Then in such circumstances, it becomes essential for any family to take LIC’s cancer policy. The benefits and other details of the LIC’s Cancer Cover plan are given below.

Basic Eligibility Conditions and Features of LIC’s Cancer Cover Plan (Table No. 905): –

(a) Minimum Age at entry:- 20 years (Completed)

(b) Maximum Age at entry:- 65 years (Last birthday)

(d) Maximum Maturity age:- 75 years

(e) Minimum Policy Term:- 10 years

(f) Maximum Policy Term:- 30 years

(g) ) Minimum Premium:- Rs. 5000/- p.a. for all modes

(h) Minimum Basic Sum Insured:- Rs. 35,00,000 for ages 20 years to 34 years

Rs. 25,00,000 for ages 35 years to 40 years

Rs. 15,00,000 for ages 41 years to 65 years

(i) Maximum Basic Sum Insured:- Rs. 50,00,000

The LIC’s Cancer Plan offers two benefit options wherein you have the flexibility to choose the type of Sum Insured at the inception.

Option I Level Sum Insured:- The Basic Sum Insured shall remain unchanged throughout the policy term.

Option II Increasing Sum Insured:- The Sum Insured increases by 10% of Basic Sum Insured each year for first five years starting from the first policy anniversary or until the diagnosis of first event of Cancer, whichever is earlier.

BENEFITS:- The following benefits are payable during the policy year under an in-force policy:-

A. Early Stage Cancer:- Benefits payable on first diagnosis of any one of the specified Early Stage Cancers, provided the same is admissible are –

(a) Lump sum benefit:- 25% of Applicable Sum Insured shall be payable

(b) Premium Waiver Benefit:- Premiums for next three policy years or balance policy term whichever is lower, shall be waived from the policy anniversary coinciding or following the date of diagnosis.

B. Major Stage Cancer:- Benefits payable on first diagnosis of the specified Major Stage Cancer, provided the same is admissible are-

(a) Lump Sum:- 100% of Applicable Sum Insured less any previously paid claims in respect of Early Stage Cancer shall be payable.

(b) Income Benefit:- In addition to above lump sum benefit, Income Benefit of 1% of Applicable Sum Insured shall be payable on each policy month following the payment of Lump Sum, for a fixed period of next ten years irrespective of the survival of the Life Insured and even if this period of 10 years goes beyond the policy term. In case of death of the Life Assured while receiving this Income Benefit, the remaining payouts, if any, will be paid to his/her nominee.

(c) Premium Waiver Benefit:- All the future premiums shall be waived from the next policy anniversary and the policy shall be free from all liabilities except to the extent of Income Benefit as specified above.

EXCLUSIONS :- The Corporation shall not be liable to pay any of the benefit under this product and the policy will stand cancelled, if the covered conditions resulting directly or indirectly from any of the following causes:

(a) Any Pre-Existing Condition

(b) If the diagnosis of a Cancer was made within 180 days from the Date of issuance of policy or date of revival of risk cover whichever is later;

(c) For any medical condition or any medical procedure arising from the donation of any of the Life Assured’s organs.

(d) For any medical conditions suffered by the Life Assured or any medical procedure undergone by the Life Assured, if that medical condition or that medical procedure was caused directly or indirectly by alcohol or drug (except under the direction of a registered medical practitioner)

(e) For any medical condition or any medical procedure arising from nuclear contamination; the radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature.