LIC’s Cancer Cover

LIC’s Cancer Cover (UIN: 512N314V03)

Overview:

LIC’s Cancer Cover is a non-linked, non-participating, regular premium health insurance plan providing financial protection in case the life assured is diagnosed with any specified early or major stage cancer during the policy term.

Key Features:

• Eligibility:
  • Minimum Age at Entry: 20 years
  • Maximum Age at Entry: 65 years
  • Minimum Policy Term: 10 years
  • Maximum Policy Term: 30 years
  • Minimum Basic Sum Insured: INR 10,00,000
  • Maximum Basic Sum Insured: INR 50,00,000
• Benefits:
  • Early Stage Cancer:
    • Lump Sum Benefit: 25% of the Applicable Sum Insured
    • Premium Waiver Benefit: Premiums for the next three policy years are waived
  • Major Stage Cancer:
    • Lump Sum Benefit: 100% of the Applicable Sum Insured less any previously paid claims
    • Income Benefit: 1% of the Applicable Sum Insured per month for 10 years
    • Premium Waiver Benefit: All future premiums are waived
• Waiting Period: 180 days from the date of policy issuance or revival.
• Survival Period: 7 days from the date of diagnosis for early or major stage cancer.
• Premium Payment Options: Yearly or half-yearly intervals.
• Loan Facility: No loan facility is available under this plan.

Additional Features:

• Two benefit options:
  • Level Sum Insured: The Basic Sum Insured remains unchanged throughout the policy term.
  • Increasing Sum Insured: The Sum Insured increases by 10% of Basic Sum Insured each year for the first five years or until the first diagnosis of cancer.