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Cancer Cover Plan

LIC Cancer Cover Plan

This is a fixed benefit health plan offering payouts for treatment of cancer. In case the customer is diagnosed with cancer, this plan will offer benefits irrespective of the costs incurred in the treatment. LIC Cancer Cover provides protection in case of Early Stage and Major Stage Cancer.

LIC Cancer Cover Plan Options

  • 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.

LIC Cancer Cover Policy Benefits

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.

Major Stage Cancer
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.

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