LIC’s Cancer Cover
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 :
- Type 1 : Level Sum Insured
Under this type, the Sum Insured opted under the plan shall not change throughout the entire policy tenure.
Applicable sum insured = basic sum insured, as there is no rise in the same.
- Type 2 : Increasing Sum Insured
- In this type, the basic sum insured increases every year by 10% during the first 5 years from the 1st policy anniversary, till the diagnosis of cancer, whichever is earlier.
- After the diagnosis of cancer, the increase in sum insured stops
- On diagnosis of cancer, the increased sum assured is payable.
Applicable sum insured = increased sum insured, depending on when the cancer was detected
- Applicable sum insured in the 1st policy year= basic sum insured
- Applicable sum insured in the 2nd policy year= 110% of the basic sum insured
- Applicable sum insured in the 3rd policy year= 120% of the basic sum insured
- Applicable sum insured in the 4th policy year= 130% of the basic sum insured
- Applicable sum insured in the 5th policy year= 140% of the basic sum insured
- Applicable sum insured after the 5th policy year= 150% of the basic sum insured
What are the benefits offered by the LIC Cancer Cover health insurance policy?
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.
Some of the mentioned Benefits and features of LIC Cancer Care Plan
Following are the benefits offered by an in force LIC Cancer Cover policy :
- Early Stage cancer
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 :
- A lump sum 25% of Applicable Sum Insured Benefit is paid
- Life Assured get a premium waiver benefit either for next 3 policy years or for remaining policy tenure, whichever is lower.
- Major Stage Cancer : Following are the benefits paid on the diagnosis of pre-defined Major Stage Cancer :
- A lump sum 100% of Applicable Sum Insured Benefit minus any early stage cancer claims paid if any
- Income Benefit of 1% of the Applicable Sum Insured is paid in addition to the lump sum benefit. This benefit is paid every month for a period of 10 years. The fixed income benefit is paid to the life assured or the nominee in case of death of the life assured.
- Upon the diagnosis of major stage cancer, LIC waives all the future premiums of the policy i.e. the policy enjoys a premium waiver benefit on the onset of major stage cancer
What types of cancers are covered under the LIC’s Cancer Cover Plan?
Following is a list of types of cancers covered under the LIC’s Cancer Cover Plan :
- Early Stage Cancer
- Prostate Cancer
- Thyroid Cancer
- Bladder Cancer
- Chronic Lymphocytic Leukemia (categorized as stage 0 to stage 2)
- Cervical Intraepithelial Neoplasia
- Kindly note, there are certain exclusions under the major stage cancer, for more information about exclusions kindly refer the policy document or visit the nearest LIC office.
- Major Stage Cancer
- All malignant tumors that characterize unbounded growth & spread of cancer cells. All such malignant tumors of cancer that destruct normal tissues are covered under major stage cancer. There are certain exclusions under the major stage cancer, for more information about exclusions kindly refer the policy document or visit the nearest LIC office.
What are the conditions on the benefits of LIC’s Cancer Cover Plan?
There are certain limits & conditions set on the benefits receivable under the LIC’s Cancer Cover policy as under :
- LIC shall pay the benefit under Early Stage Cancer once at the time of onset of the first event of diagnosis of early-stage cancer. Life Assured can receive the benefit only once for the first occasion and no claim shall be registered of early-stage cancer of same or other types of cancer.
- LIC shall not be entitled to pay any future claims once the Major Stage Cancer benefit is paid. Neither Early Stage Cancer Benefit or Major Stage Cancer Benefit is admissible once one claim of Major Stage Cancer Benefit is paid
- The total amount of benefit payable by LIC includes early-stage cancer benefit and major stage cancer benefit. The total amount of this benefit must not exceed 220% of the Applicable Sum Insured
- If the claim registered by the life assured is for the same cancer but for different stages then LIC shall register the claim and pay for the higher claim amount
- If there is an onset of more than one cancer then LIC will pay the benefits for only one type of cancer that is at an advanced stage
What are the eligibility conditions of the LIC’s Cancer Cover Plan?
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|
What are the premium rates of the LIC Cancer Cover Plan?
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
Type 2: sample tabular premium rates for Increased Sum Insured
What are modes of premium payment under the LIC’s Cancer Cover plan?
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
What are rebates offered under the LIC’s Cancer Cover Plan?
The LIC’s Cancer cover plan offers for rebates and discounts as under :
- Rebates on the mode of premium payment :
- For the yearly mode of premium payment NIL discount is offered
- For half-yearly mode of premium payment 2% rebate on tabular premium is offered
- No rebate on High Sum Insured is given under this policy
- 7% rebate on tabular premium is given for buying policies online
What is the waiting period under the plan?
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.
What is the survival period under the Cancer Cover Policy?
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.
What is the free-look period of LIC’s Cancer Cover policy?
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.
How can the Cancer Policy purchased?
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.
What is the grace period offered under the plan?
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.
What are the modes of premium payment?
Under the LIC’s Cancer Cover Plan two modes of premium payment are available namely Yearly and Half-Yearly
What rebates are offered under the plan?
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.
Does the Cancer cover policy lapse?
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.
What are the terms of revival of Cancer Cover Policy?
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.
What are the documents required for the reviving lapsed policy?
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.
Does Cancer cover policy acquired paid-up value?
No, the LIC’s Cancer Cover Policy is not eligible to acquire paid-up value
Can Cancer cover policy be surrendered?
No, the cancer cover policy cannot be surrendered and no surrender value is available under the plan
Can policy loan be availed on Cancer Cover policy?
No, the LIC’s Cancer Cover policy does not allow policy loan. The policyholder cannot avail loan on this policy.
Does the LIC's Cancer Cover Plan offer participation in profits?
No, the LIC’s Cancer Cover plan is a non-participatory health insurance plan so it does not extend profits to their policyholders.
What are the plan exclusions?
The most common exclusions for LIC Jeevan Arogya Plan like other health plans of LIC, such as:
- Any pre-existing ailments that were not disclosed at the time of policy inception, which could have resulted directly or indirectly to increase the premium
- Any surgical procedure not performed by a registered physician or for any experimental purpose
- Regular or routine medical check up
- Any expenses for diagnostic purposes or a medical examination or check-up.
- Any sickness from an epidemic
- Cosmetic surgery, plastic surgery (other than what is necessary after an accident), change of gender surgery, treatment for any congenital illnesses, circumcision, etc.
- Surgery related to organ donation
- Self inflicted ailments
- Dental treatment or surgery (other than what is necessary after an accident)
- Attempted suicide
- Sexually transmitted ailments
- Medical termination of pregnancy, childbirth or pre and post-natal ailments of the mother or the newborn
- Non-allopathic treatment
- Taking active participation in criminal activity
- Treatment due to an improper following of the medical advice
- Participation in any hazardous sports or activities like deep sea diving, mountaineering, skydiving, scuba diving, bungee jumping etc.
- Any natural calamities like earthquake, fire, flood, etc.