LIC Cancer Cover

LIC Cancer Cover

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LIC Cancer Cover

Recently Life Insurance Corporation of India has launched LIC cancer cover insurance plan. This is a disease-explicit health investment plan which works more like a conventional medical insurance plan with a certain amount of premiums and definite benefit assurances if the insured is detected with some specified cancer stages during the term of the insurance plan.

At such times the insurance company will provide benefits no matter how high the expenses of treatment are.

Eligibility Criteria For LIC Cancer Plan

People who are qualified for this plan are discussed below:

The age of the person at the entry of policy must range between 20 years and 65 years.

The duration of the policy could be minimum 10 years and maximum 30 years.

The coverage ceasing age of the policy is minimum 50 years and maximum 75 years.

The basic amount to be insured is minimum 10 lakhs and maximum 50 lakhs.

Cancer Cover Insurance Plan Of LIC

This cancer insurance plan of LIC offers two major types of plans to opt. This choice is made by the customer while purchasing this insurance plan.

1) Level Sum Insured Plan – In this plan the base amount to be insured remains same through the entire term of the plan. This plan does not offer you the opportunity of changing the basic amount until the end of the whole policy.

2) Increasing Sum Insured - This plan type allows 10% increment of the basic insured amount every year but until the first 5 years of the policy. If the insured person is identified with cancer within these first five years of the policy, the amount insured will not increase any more. Thus, the benefits received by the insured will be calculated from the applicable amount insured which could be equal to –

  • The base sum insured for the policy or,

  • The base sum insured for the first year and the insured sum increased afterward.

However, it is to be remembered that LIC cancer cover being a disease-explicit insurance plan no insurance value can be received by the policyholder such as surrender price, loan against the policy or any benefits at its maturity.

LIC Cancer Plan And Its Benefits

The benefit of this cancer coverage plan of LIC is classified into two groups:

i. Early Cancer Stage:
  • Big amount benefits – 25 % of the insured amount applicable will be received by the policyholder.

  • Waiver of premium benefits – Premiums for three subsequent years of policy or the remaining period of the policy, whichever will be lower, receive a waiver from the anniversary of the policy or the diagnosis date of the disease. After receiving a waiver for three years the policyholder needs to pay usual premiums.

  • Nevertheless, it is worth mentioning that the benefits received in the early stage of cancer are to be received for this one time only. The insured cannot make any more claims for another early stage of cancer from this policy.

ii. Advanced Cancer Stage:
  • Big amount benefit – The entire amount of the insured applicable amount will be received by the policyholder unless the policyholder had received any amount earlier as in early cancer stage.

  • Earning benefit – along with the big amount benefit, 1 % of the insured applicable amount will be received by the policyholder in every policy month for the duration of next 10 years. Even after the demise of the policyholder, this particular amount will be received by the nominee of the insured.

  • Waiver of premium benefit – all other premiums will receive a waiver from the upcoming anniversary of the policy. Afterwards, the policy will have no liable payments to make to the insured except the earlier mentioned earning benefit.

  • Again, it is to be noted that once policy claims regarding advanced cancer stage are received no other claims will be acceptable even if it is for the early cancer stage. Moreover, if the policyholder is diagnosed with various stages of cancer or two different cancers at a similar time, only the claims with higher expenses will be received by the insured.

Characterization Of The Cancer Coverage Within LIC Cancer Coverage Policy

Early stages of cancer – Identification of the following conditions have to be proved by the histological verification and also a confirmation by a cancer specialist of the desired field should be produced.

  • Carcinoma-in- situ – this means the occurrence of the cells of cancer in the group of cells where they arise. It should include the entire width of epithelium exception should not cross the base membranes or not occupy the surrounding organs and tissues. The detection must be made by the microscopic inspection of a fixed tissue.

  • Early Stage of Prostate Cancer – in this case, the histological description applying TNM along with Gleason point ranging between 2 to 6 is acceptable.

  • Early Stage of Prostate Cancer – in this case, the histological description applying TNM along with Gleason point ranging between 2 to 6 is acceptable.

  • Early Stage of Thyroid Cancer – histological classification of thyroid cancers under 2.0cm as T1NoMo using TGM is acceptable.

  • Early Stage of Bladder Cancer – histological classification of any tumor in urinary bladder as TaNoMo using TNM is acceptable.

  • Early Stage of Chronic Lymphocytic Leukaemia – categorization of this early stage leukemia between 0-2 using Rai staging is acceptable.

  • Cervical Dysplasia – acute cervical dysplasia identified like Cervical Intraepithelial Neoplasia 3 in cone bioscopy is acceptable.

Characterization Of Advanced Stage Cancer Within LIC Cancer Cover

Advanced stage of cancer is described by the uncontrollable escalation of malignant tumors and the damage of the normal tissues by the growing malignant cells. The malignancy of the cancer cells must be diagnosed with histological classifications. The expression ‘cancer’ points to Leukaemia, Lymphoma or Sarcoma.

Waiting Time For Cancer Cover Insurance Plan Of LIC

It comes with 180 days waiting time applicable from the issue date of the policy or the revival date of the risk coverage, whatever comes later.

Other Benefits Of The Cancer Coverage Plan Of LIC

The LIC cancer cover plan is also entitled to tax benefits which come in section 80D. The premiums paid for this plan is permitted to receive deduction maximum 55 thousand each year.

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