Life Insurance Corporation is driven to provide top-notch insurance products to safeguard the future financial needs of individuals and provide a safety net to the family members. Cancer is a dreadful disease that blows a big dent on the financial and emotional health of a family. So LIC has introduced the LIC Cancer Cover health insurance plan that helps to cope with the expenses for cancer treatment. The LIC’s Cancer Cover Plan is a non-market-linked and health insurance plan. The LIC’s Cancer Cover health insurance plan offers life assured the financial protection in case of diagnosis of Cancer (whether early stage or Major Stage) during the policy term.
The LIC Cancer Cover plan offers two types of sum insured and offers the flexibility of choosing any one type of benefit option at the time of inception of the policy.
The two types of sum assured offered under the LIC Cancer Cover Plan are as follows :
Applicable sum insured = increased sum insured, depending on when the cancer was detected
The LIC’s Cancer Cover Health Insurance Plan is a protection net that covers the financial expenses of the life assured upon diagnosis of cancer during the policy term.
Following are the benefits offered by an in force LIC Cancer Cover policy :
The benefits are paid on the onset or identification of any ONE of the pre-defined Early Stage Cancer. The benefits for early stage cancer are as under :
Following is a list of types of cancers covered under the LIC’s Cancer Cover Plan :
There are certain limits & conditions set on the benefits receivable under the LIC’s Cancer Cover policy as under :
The LIC’s Cancer Cover health insurance has the following eligibility criteria :
|Age at Entry (Minimum)||20 years last birthday|
|Age at Entry (Maximum)||65 Years last birthday|
|Policy Tenure (Minimum)||10 Years|
|Policy Tenure (Maximum)||30 Years|
|Age at Maturity (Minimum)||50 Years|
|Age at Maturity (Maximum)||75 Years|
|Min. Premium Amount||Rs 2400 for all modes|
|Basic Sum Insured (Minimum)||Rs 10 Lakhs|
|Basic Sum Insured (Maximum)||Rs 50 Lakhs|
The premium rates under the LIC’s Cancer Cover are different for Level Sum Insured and Increased Sum Insured types of benefit. The premium rates are guaranteed and valid for a period of 5 years i.e. during the first initial 5 policy years commencing from the issuance date of the policy. The premium rates after the completion of 5 policy years shall be determined by LIC depending upon their experience. Any change in the premium rates shall be communicated to the policyholder by way of prior notice before a minimum of 90 days. Following is the sample illustration of premium rates per 1000 Rs of Sum Insured :
Type 1: sample tabular premium rates for Level Sum Insured
|Age in Years||Policy tenure in years|
|20 Years||30 Years|
Type 2: sample tabular premium rates for Increased Sum Insured
|Age in Years||Policy tenure in years|
|20 Years||30 Years|
The LIC’s Cancer Cover plan for the ease of customer offers 2 modes for premium payment namely Yearly and Half-Yearly. The policyholder can choose the premium mode as per their convenience
The LIC’s Cancer cover plan offers for rebates and discounts as under :
The LIC’s Cancer Cover Policy has a waiting period of 180 days from the issuance date or from the revival date, whichever falls later. No benefit shall be payable by the LIC if the diagnosis of any stage of cancer appears before the completion of the waiting period i.e. 180 days. The policy shall terminate if the diagnosis of any stage of cancer is detected before the expiry of the waiting period.
A period of 7 days is considered a survival period under the LIC’s Cancer Cover Policy. If the life assured dies within 7 days of diagnosis of cancer then LIC is not entitled to pay any benefit under the policy and the policy shall stand terminated. This survival period of 7 days starts from the date of the diagnosis of cancer.
If the policyholder is not satisfied with the terms and conditions of the LIC’s Cancer Cover policy then the policyholder has a choice to cancel the policy by returning it to LIC. The free look period for cancelling the cancer cover policy is of 15 days for policies purchased through the offline channel and 30 days if the policy is purchased through the online channel. For cancelling the policy in free look period the policyholder has to return the original policy document to LIC along with a letter mentioning the reason for cancellation. On receiving such request LIC shall act by cancelling the policy and return the premium amount after deducting certain charges pertaining to stamp duty, policy printing charges, the premium for the period of cover. The free-look period is also called a cooling-off period.
The LIC’s Cancer Cover Policy can be purchased through the offline channel and through the Online Channel. A rebate of 7% of the tabular premium is offered in case the policy is purchased through online mode.
The LIC’s Cancer Cover Policy offers its policyholders a grace period of ONE month i.e. not less than 30days for both yearly and half-yearly modes of premium payment.
Under the LIC’s Cancer Cover Plan two modes of premium payment are available namely Yearly and Half-Yearly
LIC’s Cancer Cover policy offers rebates on Mode of premium payment and premiums of policies purchased through the online channel. The Cancer Cover policy does not offer a rebate on High Sum Insured.
Yes, if the premium of the cancer cover policy is not paid till the due date or till the expiry of the grace period then the policy shall lapse.
The revival of lapsed cancer cover policy can be done within 2 years commencing from the date of 1st unpaid premium and before the maturity period.
For the revival of the lapsed policy the policyholder is required to submit proof of continued insurability along with the payment of unpaid premiums with interest at the rate determined by the corporation.
No, the LIC’s Cancer Cover Policy is not eligible to acquire paid-up value
No, the cancer cover policy cannot be surrendered and no surrender value is available under the plan
No, the LIC’s Cancer Cover policy does not allow policy loan. The policyholder cannot avail loan on this policy.
No, the LIC’s Cancer Cover plan is a non-participatory health insurance plan so it does not extend profits to their policyholders.
The most common exclusions for LIC Jeevan Arogya Plan like other health plans of LIC, such as: