LIC Cancer Cover Policy | Features and Benefits
LIC launched its second health insurance policy on 14th November 2017. LIC
Cancer Cover Plan is a non-linked, non-participating, health insurance plan. LIC
Cancer Cover Policy is a regular premium payment health insurance policy.
It provides financial protection for the life assured if he/she is diagnosed with any of the specified stages of cancer (Early and/or Major Stage) during the policy term.
In this post, let’s take a look at LIC Cancer Cover policy features and benefits.
It provides financial protection for the life assured if he/she is diagnosed with any of the specified stages of cancer (Early and/or Major Stage) during the policy term.
In this post, let’s take a look at LIC Cancer Cover policy features and benefits.
Eligibility conditions for LIC Cancer Cover Policy
Following are the eligibility conditions to buy LIC Cancer Cover policy.
1. Minimum age at entry is 20 years (completed).
2. Maximum age at entry is 65 years (last birthday).
3. Minimum Policy Term - 10 years
4. Maximum Policy Term - 30 years
5. Minimum age at maturity: 50 years
6. Maximum age at maturity: 75 years
7. Minimum Premium: Rs. 2400/- for all modes
8. Minimum Basic Sum Insured: Rs.10,00,000
9. Maximum Basic Sum Insured: Rs. 50,00,000 (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.
10. Premiums are to be paid Half-Yearly or Yearly.
Features of LIC Cancer Cover Policy
Following are the key features of LIC Cancer Cover policy.
1. LIC Cancer Cover policy is available through
offline as well online mode.
For online mode
please refer www.licindia.in
2. It is a long-term, non-linked, non-participating, health insurance plan for
various defined cancer conditions.
3. Proposal on own life only will be considered.
4. The plan is allowed only under nonmedical.
5. e-KYC is must for online purchase, please keep
your Aadhaar card details ready.
6. Premiums are to be paid Half-Yearly or Yearly.
7. LIC Cancer Cover plan is not allowed to Non-Resident Indians (NRIs) & FNIOs.
8. This plan is not allowed under Key man Insurance, Partnership Insurance but
allowed under Employer- Employee schemes.
9. This policy shall not acquire any paid-up value.
10. No surrender value will be available under this plan.
11. No loan facility will be allowed under this plan.
12. Free look period of 15 days (30 days if the policy is purchased Online) from the date of receipt of the policy
bond. If the policyholder is not satisfied with the terms and conditions of the
policy, he/she may return the policy.
Sum Assured options available in LIC Cancer Cover policy
LIC Cancer Cover policy offers two types of sum assured. You have the
flexibility to choose the type of sum assured at the time of buying LIC Cancer
Cover plan.
Option I Level Sum Insured
The basic sum assured shall remain unchanged throughout the policy term.
Option II Increasing Sum Insured
The sum assured increases by 10% of basic sum assured each year for
first five years starting from the first policy anniversary or till the
diagnosis of the first event of cancer (whichever
is earlier).
Benefits of LIC Cancer Cover policy
The following benefits are payable during the policy year under an inforce LIC Cancer Cover policy
1. Early Stage Cancer
Benefits payable on the 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 assured shall be payable.
b) Premium Waiver Benefit - Premiums for the next 3 policy years or
balance policy term (whichever is lower), shall be waived.
2. Major Stage Cancer
Benefits payable on the first
diagnosis of the specified major stage cancer, provided the same is admissible
are:
a) Lump Sum - 100% of applicable sum assured 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 assured shall be payable on each policy month for
a fixed period of next 10 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 will be paid to the
nominee.
c) Premium Waiver Benefit - All the future premiums shall be waived from
the next policy anniversary.
Maturity Benefit
No maturity benefit
is payable under this policy.
Death Benefit
No death benefit is
payable under LIC Cancer Cover pplan.
LIC Cancer Cover policy is available through
offline as well online mode. This plan comes with 180 days
of waiting period means no benefit shall be payable if any stage of cancer occurs before the expiry of 180 days from the date of issuance of the policy.
Overall LIC Cancer Cover policy is a good policy. However, it comes with a lot of exclusion which you need to understand before buying the policy.
Overall LIC Cancer Cover policy is a good policy. However, it comes with a lot of exclusion which you need to understand before buying the policy.
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LIC Cancer Cover Policy | Features and Benefits
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