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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 Cancer during the policy term.
The policy can be purchased offline as well as online. To purchase the policy online please click the link.
The 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. On diagnosis of any specified Cancer as mentioned in Para 1, 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.
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.
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.
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.
Premiums can be paid regularly during the policy term at yearly or half-yearly mode.