LIC's cancer cover plan: All you need to know

Cancer is a disease that cripples on mentally apart from the physical damage. Life Insurance Corporation of India (LIC), the country’s largest insurer, is offering a health insurance plan that helps to cope with the expenses for cancer treatment. LIC’s cancer cover policy is a non-linked, regular premium payment health insurance plan. It provides fixed financial protection in case the policyholder is diagnosed with any of the specified early and/or major stage cancers during the policy term.

Features

— Minimum age at entry: 20 years (completed)

— Maximum age at entry: 65 years

— Minimum policy term: 10 years

— Maximum policy term: 30 years

— Minimum cover ceasing age: 50 years

— Maximum cover ceasing age: 75 years

— Minimum basic sum insured: Rs 10,00,000

— Maximum basic sum insured: Rs 50,00,000

Sum insured option

The LIC cancer cover plan offers two types of benefit options and offers the flexibility of choosing any one at the time of inception of the policy.

— Level sum insured: Under this type, the basic sum insured remains the same throughout the entire policy tenure.

— Increasing sum insured: In this type, the basic sum insured will increase every year by 10% during the first 5 years or till the diagnosis of cancer, whichever is earlier.

Surrender value

No surrender value will be available under this policy.

Loan

No loan will be available under this policy.

Benefits

Following are the benefits offered under LIC cancer cover policy:

— Early-stage cancer:

— A lumpsum 25% of Applicable Sum Insured Benefit is paid

— Policyholders will get a premium waiver benefit for the next 3 years.

The benefits are paid once for the first ever case of the pre-defined early-stage cancer.

— Major stage cancer:

— A lumpsum of 100% of applicable sum insured benefit. But if any early-stage cancer claim was paid to policyholders that will be excluded.

— In addition to the lump sum, a monthly income benefit of 1% of the applicable sum insured will be paid for 10 years.

— LIC will waive all the future premiums of the policy.

Process to buy

You can buy LIC’s cancer cover policy through offline as well as online mode. There is also a chance to get a rebate if any customer can buy it through online mode without any involvement of agent or intermediary or point of sales person-life insurance.