LIC Cancer Cover (Plan 905)
Features, Benefits and Review
LIC also Started one health insurance plan Lic’s Health or Medical Insurance Policy This plan is comprehensive health insurance plan.
Now Lic is launching a disease-specific health insurance plan. This is called as Lic Cancer Cover (Plan 905). This is a non-linked (traditional), regular premium payment health insurance plan which provides fixed benefit in case the Life Assured is diagnosed with any of the specified stages of Cancer during the policy term .
LIC Cancer Cover (Plan 905) for Eligibility
|Entry Age||20 years||65 years|
|Policy Term||10 years||30 years|
|Cover Ceasing Age||50 years||75 years|
Options in LIC Cancer Cover (Plan 905)
Option I – Level Sum Insured
Basic Sum Insured shall remain unchanged throughout the policy term. Hence, the premium will also remain same throughout the policy period.
Option II –Sum Insured Increasing
Sum Insured increases by 10% of Basic Sum Insured each year for first 5 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
The benefits payable under the plan shall be based on the Applicable Sum Insured, where the Applicable Sum Insured shall be equal to- The Basic Sum Insured for policies taken under Option I;
Basic Sum Insured during first year and Increased Sum Insured thereafter, as per the prov
isions detailed in Option II.