LIC Cancer Care Policy
Cancer, one of the leading diseases in India, is turning into a bigger threat with each passing day. The devastating prognosis is a cause of concern not only for the afflicted but the entire family. High cost of pre-diagnosis tests and treatment make matters worse. But being insured at this hour can certainly bail you out.
Unlike a general health insurance cover, LIC’s Cancer Care Policy is a one-of-its-kind cancer care plan that provides financial assistance to help fight the debilitating disease.
The fixed benefit health plan provides protection both in case of Early Stage and Major Stage Cancer.
Option 1: Level Sum Insured
The Basic Sum Insured is picked at the start of the policy and remains unchanged throughout the policy term.
Option 2: Increasing Sum Insured
The Basic Sum Insured increases by 10% every year for the first five years. However, if the policyholder is diagnosed with cancer within the first 5 years, the Basic Sum Insured ceases to increase further.
Thus, the benefits payable under the plan are based on the Applicable Sum Insured, where the Applicable Sum Insured is defined as:
Option 1 – Basic Sum Insured for policy taken
Option 2 – Basic Sum Insured and increased Sum Insured thereafter
The benefits that the policy draws are dependent of the stage at which the disease is diagnosed.
Early Stage Detection
A wide variety of Early Stage Cancers are listed under the LIC Cancer Care Policy. In case the policyholder is detected with any of the Early Stage Cancer specified in the list, the following benefits can be availed
- Lumpsum Benefit: 25% of Applicable Sum Insured is paid out
- Premium Waiver Benefit: Premiums for next three policy years or remaining policy term whichever is lower are waived
Major Stage Cancer
Extensive lists of Major Stage Cancer are listed under the LIC Cancer Care Policy. In case the policyholder is detected with any of the Major Stage Cancer specified in the list, the following benefits prevail
- Lumpsum Benefit: 100% of Applicable Sum Insured minus any previously paid claims in respect of Early Stage Cancer.
- Income Benefit: 1% of Applicable Sum Insured shall be payable on each policy month following the payment of Lump Sum amount. This payout is fixed period of a term of ten years irrespective of the survival of the policyholder. In case of death of the policyholder during the tenure of Income Benefit, the remaining payouts are paid to the nominee.
- Premium Waiver Benefit: All future premiums are waived from the next policy anniversary and the policy will be free from all liabilities except to the extent of Income Benefit mentioned above.
Policy At A Glance
- Minimum age at entry: 20 years (completed)
- Maximum age at entry: 65 years (last birthday)
- Minimum Policy Term: 10 years
- Maximum Policy Term: 30 years
- Minimum age at maturity: 50 years
- Maximum age at maturity: 75 years
- Minimum Basic Sum Insured: Rs.10,00,000
- Maximum Basic Sum Insured: Rs. 50,00,000
- The Basic Sum Insured shall be in multiples of Rs. 1,00,000/- only
- Premium payable in yearly or half-yearly mode
- The policy does not acquire any paid-up value
- No surrender value is payable under the plan
Advancements in medicine and science certainly keep you ahead in the fight against cancer. Being financially protected at this stage will add to positivity and well-being. Call 91+9230091000 today to help our representatives at InsuranceBima customize the best policy deal for LIC’s Cancer Care Plan.