Novel LIC scheme to provide financial cover against cancer
New Delhi: To provide financial security to people against Cancer, LIC launched Cancer Cover Plan 905 on November 14, 2017.
It is a regular premium payment health insurance plan which provides financial protection in case the Life Assured is diagnosed with any of the specified Early and / or Major Stage Cancer during the policy term.
The policy can be purchased offline as well as online. It offers two benefit options i.e. Level Sum Insured, which would remain unchanged throughout the policy term; and Increasing Sum Insured,which would increase by 10 per cent of Basic Sum Insured each year for the first five years.
The Plan provides two types of benefits viz. Early Stage Cancer – In case of diagnose of this Cancer, 25 per cent of applicable sum insured shall be payable and premium for next three policy years shall be waived; and Major Stage Cancer – In case of diagnose of this cancer, 100 per cent of applicable sum insured less any previously paid claims in respect of Early Stage Cancer shall be payable. In addition to this, monthly income benefit of 1 per cent of Applicable Sum Insured shall also be payable for 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 Life Assured, the payment will be paid to his/her nominee.
The minimum age at entry has been kept at 20 years (completed) and maximum 65 years (last birthday) and the policy term is 10 to 30 years.
The basic sum insured ranges from Rs.10 lakhs to Rs.50 Lakhs. For this Plan there is no need of any medical test. As on July 31, 2018, LIC's Northern Zonal Office, New Delhi procured 8088 policies with Rs.306 lakhs first premium income out of which 4793 policies are under Cancer Cover Plan with Rs.205 Lakhs FPI. NZO has achieved 92 per cent growth in NOP and 124 per cent in FPI.
