Monday, 26 March 2018

Cancer Cover Policy

LIC launching and offering a disease- specific health insurance plan, this called LIC cancer cover plan 905. This is the traditional non-linked regular premium health insurance plan which provides you fixed benefit in case of any specified stages of cancer during the policy term subject to some terms and conditions.

Eligibility for LIC cancer cover plan 905
Entry age
20 years
65 years
Policy term
10 years
30 years
Cover age
50 years
75 years
Basic sum assured
Rs. 10,00,000
Rs. 50,00,000

The maximum coverage is Rs. 50, 00,000 only. Also the maximum entry age is 65 years. So you can buy the policy Online. This policy can be assigned under sec 38 of Insurance Act 1983.
Benefits of LIC cancer cover plan
LIC cancer cover benefit you get only, when u suffer Cancer disease during the policy period and its divided into two stages. There is No loan facility, No maturity benefit, no surrender Value. There are two classifications of benefit.
Early stage cancer-
(a)    Lump sum benefit- 25% of sum insured shall be payable.
(b)   Premium waiver benefit- premium for 3 years or balance policy, whichever is lower shall be waived from the policy or following the date of diagnosis.
(c)    After three years insured has to pay the premium regularly up to the policy period. 

 Major stage cancer
(a)    Lump sum benefit- 100% of applicable sum insured paid previously in respect of early  stage cancer shall be payable.
(b)   Income benefit- 1% of applicable sum insured shall be payable on each policy month of the lump sum for a fixed period of 10 years. In case of death of the life assured while receiving the income benefit the remaining payments, if any, will be paid his/her nominee.
(c)    Premium benefit- All the future premium shall be waived from next policy and anniversary free from all liabilities except to the extent of income benefit as specified above.

Cancer benefit is paid no payment for future claims under early stage cancer or major stage cancer would be acceptable.

Maturity Benefit- No maturity benefit shall be available at early stage of cancer.
Death benefit- No death benefit shall be available at early stage of cancer.

Tax benefit of LIC Cancer Cover plan

The premium which you pay towards this plan will be eligible for deduction under Sec. 80D up to Rs. 55,000 per year. Do remember that you will did not eligible to claim the benefits of premium paid under sec. 80C. 
               Termination Of the policy
      1 On the death of the Life Assured.
      2.   On the date of maturity.
      3.       On payment of the Major Stage Cancer, income benefit shall continue to be payable as and when due.
     4.       On the diagnosis of any stage of cancer during the waiting period.
      5.       On cancellation of the policy by the life assured.
      6.       On expiry of revival period.

Features Of LIC Cancer Cover Plan

  1. LIC Cancer cover policy is available through offline as well as online mode.
  2. LIC Cancer cover is long term, non-linked, non-participating, health insurance plan for various cancer conditions.
  3. Proposal on own life only will be considered.
  4. The plan is allowed only for nonmedical.
  5. Premiums are to be paid half-yearly or yearly.
  6.   LIC Cancer cover plan is not allowed for Non- Resident Indians.
  7.  This plan is not allowed under partnership insurance, key man insurance but allowed under employee- employer schemes.
  8. No loan facility will be allowed under this plan.
  9. No surrender value will be available under this plan.

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