Whai is LIC’s Cancer Cover?
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 plan offers two benefit options wherein you have the flexibility to choose the type of Sum Insured at
Option I Level Sum Insured: The Basic Sum Insured shall remain unchanged throughout the
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.
The benefits payable under the plan shall be based on the Applicable Sum Insured, where the Applicable
Sum Insured shall be equal to-
- The Basic Sum Insured for policies taken under Option I; or
- Basic Sum Insured during first year and Increased Sum Insured thereafter, as per the provisions
detailed in Option II.
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.
B. 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.
Benefit Limits and Conditions:
(i) Early Stage Cancer Benefit shall be payable only once for the first ever event and Life Assured shall not be entitled to make another claim for the Early Stage Cancer of same or any other cancer. However, the coverage for the Major Stage Cancer under the policy shall continue until the policy terminates.
(ii) Once a Major Stage Cancer Benefit is paid no payment for any future claims under Early Stage Cancer or Major Stage Cancer would be admissible.
(iii) Total benefit under the Policy including Early Stage Cancer Benefit and Major Stage Cancer Benefit as specified above shall not exceed the maximum claim amount of 220% of Applicable Sum Insured.
(iv) If the life assured claims for different stages of the same Cancer at the same time, the benefit shall only be payable for the higher claim admitted under the policy.
(v) If there is more than one Cancer diagnosed in an event, the Corporation will only pay one benefit. That benefit will be the amount relating to the stage of Cancer which has the highest benefit amount.
(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