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LIC is launching another health insurance related plan called LIC Cancer Cover (Plan 905) on 14th Nov 2017. This is such second health insurance product launched by LIC. Let us see it’s features, benefits, and review.
Options in LIC Cancer Cover (Plan 905)
This product offers you two types of Sum Assured options. Also, your premium varies based on the option you choose. You have to choose this option at the time of buying this plan.
Option I – Level Sum Insured
The Basic Sum Insured shall remain unchanged throughout the policy term. Hence, the premium will also remain same throughout the policy period.
Option II – Increasing Sum Insured
The Sum Insured increases by 10% of Basic Sum Insured each year for first five years starting from the first policy anniversary or until the diagnosis of the first event of Cancer (whichever is earlier). On diagnosis of any specified cancer, all the claims payable shall be based on the Increased Sum Insured at the policy anniversary coinciding or prior to the diagnosis of the first claim and further increases to this Sum Insured will not be applicable
Hence, if you choose this second option, then the premium will not remain same throughout the policy period.
Benefits of LIC Cancer Cover (Plan 905)
The benefits under LIC Cancer Cover (Plan 905) is divided into two stages. Do remember that this is disease specific. Hence, if you suffer CANCER disease during the policy period, then only you will get the benefits.
There is no Surrender Value, No Loan Facility, and No maturity benefit. There are two classifications of benefit.
1. Early Stage Cancer
Benefits payable on the first diagnosis of any one of the specified Early Stage Cancers, provided the same is admissible are as below.
(a) Lump sum benefit-25% of Applicable Sum Insured shall be payable.
(b) 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.
c) After 3 years premium waiver, insured has to pay the premium regularly up to the policy period.
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.
2. Major Stage Cancer
Benefits payable on the first diagnosis of the specified Major Stage Cancer, provided the same is admissible are-
(a) Lump Sum-100% of Applicable Sum Insured less any previously paid claims in respect of Early Stage Cancer shall be payable.
(b) Income Benefit-In addition to above lump sum benefit, Income Benefit of 1% of Applicable Sum Insured shall be payable on each policy month following the payment of Lump Sum, 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.
(c) 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.
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.
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.