LIC Cancer Cover – Plan No 905 is a non-linked, regular premium payment health insurance plan which provides fixed benefit in case the Life Assured is diagnosed with any of the specified stage of Cancer during the policy term, subject to certain terms and conditions. Let us have a detailed look at the plan.
Eligibility Conditions
Condition
|
Minimum
|
Maximum
|
Age at Entry
|
20 Years (Completed)
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65 Years (Last Birth Day)
|
Policy Term
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10 Years
|
30 Years
|
Cover Ceasing Age
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50 Years
|
75 Years
|
Basic Sum Assured
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Rs. 10,00,000
|
Rs. 50,00,000
|
Options
LIC Cancer Cover offers 2 plan options. The benefits will vary accordingly.
Option I - Level Sum Insured:
The Basic Sum Insured shall remain unchanged throughout the policy term. So if you choose a cover of Rs. 10 lakhs, it stays that way throughout the policy term.
Option II - Increasing Sum Insured:
The amount of cover increases by 10% of Basic Sum Insured every year for the first five years. In case the policyholder is diagnosed with cancer this increase will stop even within the first 5 years. So if you take a 10 lakhs cover, it will keep increasing by Rs. 1 lakh every year for 5 years (so it can go to a maximum of Rs. 15 lakhs). In case you are diagnosed with cancer after the increased cover has reached Rs. 13 lakhs, it would not increase in the next 2 years.
The benefits payable under the plan shall be based on the Applicable Sum Insured, where the Applicable Sum Insured shall be equal to-
- Option I - Basic Sum Insured for policies taken
- Option II - Basic Sum Insured during first year and increased sum insured thereafter
Benefits
The benefits are dependent of the stage of cancer which you have been detected with. They are as follows:
Early Stage Cancer
In case you are detected with Early stage cancer which are specified, you get the following benefits.
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, shall be waived from the policy anniversary coinciding or following the date of diagnosis.
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.
- 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 TaNoMo 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 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
Major Stage Cancer
In case you are detected with Major stage cancer which are specified, you get the following benefits.
Lumpsum Benefit: 100% of Applicable Sum Insured less any previously paid claims in respect of Early Stage Cancer is paid to you.
Income Benefit: 1% of Applicable Sum Insured shall be payable on each policy month following the payment of Lump Sum amount, 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.
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.
A malignant tumor characterized by the uncontrolled growth and spread of malignant cells with invasion and destruction of normal tissues. This diagnosis must be supported by histological evidence of malignancy. The term cancer includes leukemia, lymphoma and sarcoma.
The following are excluded from major stage cancer benefits (Exclusions):
- All tumors which are histologically described as carcinoma in situ, benign, premalignant, borderline malignant, low malignant potential, neoplasm of unknown behavior, or non-invasive, including but not limited to: Carcinoma in situ of breasts, Cervical dysplasia CIN-1, CIN -2 and CIN-3.
- Any non-melanoma skin carcinoma unless there is evidence of metastases to lymph nodes or beyond;
- Malignant melanoma that has not caused invasion beyond the epidermis;
- All tumors of the prostate unless histologically classified as having a Gleason score greater than 6 or having progressed to at least clinical TNM classification T2N0M0
- All Thyroid cancers histologically classified as T1N0M0 (TNM Classification) or below;
- Chronic lymphocytic leukaemia less than RAI stage 3
- Non-invasive papillary cancer of the bladder histologically described as TaN0M0 or of a lesser classification,
- All Gastro-Intestinal Stromal Tumors histologically classified as T1N0M0 (TNM
- Classification) or below and with mitotic count of less than or equal to 5/50 HPFs;
- All tumors in the presence of HIV infection.
Note:
- Early Stage Cancer Benefit shall be payable only once for the first ever event and Life Assured shall not be entitled to make another claim for the Early Stage Cancer of same or any other cancer. However, the coverage for the Major Stage Cancer under the policy shall continue until the policy terminates.
- Once a Major Stage Cancer Benefit is paid no payment for any future claims under Early Stage Cancer or Major Stage Cancer would be admissible.
- Total benefit under the Policy including Early Stage Cancer Benefit and Major Stage Cancer Benefit as specified above shall not exceed the maximum claim amount of 220% of Applicable Sum Insured.
- If the life assured claims for different stages of the same Cancer at the same time, the benefit shall only be payable for the higher claim admitted under the policy.
- If there is more than one Cancer diagnosed in an event, the Corporation will only pay one benefit. That benefit will be the amount relating to the stage of Cancer which has the highest benefit amount.
- Waiting Period in Cancer Cover Plan: 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.
- Survival Period in Cancer Cover Plan: 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.
Paid-up Value of LIC Cancer Cover: This policy shall not acquire any paid-up value.
Surrender Value of LIC Cancer Cover: No surrender value will be available under this plan.
Free look period: You have 15 days (30 days if policy is purchased Online) from the date of receipt of the policy bond stating the reasons of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium for the period on cover, (shall not be applicable during the waiting period) and charges for stamp duty.
Policy Loan: No loan facility will be allowed under this plan.
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