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LIC's Cancer Cover 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. The policy can be purchased offline as well as online.
The plan offers two benefit options wherein you have the flexibility to choose the type of Sum Insured at the inception.
The following benefits are payable during the policy year under an inforce 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.
The diagnosis of any of the listed below conditions must be established by histological evidence and be confirmed by a specialist in the relevant field.
Carcinoma-in-situ means the presence of malignant cancer cells that remain within the cell group from which they arose. It must involve the full thickness of the epithelium but does not cross basement membranes and it does not invade the surrounding tissue or organ. The diagnosis of which must be positively established by microscopic examination of fixed tissues.
Prostate Cancer - early stage:
Early Prostate Cancer that is histologically described using the TNM classification as T1N0M0 with a Gleason Score 2 (two) to 6(six).
Thyroid Cancer - early stage:
All thyroid cancers that are less than 2.0 cm and histologically classified as T1N0M0 according to TNM classification.
Bladder Cancer - early stage:
All tumors of the urinary bladder histologically classified as TaNoMo according to TNM classification.
Chronic Lymphocytic Leukaemia - early stage:
Chronic Lymphocytic Leukaemia categorized as stage 0 (zero) to 2 (two) as per the Rai classification.
Cervical Intraepithelial Neoplasia:
Severe Cervical Dysplasia reported as Cervical Intraepithelial Neoplasia 3 (CIN3) on cone biopsy.
The following are specifically excluded from all early stage cancer benefits (Exclusions):
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.
A malignant tumor characterized by the uncontrolled growth and spread of malignant cells with invasion and destruction of normal tissues. This diagnosis must be supported by histological evidence of malignancy. The term cancer includes leukemia, lymphoma and sarcoma.
The following are excluded from major stage cancer benefits (Exclusions):
A waiting period of 180 days will apply from the date of issuance of policy or date of revival of risk cover, whichever is later, to the first diagnosis of any stage cancer. â€œAny stageâ€ here means all stages of Cancer that occur during the waiting period.
No benefit shall be payable if any stage of Cancer occur before expiry of 180 days from the date of issuance of 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.
Maturity Benefit: No maturity benefit is payable under this plan.
Death Benefit: No death benefit is payable under this plan.