LIC’s Cancer Cover is a regular premium payment health insurance plan which provides financial protection in case the Life Assured is diagnosed with any of the specified Early and/or Major Stage Cancers during the policy term.
Sum Insured Options
The plan offers 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 the Basic Sum Insured each year for the first five years starting from the first policy anniversary or until the diagnosis of the first event of Cancer, whichever is earlier. On diagnosis of any specified Cancer, all the claims shall be based on the Increased Sum Insured at the policy anniversary coinciding or prior to the diagnosis of the first claim and further increases to this Sum Insured will not be applicable.
The following benefits are payable during the policy year under an in-force policy
Early Stage Cancer: Benefits payable on the first diagnosis of any one of the specified Early Stage Cancers, provided the same is admissible are –
(a) Lump sum benefit: 25% of the Applicable Sum Insured shall be payable
(b) Premium Waiver Benefit: Premiums for the next three policy years or balance policy term whichever is lower, shall be waived from the policy anniversary coinciding with or following the date of diagnosis.
Major Stage Cancer: Benefits payable on the first diagnosis of the specified Major Stage Cancer, provided the same is admissible are-
(a) Lump Sum: 100% of the Applicable Sum Insured less any previously paid claims in respect of Early Stage Cancer shall be payable.
(b) Income Benefit: In addition to the above lump sum benefit, an Income Benefit of 1% of the applicable Sum Insured shall be payable on each policy month following the payment of the Lump Sum, for a fixed period of the 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.
A waiting period of 180 days will apply from the date of issuance of the policy or the date of revival of risk cover, whichever is later, to the first diagnosis of any stage of cancer. “Any stage” here means all stages of Cancer that occur during the waiting period.
No benefit shall be payable if any stage of Cancer occurs before the expiry of 180 days from the date of issuance of the policy or date of revival and the policy shall terminate.
No benefit shall be payable if the Life Assured dies within a period of 7 days from the date of diagnosis of any of the specified Early Stage Cancer or Major Stage Cancer. The 7 days survival period includes the date of diagnosis.
Eligibility conditions and other restrictions
(a) Minimum age at entry: 20 years (completed)
(b) Maximum age at entry: 65 years (last birthday)
(c) Minimum Policy Term: 10 years
(d) Maximum Policy Term: 30 years
(e) Minimum age at maturity: 50 years
(f) Maximum age at maturity: 75 years
(g) Minimum Premium: Rs. 2400/- for all modes
(h) Minimum Basic Sum Insured: Rs.10,00,000
(i) Maximum Basic Sum Insured: Rs. 50,00,000
The maximum Basic Sum Insured under this plan shall not exceed an overall limit of Rs.50 lakhs taking all existing Critical Illness Cover policies including Cancer Cover and the Cancer Cover Sum Insured under the new proposal into consideration.
The Basic Sum Insured shall be in multiples of Rs. 1,00,000/- only.