Lic cancer cover plan

Lic cancer cover plan – Table no. 905

This is a fixed health plan imparting payouts for remedy of cancer. In case the customer is diagnosed with cancer, this plan will provide advantages irrespective of the costs incurred in the remedy. Lic most cancers cover offers protection in case of early stage and important level most cancers.

Lic cancer cover plan is a regular premium plan wherein charges may be paid every year or half every year for a coverage time period ranging from 10 to 30 years. The policy may be bought offline as well as online.

LIC Cancer Cover Plan Options

Lic most cancers cover offers 2 plan options. The benefits will range as a result

Option 1 – Level Sum Insured:

The basic sum insured shall continue to be unchanged at some point of the policy term. So in case you choose a cover of Rs. 10 lakhs, it stays that way for the duration of the coverage term.

Option 2 – Increasing sum insured:

The amount of cover will increase by means of 10% of basic sum insured each yr for the first five years. In case the policyholder is diagnosed with cancers this increase will forestall even within the first five years. So if you take a ten lakhs cover, it will keep increasing by Rs. 1 lakh every year for 5 years (so it may go to a maximum of Rs. 15 lakhs). If you are identified with  cancer after the expanded cover has reached Rs. 13 lakhs, it’d no longer increase in the subsequent 2 years.

The benefits payable under the plan will be based at the applicable sum insured, wherein the relevant sum insured will be equal to-

Option i – Basic sum insured for policies taken
Option ii – Basic sum insured during first 12 months and multiplied sum insured thereafter

LIC Cancer Cover Policy Advantages

The benefits are based of the stage of cancer which you have been detected with. They’re as follows:

Early stage cancers

In case you are detected with early level cancers which are unique, you get the following benefits.

Lumpsum advantage: 25% of Applicable sum insured is paid out

premium waiver benefit: rates for subsequent 3 policy years or balance policy time period whichever is lower, will be waived from the policy anniversary coinciding or following the date of diagnosis.

Major Stage Cancer

In case you are detected with major stage of cancer which can be unique, you get the following Benefits.

. Lumpsum Benefit: 100% of relevant sum insured much less any previously paid claims in respect of early stage cancer is paid to you.

. Income benefit: 1% of relevant sum insured shall be payable on every policy month following the fee of lump sum quantity, for a fixed period of next ten years irrespective of the survival of the existence insured and even if this era of 10 years goes past the coverage term. In case of dying of the existence confident even as receiving this profits benefit, the ultimate payouts, if any, might be paid to his/her nominee.

. Premium waiver benefit: all of the future charges will be waived from the subsequent policy anniversary and the policy shall be free from all liabilities except to the quantity of income advantage as specified above.

LIC Cancer Cover Plan Conditions – Important

. Early stage cancer gain shall be payable only as soon as for the primary ever event and lifestyles assured shall no longer be entitled to make another claim for the early level most cancers of same or another cancer. But, the coverage for the primary stage most cancers underneath the policy shall hold till the coverage terminates.
. Once a major degree cancer advantage is paid no payment for any future claims under early stage most cancers or mojor stage cancer could be admissible.
Total benefit under the coverage which includes early degree most cancers gain and principal stage cancer gain as designated above shall not exceed the maximum declare amount of 220% of relevant sum insured.
. If the lifestyles confident claims for distinct tiers of the equal most cancers at the same time, the gain shall handiest be payable for the higher declare admitted underneath the coverage.
. If there is more than one Cancer diagnosed in an event, the corporation will best pay one benefit. That advantage might be the quantity relating to the degree of most cancers which has the best benefit quantity.
. Waiting period in cancers cover plan: a ready duration of 180 will follow from the date of issuance of policy or date of revival of threat cover, whichever is later, to the first diagnosis of any stage cancer. “any stage” right here approach all stages of cancer that arise at some point of the waiting period. No advantage will be payable if any stage of most cancers occur before expiry of 180 days from the date of issuance of coverage or date of revival and the coverage shall terminate.
. Survival Period in Cancer Cover Plan: no benefit shall be payable if the life assured dies within a period of 7 days from the date of analysis of any of the required early stage cancers or major stage cancers. The 7 days survival period includes the date of diagnosis.