LIC Cancer Cover is a regular premium, non-participating, non-linked health insurance plan that offers financial protection in the event that the life assured is diagnosed with any of the designated major or early stages of the disease.
UIN: 512N314V03; LIC Cancer Cover (An individual, non-linked, non-participating health insurance plan
Cancer, a formidable adversary, affects countless lives in India and worldwide. It’s a group of diseases characterized by uncontrollable cell growth, impacting health and finances alike.
Enter LIC Cancer Cover Plan – a comprehensive shield against the daunting costs of cancer treatment.
From surgeries to chemotherapy, this plan ensures you focus on healing, not expenses.
Consider this: In India, over a million new cancer cases are diagnosed each year, with 70% detected in advanced stages.
Right when you need it most, LIC Cancer Cover Plan provides assistance for the duration of your cancer journey.
Selecting LIC Cancer Cover Plan gives you the financial security to fight cancer head-on and is a proactive investment in your health and well-being. You have support from LIC; you are not alone.
Give your family and yourself the tools they need for a healthy future. Select the Cancer Cover Plan offered by LIC and move forward with assurance.
Both directly online through a website and offline through brokers, corporate agents, licensed agents, and insurance marketing firms are options for purchasing the coverage.
There are two benefit alternatives available under the plan, giving you the freedom to select the type of Sum Insured at the outset.
Option I Level Sum Insured:
For the duration of the policy, the Basic Sum Insured will not fluctuate.
Option II: Increasing Sum Insured:
For the first five years following the first policy anniversary or until the first incident of cancer is diagnosed, whichever comes first, the Sum Insured rises by 10% of the Basic Sum Insured annually. When any of the designated cancers listed in Paragraph 1 are diagnosed, all claims will be based on the Increased Sum Insured at the policy anniversary that falls on or before the initial claim’s diagnosis; further increases to this Sum Insured will not be applicable.
The Applicable Sum Insured, which is determined by either:
The Basic Sum Insured for policies taken under Option I; or The Basic Sum Insured during the first year and Increased Sum Insured thereafter, in accordance with the provisions detailed in Option II, will determine the benefits payable under the plan.
The alternatives should be carefully selected based on each person’s unique needs, as the plan’s premium and benefits will change based on the option selected and cannot be changed afterwards.
1. BENEFITS OF LIC CANCER COVER 905 :
Under an active insurance, the following benefits are payable during the policy year:
A. Early Stage Cancer:
The following benefits are payable upon initial diagnosis of any of the listed Early Stage Cancers, if the condition is acceptable:
(a) One-time payout:
25% of the total amount of applicable insurance will be given.
(b) Premium Waiver Benefit:
Starting on the policy anniversary that falls on or after the date of diagnosis, premiums will not be required for the next three policy years or the remaining policy term, whichever is lower.
Coverage of Early Stage Cancers:
Any of the disorders below must have a confirmed diagnosis by a professional in the relevant field and be supported by histological evidence.
• In situ carcinoma (CIS):
The term “carcinoma-in-situ” refers to the existence of cancerous cells that have returned to their original cell group. The entire thickness of the epithelium must be affected, but it cannot penetrate basement membranes or infiltrate nearby tissue or organs.
whose diagnosis needs to be conclusively proven through microscopic analysis of preserved tissues.
• Prostate cancer, early stage:
Prostate cancer, early stage, Gleason Score 2 (two) to 6 (six), and histologically classified as T1N0M0 according to the TNM classification.
• Thyroid Cancer – Early Stage:
Any thyroid malignancies with a histological classification of T1N0M0 and a size less than 2.0 cm as per TNM classification.
• Early-stage bladder cancer:
All tumors of the urinary bladder that meet the TNM classification criteria are histologically categorized as TaN0M0.
• Early stage chronic lymphocytic leukemia:
According to the Rai classification, chronic lymphocytic leukemia is classified as stage 0 (zero) to stage 2 (two).
• Cervical Intraepithelial Neoplasia:
A cone biopsy revealed that the patient had Cervical Intraepithelial Neoplasia 3 (CIN3) due to severe cervical dysplasia.
All early stage cancer benefits (Exclusions) expressly exclude the following:
• Any tumors with a histological classification of benign, malignant-borderline, or low propensity for malignancy
• Skin cancer and melanoma in situ; Dysplasia, intra-epithelial neoplasia, or squamous intra-epithelial lesions;
B. Major Stage Cancer:
If the designated Major Stage Cancer is admissible, the following benefits are available at initial diagnosis:
(a) Lump Sum:
The entire applicable sum insured, less any claims that have already been settled, will be paid out in relation to early-stage cancer.
(b) Income Benefit:
In addition to the lump sum benefit mentioned above, an income benefit equal to 1% of the applicable sum insured will be paid out on a monthly basis for the next ten years after the lump sum is paid. This benefit will be paid out for the full ten years, regardless of whether the life insured survives and even if the ten years exceeds the policy term. The Life Assured’s nominee will get any remaining payouts in the event that they pass away while receiving this Income Benefit.
(c) Premium Waiver Benefit:
The policy will be free from all liabilities, with the exception of the previously mentioned Income Benefit, and all future premiums will be waived starting with the following policy anniversary.
Covered major stage cancers:
a cancerous tumor that invades and destroys healthy tissues as a result of the unchecked growth and spread of cancerous cells. The diagnosis of malignancy must be backed by histological evidence. Cancer encompasses sarcoma, lymphoma, and leukemia.
Benefits for major stage cancer are not available to the following people (Exclusions):
- All tumors that are histologically classified as benign, premalignant, borderline malignant, low malignant potential, neoplasm of undetermined behavior, or non-invasive; they include, but are not limited to, cervical dysplasia CIN-1, CIN-2, and CIN-3, as well as carcinoma in situ of the breasts.
• Malignant melanoma that has not invaded beyond the epidermis; • Any non-melanoma skin cancer, unless there is evidence of metastasis to lymph nodes or beyond;
• Any prostate tumor, unless it has progressed to at least clinical TNM classification T2N0M0 or is histologically identified as having a Gleason score higher than 6.
• T1N0M0 (TNM Classification) or lower is the histological classification for all thyroid malignancies;
• Chronic leukemia with a RAI stage lower than three
• All gastrointestinal stromal tumors with a mitotic count of less than or equal to 5/50 HPFs that are histologically classified as T1N0M0 (TNM Classification) or below; • Non-invasive papillary carcinoma of the bladder that is histologically defined as TaN0M0 or of a lower classification;
Benefit restrictions and limitations:
(i) The Early Stage Cancer Benefit will only be paid out for the initial incident, and the Life Assured will not be allowed to file a claim for the Early Stage Cancer of that or any other cancer again. Nonetheless, the policy’s coverage for major stage cancer will last until the policy’s expiration.
(ii) No payment for any subsequent claims under Early Stage Cancer or Major Stage Cancer would be permitted once a Major Stage Cancer Benefit is paid.
(iii) The total benefit under the policy, which includes the major stage cancer benefit and early stage cancer benefit as mentioned above, cannot exceed the 220% applicable sum insured maximum claim amount.
(iv) The benefit will only be paid for the larger claim that is accepted under the policy if the life assured makes claims for various stages of the same cancer at the same time.
(v) The Corporation will only provide one benefit in the event that multiple cancer diagnoses are made. The benefit associated with the cancer stage that has the largest benefit amount will be that benefi
2. WAITING PERIOD:
From the date of policy issue or the date of risk cover reactivation, whichever comes first, until the initial diagnosis of any stage of cancer, there will be a 180-day waiting period. Here, “any stage” refers to any stage of cancer that manifests itself while you’re waiting.
If any stage of cancer develops before 180 days have passed since the policy’s issuance date or the date of revival, no benefits will be paid and the insurance will terminate.
3. SURVIVAL PERIOD:
If the Life Assured passes away within seven days of receiving a diagnosis of any of the designated Early stage Cancer or Major Stage Cancer, no payment will be paid. The date of diagnosis is included in the seven-day survival span.
4. CRITERIA FOR Eligibility AND ADDITIONAL LIMITATIONS:
The minimum age required to enter the policy is 20 years old (completed).
b. The maximum age required to enter the policy is 65 years old (last birthday).
c. The minimum policy term is 10 years.
d. The maximum policy term is 30 years.
e. 50 years is the minimum age at maturity (f) and
f. 75 years is the maximum age at maturity (g).
g. Minimum Premium for all modes: Rs. 5,000/-per annum
(h) Rs. 35,00,000 is the minimum basic sum insured for individuals aged 20 to 34.
Rs. 25,00,000 for those between the ages of 35 and 40
Rs. 15,00,000 for people between the ages of 41 and 65
(i). 50,00,000 is the maximum basic sum insured.
The total limit of Rs. 50 lakhs will apply to the maximum Basic Sum Insured under this plan (including previous versions with UIN 512N314V01 and UIN 512N314V02), considering the new proposal’s Cancer Cover Sum Insured as well as all active Critical Illness Cover policies, including Cancer Cover.
There can only be multiples of Rs. 1,00,000/-for the Basic Sum Insured.
5. PREMIUM PAYMENT:
Throughout the duration of the policy, premiums may be paid on an annual or half-yearly basis.
6. GRACE PERIOD:
From the date of the first unpaid payment, all yearly and half-yearly modes are eligible for a 30-day grace period. The Policy lapses and all benefits payable under this plan will stop if the premium is not paid before the days of grace expire.
7. SAMPLE PREMIUM RATES:
For the first five years following the policy’s issuing date, the premium rates under this plan are guaranteed. Future years’ premium rates may change based on the Corporation’s experience with this plan and with at least ninety days’ notice to the policyholder.
The following are the sample tabular annual premium prices (in Rs.) for plans to be sold offline (without CIS) every Rs. 1000/-sum insured (without applicable taxes, if any):
8. REBATE/LOADING:
Mode of Loading
Half-yearly mode – 0 Yearly mode 2-Tabular Premium
High-Amount Insured Bonus: – No Refund for plans purchased online; 7% of the total premium
9. REVIVAL:
The policy will expire if premiums are not paid by the conclusion of the grace period.
shall expire. During the life of the life assured, a lapsed policy may be reinstated, provided that it is done so no later than five years from the date of the first unpaid premium and, if applicable, before the date of maturity. The resurrection will take place upon fulfillment of the Continued Insurability of the Life Assured based on information, payment of all outstanding premium arrears, plus interest compounded half yearly at a rate set by the Corporation from time to time, papers and reports that are currently on file, as well as any more data in this area that the policyholder or life insured provides if and when it becomes necessary in line with the Corporation’s underwriting policy at the time of revival.
Nonetheless, the Corporation retains the power to approve a discontinued policy at its original terms, approve it with modifications, or reject it altogether. The discontinued policy can only be revived if it is approved, accepted, and granted a revival receipt by the Corporation.
The exclusions, waiting time, and survival period outlined in this booklet will all be applicable to resurrection.
10. PAID-UP insurance:
This insurance does not include any paid-up value additions.
11. SURRENDER:
There is no surrender value offered by this strategy.
12. POLICY LOAN:
No loan facilities will be allowed under this plan.
13. TAXES:
If any mandatory taxes are levied on these insurance policies by the Indian government or any constitutional tax authority, they will be paid in accordance with current tax laws and rates that may be relevant.
The policyholder will be responsible for paying the applicable taxes, which will be collected separately on top of the premiums that the policyholder is required to pay, in accordance with the current rates. The amount of tax paid will not be taken into account when determining the benefits that the plan pays out.
For information on the benefits of income tax and its consequences on the premiums paid and benefits payable under this plan, please speak with a tax professional.
14. FREE LOOK PERIOD:
The policyholder has thirty days from the date of receipt of the policy bond in either physical or electronic form to return the policy to the Corporation with a statement outlining any complaints if the “Terms and Conditions” of the policy do not satisfy them. Upon receipt of the same, the Corporation will terminate the insurance and reimburse the premium deposit amount, less any applicable stamp duty charges and the proportionate risk premium for the duration of the policy (which will not apply during the waiting period).
15. EXCLUSIONS:
If any of the following circumstances result in the covered conditions, either directly or indirectly, the Corporation will not be responsible for paying any benefits under this product, and the policy will be canceled.
(a) Any pre-existing conditions;
(b) If a cancer diagnosis was made within 180 days of the policy’s issue date or the date the risk cover was revived, whichever comes first;
(c) For any medical condition or operation resulting from the donation of any organ by the life insured;
(d) For any medical conditions the life insured experiences or procedures they undergo, provided that the condition or procedure was caused, either directly or indirectly, by alcohol or drugs (unless prescribed by a licensed medical professional).
(e) For any medical condition or operation resulting from radioactive contamination; for any accident resulting from radioactive contamination; or for the radioactive, explosive, or hazardous nature of nuclear fuel materials or property affected by them.
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