Lic Cancer Cover Plan No.905 is non-linked regular premium paying Health Insurance plan. This is a fixed benefit health plan offering payouts for treatment of cancer. This scheme provides fix benefit on cancer detection of first stage and second stage.
This plan is a standard premium arrangement in which premiums can be paid yearly or half-yearly for a policy term going from 10 to 30 years.
LIC Cancer Cover Plan Options
LIC Cancer Cover offers 2 plan options. The benefits will vary accordingly.
Option I – Level Sum Insured:
The Basic Sum Insured will stay unaltered throughout the policy term. So if you pick a cover of Rs. 10 lakhs, it remains that way throughout the policy term.
Option II – Increasing Sum Insured:
The number of cover increases by 10% of Basic Sum Insured each year for the initial five years. On the off chance that the policyholder is determined to have growth this expansion will stop even inside the initial 5 years. So on the off chance that you take a 10 lakhs cover, it will continue expanding by Rs. 1 lakh consistently for a long time (so it can go to a most extreme of Rs. 15 lakhs). On the off chance that you are diagnosed with cancer after the extended cover has accomplished Rs. 13 lakhs, it would not increase in the accompanying 2 years.
The advantages payable under the plan shall be based on the Applicable Sum Insured, where the Applicable Sum Insured will be equivalent to-
- Option I – Basic Sum Insured for policies taken.
- Option II – Basic Sum Insured amid the first year and increased sum insured thereafter.
LIC Cancer Cover Policy Benefits
The advantages are needy of the phase of malignancy which you have been recognized with. They are as per the following:
Beginning time Cancer
In the event that you are identified with Early stage cancer which is determined, you get the accompanying advantages.
- Lumpsum Benefit: 25% of Applicable Sum Insured is paid out.
- Premium Waiver Benefit: Premiums for next three policy years or balance policy term whichever is lower, will be deferred from the policy anniversary concurring or following the date of diagnosis.
Snap for List of Early Stage Cancer canvassed in LIC Cancer Cover Plan.
Major Stage Cancer
In case you are detected with Major stage cancer which is specified, you get the following benefits.
- Lumpsum Benefit: 100% of Applicable Sum Insured less any officially paid claims in respect of Early Stage Cancer is paid to you.
- Income Benefit: 1% of Applicable Sum Insured will be payable on every strategy month following the installment of a Lump sum, for a settled time of next ten years regardless of the survival of the Life Insured and regardless of whether this time of 10 years goes past the approaching term. In case of death of the Life Assured while receiving this Income Benefit, the rest of the payouts, assuming any, will be paid to his/her candidate.
- Premium Waiver Benefit: All the future premiums will be deferred from the next policy anniversary and the policy shall be free from all liabilities except to the extent of Income Benefit as specified above.
Let us understand the Benefits of LIC Cancer Care Plan with the help of a few examples.
Illustration 1
Assume Ramesh who is 30 years of age has taken this plan with a Basic Cover of Rs. 10 lakhs for an arrangement term of 20 years with Option 1. He should pay Rs. 1,190 + assesses each year as yearly premiums. The premiums won’t change for the first five years but may be revised after that.
In the event that, he is diagnosed to have an Early stage cancer which is covered in this plan, he will get the following benefits:
- Rs. 2.5 lakhs as the lump sum (25% of the Cover sum).
- The next 3 premiums will be waived off.
Illustration 2
Presently assume Ramesh is straightforwardly diagnosed to have a Major stage cancer which is secured by this plan, he will get the following benefits:
- Rs. 10 lakhs as the lump sum (100% of the Cover sum).
- Rs. 10,000 every month for the next 10 years. Regardless of whether the policy term is over, he will get this money each month. In case he passes away amid these 10 years, his candidate will get the monthly payout.
- All future premiums are waived off.
Illustration 3
Presently assume Ramesh was first diagnosed with Early stage cancer and then, later on, it developed into a Major stage cancer. In such a scenario, the benefits would be as follows:
Presently if there should arise an occurrence of a Major phase of cancer, he would get the accompanying advantages:
- Rs. 7.5 lakhs as the lump sum (75% of a Cover sum as 25% is as of now paid before).
- Rs. 10,000 consistently for the following 10 years. Even if the policy term is over, he will get this cash each month. In the event that he passes away amid these 10 years, his nominee will get the monthly payout.
- All future premiums are deferred off.