LIC has introduced a new plan specific to cancer care. Cancer Cover Plan No.905 is a non-linked regular premium paying Health Insurance plan. This scheme provides fixed benefits on cancer detection of the first stage and second stage.
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 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)
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 disease.
Example: Mr. Avinash Aged 25, opts for Cancer Care Plan for 10 years for 10 lakhs Sum Assured. After 2 years Avinash diagnosed with early cancer detection. LIC pays 2.5 lakh to Avinash as 25% Basic Sum Assured of 10 lakhs. Also, Avinash gets 3 years Premium Holiday. So he does not have to pay a premium for the next 3 years.
If Avinash Diagnosed again with the second stage within the policy period he will also get the rest of BSA (7.5 lakh as he already received 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.
Share this policy on with others so others can also take benefit of this scheme.
LIC Flexi Plus (Table No. 811) not only provides lump sum benefit on the death of policyholder but also the maturity benefit irrespective of the survival of the Policyholder. This policy provides protection and long-term savings both at the same time.
Features at glance :
Flexibility term 10-20 years
Flexibility premium paying mode
Fund types: Debt Fund and Mixed Fund
Partial withdrawals in case of emergency
Anyone between 18-50 years old can buy this plan.
Flexible premium Rs.15000-Rs.1,00,000
10 times sum assured of your annual premium
Premium: You may pay premiums regularly at yearly, half-yearly, quarterly, or monthly (through ECS mode).
Eligibility Conditions And Restrictions for LIC Flexi Plus:
Minimum Age at entry: 18 years (last birthday)
Maximum Age at entry: 50 years (nearest birthday)
Maximum Maturity Age: 60 years (nearest birthday)
Policy Term: 10 to 20 years
Partial Withdrawals: You may encash the units partially after the fifth policy anniversary and provided all due premiums have been paid subject to the following:
Partial withdrawals may be in the form of a fixed amount or in the form of a fixed number of units.
Partial withdrawal shall be allowed subject to a minimum balance of two annualized premiums in the Policyholder’s Fund.
Fund Types:
Debt fund
Mixed Fund
Debt Fund:
Investment in Government / Government Guaranteed Securities / Corporate Debt: Not less than 60%
Short-term investments such as money market instruments: Not more than 40%
Investment in Listed Equity Shares: Nil
Details and objective of the fund for risk /return: Low risk
Short-term investments such as money market instruments: Not more than 40%
Investment in Listed Equity Shares: Not less than 15% & Not more than 25%
Details and objective of the fund for risk /return: Steady Income –Lower to Medium risk
Premium:
Mode
Minimum (Rs.)
Maximum (Rs.)
Yearly
15,000
100,000
Half-Yearly
10,000
50,000
Quarterly
5,000
25,000
Monthly (ECS)
2,000
8,000
Premium Allocation Charges
Premium
Allocation Charge
1st Year
7.50%
2nd to 5th Year
5.00%
Thereafter
3.00%
Mortality Charge:
Age
25
35
45
50
Rs.
1.36
1.66
3.73
6.29
Fund Management Charge:
0.50% p.a. of Unit Fund for “Debt” Fund
0.60% p.a. of Unit Fund for “Mixed” Fund
Policy Administration Charge: Policy Year Policy Admin Charge (per month) 1st Year Rs. 50 2nd Year Rs. 41.20 3rd Year Rs. 42.44 4th Year Rs. 43.71 5th Year Rs. 45.02 6th Yr onwards Rs. 34.78 in 6th year escalating at 3% p.a. thereafter.
In case, you discontinue the policy, here are the charges:
Where the policy is discontinued during the policy year
Discontinuance charges for the policies having annualized premium up to Rs. 25,000/-
Discontinuance charges for the policies having annualized premium above Rs. 25,000/-
1
Lower of 15% * (AP or FV) subject to a maximum of Rs. 2500/-
Lower of 6% * (AP or FV) subject to a maximum of Rs. 6000/-
2
Lower of 7.5% * (AP or FV) subject to a maximum of Rs. 1750/-
Lower of 4% * (AP or FV) subject to maximum of Rs. 4000/-
3
Lower of 5% * (AP or FV) subject to a maximum of Rs. 1250/-
Lower of 3% * (AP or FV) subject to maximum of Rs. 3000/-
4
Lower of 3% * (AP or FV) subject to a maximum of Rs. 750/-
Lower of 2% * (AP or FV) subject to maximum of Rs. 2000/-
5 and onwards
NIL
NIL
Sum Assured under the LIC Flexi Plus Plan:
10 times your annual premium or 105% of the total premiums paid including any premiums which have fallen due but not paid, whichever is higher.
Example: If 30 years old Mr. Raj buys Flexi Plus for 10 years term and pays a yearly premium of Rs.15,000/- he will get the sum assured of Rs.1.5lakh.
Scenario 1: Mr. Raj dies within 10 years while the policy is in force, his nominee will get Rs.1.5 lakh (15000*10) plus all the future premium will be paid by LIC and his policy will continue till maturity. On Maturity, his nominee will again get the fund value depending on the market NAV.
Scenario 2: Mr. Raj survives till maturity, he will get the fund value.
Update: LIC Flexi Plus Table No. 811 Has Been Discontinued.
LIC’s new health insurance Jeevan Arogya (Plan No. 903) provides fixed benefits for hospitalization and almost all types of surgical procedures. Jeevan Arogya can cover all your family members.
Lump-sum benefit irrespective of actual medical costs
No claim benefit
Flexible benefit limit to choose from
Flexible premium payment options
Benefits Under Jeevan Arogya:
Hospital cash benefit (HCB)
Major Surgical Benefit (MSB)
Day Care Procedure Benefit
Ambulance Benefit
Premium waiver benefit
Other Surgical Benefit
Other Optional benefits(PWB)
Hospital cash benefit (HCB)
1. HCB (Within India only) is payable on per day basis. Double the cash benefit for ICU. 2. Max 30 days hospitalization & not more than 15 days in ICU (2 times HCB) for 1st policy year for each one 3. Max 90 days and incl not more than 45 days in ICU in the 2nd year onwards for each insured 4. Limited to a max of 720 days (incl of 360 days for ICU) during the entire policy term for each insured 5. HCB to increase 5% till it reaches 1.5 times And arithmetic addition of an amount equal to “No Claim Benefit” 6. Stay in Hospital exceeds a continuous period of 24 yrs or part thereof thereafter. Stay more than 7 days even for 1s 24 hours also payable.
Major Surgical Benefit (MSB)
1. Quick Cash facility: 50% of eligible MSB amount subject to approval from TPA in select Hospitals 2. MSB shall be a percentage of Sum Assured and is payable regardless of actual costs incurred 3. Rs. 1000/- towards Ambulance expenses 4. Premium Waiver benefit for next one year 5. Surgery within India.
Day Care Procedure Benefit
1. If a DCPB is performed, no HCB shall be paid 2. DCPB is payable as one lump sum and proof of surgery is required 3. All surgical procedures should be done by a Physician or Surgeon, to the satisfaction of the Corporation 4. No transfer of leftover benefit to other insured.
Other Surgical Benefit
1. OSB is payable as a daily benefit 2. Proof of surgery done by a Physician or Surgeon, is subject to the satisfaction of the Corporation 3. No transfer of leftover benefit to other insured 4. Surgery required but not listed under MSB or DCPB
Term Rider Benefit
Min Term Assurance SA: Rs. 100000/-
Max Term Assurance SA: Equal to MSBSA
Min Entry Age: 18 Years completed
Max Entry Age: 50 Years NBD
Max Maturity Age: 60 Years NBD
Max Term: 35 Years
Death Benefit: No death benefit unless Term Assurance Rider benefit is opted for.
Other details:
1. Premium guaranteed for first 3 years and maybe revised after every 3 years based on Health conditions 2. All existing members must be added in the first instance. New members can be added through Childbirth (Children)-3 Months, Marriage (Spouse, Parents-in-law)- 6 Months from next Policy anniversary.
Update: Jeevan Arogya Plan No. 903 Has Been Discontinued.
LIC Samridhi Plus with a policy term of 10 years that offers payment of Fund Value at the end of the policy term based on the highest Net Asset Value (NAV) over the first 100 months of the policy or the NAV as applicable at the end of the policy term, whichever is higher. The premium payment under this plan is limited to single or 5 years. The policyholder can choose the level of cover within the limits, depending on his/her age.
Benefits payable on death:
The nominee will get Sum Assured or Policyholder’s Fund Value whichever is higher
Maturity Benefit:
Highest NAV Fund Value Or Maturity Fund Value Whichever is higher.
Guaranteed NAV:
In this plan, there is a guarantee of the highest NAV recorded on a daily basis, in the first 100 months of the policy, subject to a minimum of Rs. 10/-. The guarantee will be applicable only for units available in the policyholder’s fund at the end of the policy term. The period to be counted for a guarantee of NAV shall be 100 months from the date of commencement of the policy.
Eligibility condition and restrictions for LIC Samridhi Plus
a) Minimum Basic Sum Assured:
5-year Premium paying term policies:
For age at entry below 45 years: 10 times the annualized premium
For age at entry 45 years and above: 7 times the annualized premium
Single-Premium:
For age at entry below 45 years: 1.25 times the single premium
For age at entry 45 years and above: 1.10 times the single premium
b)Maximum Basic Sum Assured:
5 years Premium paying term policies:
For age at entry below 45 years: 20 times the annualized premium
For age at entry 45 years and above: 10 times the annualized premium
Single-Premium Policies:
5 times the Single premium, if the age at entry is upto 55 years.
1.25 times the Single premium, if the age at entry is 56 to 65 years
Top-up: No Top-up shall be allowed under the plan.
Entry age: 8-65 years
Maturity age: 18-75 years
Policy Term 10 yrs
Premium paying term: 5yrs or single premium
Minimum Premium:
Yearly Premium: Rs.15000/-
Half Yearly: Rs.8,000/-
Quarterly: Rs.4,000/-
ECS Monthly Rs.1500/-
Min. Single Premium: Rs.30,000/-
Maximum premium:
Single-Premium: No Limit
Regular Premium: 1 lac p.a.
Benefit illustration (Assuming Gross Interest Rate of 10% P.a.)
Age: 30 years
Sum Assured: Rs.200000/-
Policy Term: 10 years
Premium: Rs.20000/- p.a.
Premium Paying Term: 5 years
Maturity Amount: Rs.1,73,355/-
Accident Benefit:
Accident Benefit is available at an extra Rs.0.50 per thousand Sum Assured
Premium Allocation Charge:
For Single premium policies: 3.3%
For Regular premium policies:
Premium
Allocation Charge
First-year
6%
2nd-5th year
4.50%
Other Charges:
Policy Administration charge: Rs. 30/- per month during the first policy year and Rs 30/- per month escalating at 3% p.a. thereafter, throughout the term of the policy.
Fund Management Charges (FMC): 0.90% p.a
Guarantee Charge: 0.40% p.a
Last Date: 24th May 2011
Update: Samridhi Plus Table No.804 Has Been Discontinued
Note:
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.
ULIPs and mutual funds are similar types of investments but not the same. As we know mutual funds are more into investments; whereas ULIPs are into investments as well as insurance. When we look into the basic concept the difference between the two is very small, and mainly consists of product structure and risk coverage.
The basic difference evolves regarding its regulation. The ULIPs are regulated by the IRDA, whereas mutual funds are regulated by the SEBI. Then the other important aspect is when we look from an industrial point of view, the main focus of mutual funds is on low costs while the main focus for the ULIPs lies in the better performance and the distribution of its products. The other aspect includes flexibility, in this case, a ULIP allows us to increase our life cover, and at the same time are premiums rates remain the same. This is achieved by reducing our investments. On the other hand, you don’t get any life cover in mutual funds. The only option we are left with is purchasing a new insurance policy which would ultimately lead to additional cost.
The other important point to be focused on involves that even if the costs of the investments in ULIPs are more compared to Mutual funds, the ULIPs offer better products that are suited for long-term investments, whereas mutual fund products can only be used for sole purposes or short term returns. And one more point which acts as a beneficiary in terms of insurance is, that we do not receive any insurance cover in mutual funds whereas we receive insurance cover in ULIP plans.
Mutual Funds and ULIPs both are subject to market risks; if something unfortunate happens to an investor, the family or nominee will receive only fund value. On the other hand, ULIPs will give your family a guaranteed sum assured in case of the death of the policyholder.
As these investments are the most preferred investment options to invest. even a small drawback somewhere makes a strong impression in our minds. So in the case of ULIPs vs Mutual funds, if we notice, ULIPs are more preferable even if both stand at the same level. Somewhere when we equate both the investment options ULIPs are more beneficial as well as flexible as per our requirements.
