Cancer is now curable with early diagnosis, but the cost of it is exorbitant.
for INDIAN residents age 20 years to 65 years
LIC has introduced the LIC Cancer Cover health insurance plan that helps to cope with the expenses for cancer treatment.
LIC’s Cancer Cover is a regular premium payment health insurance plan which
provides financial protection in case the Life Assured is diagnosed with any of
the specified Early and/or Major Stage Cancer during the policy term.
TWO COVER OPTION
VARIATIONS
It offers two options, namely {level sum insured} and {increasing sum insured}, and covers specific early and major stage cancer types such as prostate cancer, thyroid cancer, bladder cancer, chronic lymphocytic leukaemia, etc. at an early stage, and malignant tumour at a major stage.
{increasing sum insured}
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.
1>Sum insured in the 1st policy year= basic sum insured
Applicable
2>Sum insured in the 2nd policy year= 110% of the basic sum insured
Applicable 3>Sum insured in the 3rd policy year= 120% of the basic sum insured
Applicable
4>Sum insured in the 4th policy year= 130% of the basic sum insured
Applicable
5>Sum insured in the 5th policy year= 140% of the basic sum insured
Applicable
6>Sum insured after the 5th policy year= 150% of the basic sum insured
{level sum insured}
Applicable sum insured = basic sum insured (always)
The plan offers:
5% discount for couples on combined premium.
5% loyalty discount on premium for all existing customers.
CANCER COVER
.
What types of cancers are covered under the LIC’s Cancer Cover Plan?
Early Stage Cancer
• Carcinoma-in-situ (CIS):
Carcinoma-in-situ means the presence of malignant cancer cells that
remain within the cell group from which they arose. It must involve the full
thickness of the epithelium but does not cross basement membranes
and it does not invade the surrounding tissue or organ. The diagnosis
of which must be positively established by microscopic examination of
fixed tissues.
• Prostate Cancer – early stage:
Early Prostate Cancer that is histologically described using the TNM
classification as T1N0M0 with a Gleason Score 2 (two) to 6(six).
• Thyroid Cancer – early stage:
All thyroid cancers that are less than 2.0 cm and histologically classified as
T1N0M0 according to TNM classification.
• Bladder Cancer – early stage:
All tumors of the urinary bladder histologically classified as TaN0M0
according to TNM classification.
• Chronic Lymphocytic Leukaemia – early stage:
Chronic Lymphocytic Leukaemia categorized as stage 0 (zero) to 2 (two) as
per the Rai classification.
• Cervical Intraepithelial Neoplasia:
Severe Cervical Dysplasia reported as Cervical Intraepithelial Neoplasia 3
(CIN3) on cone biopsy.
The diagnosis of any of the listed below conditions must be established by
histological evidence and be confirmed by a specialist in the relevant field.
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.
Its not just about death...
Planning for incapacity
The final component of your estate plan should address potential situations where you may become physically or mentally incapacitated.
This is achieved by choosing critical illness and PA plans, and opting for POA.
Without an enduring power of attorney, your attorney (not necessarily your lawyer or notary) cannot act on your behalf during a period of incapacity until they receive court approval.
BENEFITS:
The following benefits are payable during the policy year under an inforce policy:
Early Stage Cancer: Benefits payable on 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 Insured shall be payable
(b) Premium Waiver Benefit: Premiums for next three policy years
or balance policy term whichever is lower, shall be waived from the
policy anniversary coinciding or following the date of diagnosis.
Major Stage Cancer: Benefits payable on first diagnosis of the specified
Major Stage Cancer, provided the same is admissible are-
(a) Lump Sum: 100% of Applicable Sum Insured 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 Insured shall be payable on each policy
month following the payment of Lump Sum, for a fixed period of next
ten 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, if any, will be paid to his/her nominee.
(c) Premium Waiver Benefit: All the future premiums shall be waived from
the next policy anniversary and the policy shall be free from all
liabilities except to the extent of Income Benefit as specified above.
WAITING PERIOD:
A waiting period of 180 days will apply from the date of issuance of policy or date of revival of risk cover, whichever is later, to the first diagnosis of any stage cancer. “Any stage” here means all stages of Cancer that occur during the waiting period.
No benefit shall be payable if any stage of Cancer occur before expiry of 180
days from the date of issuance of policy or date of revival and the policy
shall terminate.
No benefit shall be payable if the Life Assured dies within a period of 7 days
from the date of diagnosis of any of the specified Early Stage Cancer or
Major Stage Cancer. The 7 days survival period includes the date of diagnosis.
The following are specifically excluded from all early stage cancer benefits
(Exclusions):
• All tumors which are histologically described as benign, borderline
malignant, or low malignant potential
• Dysplasia, intra-epithelial neoplasia or squamous intra-epithelial lesions
• Carcinoma in-situ of skin and Melanoma in-situ
• All tumors in the presence of HIV infection are excluded
Business Hours
Monday - Friday
11:00am – 05:00pm
Saturday
Appointments only
Sunday
Closed