LIC’s Cancer Cover (Plan No. 905) is a specialized insurance plan offered by the Life Insurance Corporation of India (LIC) that is designed to provide financial support to policyholders in the event of a cancer diagnosis. Cancer is a life-threatening disease that requires a lot of financial resources to treat, and this plan provides a much-needed safety net to policyholders and their families during this difficult time.
The LIC’s Cancer Cover plan is a non-participating, non-linked health insurance policy that provides coverage against various stages of cancer. This plan is available to people between the ages of 20 and 65 years and can be purchased for a term of 10-30 years. The sum assured for this plan ranges from a minimum of Rs. 10 lakhs to a maximum of Rs. 50 lakhs.
One of the most significant advantages of the LIC’s Cancer Cover plan is the flexibility it offers in terms of premium payments. Policyholders can choose to pay their premiums monthly, quarterly, half-yearly, or annually, depending on their convenience. Additionally, this plan also provides tax benefits under Section 80D of the Income Tax Act, making it an excellent investment for those looking to save on taxes.
The LIC’s Cancer Cover plan covers all stages of cancer, from early stages to advanced stages. Policyholders diagnosed with cancer can make a claim for the sum assured, which will be paid out in a lump sum to the policyholder. This lump sum amount can be used to pay for medical expenses, hospitalization costs, chemotherapy, radiation therapy, and other expenses associated with cancer treatment. Additionally, the plan also provides a waiver of premium benefit, which means that the policyholder does not need to pay any premiums for the remainder of the policy term once a claim has been made.
The LIC’s Cancer Cover plan is an excellent investment for those looking to secure their financial future against the risk of cancer. With the increasing incidence of cancer in India, having a specialized insurance plan like this can provide much-needed financial security and peace of mind. The plan’s low premiums and flexible payment options make it accessible to people from all walks of life, making it an attractive investment option for those looking to safeguard their future.
Benefits of LIC Cancer Cover Plan
With this policy, you will live worry-free from cancer.
Sum assured is available from Rs. 10 lakh to Rs. 50 lakh. There were two options — sum assured and increment of the sum assured by 10 per cent of basic sum assured for the first five years.
Types Of Sum Assured:
- Basic Sum Assured
- Increasing Sum Assured (10% Increase in Sum Assured Every Year for first 5 years)
Types Of Cancer Covered
- First Stage or Early Detection
- The second stage or Major Stage
On Early Detection of the First stage
- 25% of the Basic Sum Assured payable
- 3 Years premium will be waived off
On Major Detection
Option 1:
- 100% Sum Assured
Option 2:
- % Applicable Sum Assured per month for next 10 years irrespective of Live or death
- All future Premiums waived off.
LIC Cancer Care Eligibility Conditions
- Entry Age: 20 Years – 65 Years
- Policy Term: 10 Yrs – 30 Years
- Cover Ceasing Age: 50 Yrs – 75 Yrs
- Basic Sum Assured: 10 lacs to 50 lacs
(Note: Subject to an overall limit of 50 lacs taking all existing critical illness cover policies including cancer cover and new proposal under consideration Payment of Claims by Claims Dept of LIC (Not by TPA) - Minimum Premium 2400 for all modes
- Waiting period 180 days
Tax Benefits:
- Tax Benefits under section 80D up to Rs.55,000
Keep in mind this is a special plan and hence you will get:
- No Surrender Value
- No Loan on Policy Applicable
- No Maturity value
- No Mode Rebate
Due to the rise in cancer cases, this policy will safeguard your life against unexpected Cancer diseases.
Example: Mr. Avinash Aged 25, opts for Cancer Care Plan for 10 years for 10 lakhs Sum Assured. After 2 years Avinash was diagnosed with early cancer detection. LIC pays 2.5 lacks to Avinash as a 25% Basic Sum Assured of 10 lakhs. Also, Avinash gets 3 years of Premium Holiday. So he does not have to pay a premium for the next 3 years.
If Avinash is Diagnosed again with the second stage within the policy period he will also get the rest of BSA (7.5 lahks as he already received a 25% benefit earlier) and all future premiums will be waived off.
In another scenario, If Mr. Avinash Does not diagnose with cancer throughout the policy term, He will not get any maturity benefit.
In conclusion, the LIC’s Cancer Cover (Plan No. 905) is a comprehensive health insurance plan that provides financial protection against the risk of cancer. With its comprehensive coverage, flexible premium payment options, and tax benefits, this plan is an excellent investment for anyone looking to secure their family’s financial future. As with all insurance policies, it is crucial to understand the plan’s terms and conditions thoroughly before purchasing it and to consult with a financial advisor if necessary.
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Answer to the above question of Mr Tabrej is mandatory. Awaiting reply.
What happenen if Avinash does not claim till whole term??? i.e. 10years??? Will all the money returned back to Avinash if there is no claimed or logged???
No, this policy has no maturity value. Hence he will not get anything.