Launch Date | Table No. | UIN | Status |
4/10/2017 | 905 | 512N314V01 | Active |
Under this LIC cancer cover plan, an individual can choose a policy term from between 10 to 30 years. The type of sum assured is also selected from the options given below:
Option 1: A fixed basic sum assured throughout the policy term
Option 2: A basic sum assured which increases by 10 % for first five years or until the first detection of cancer. If detected within the first five years then an early stage diagnosis benefit is provided.
Depending upon the sum assured chosen, and on applicable sum assured the benefit is calculated. Benefits are offered on type of cancer stage diagnosis.
Besides the lumpsum paid, the individual also gets 1% of the applicable sum assured every month for the next 10 years. If the individual dies then his nominee is paid for the next 10 years. Also, if opted for premium waiver rider is added then all the remaining premiums are waived off.
During the policy term, on diagnosis of any stage of cancer, the individual should live for 7 days to receive the benefits. The total claim of the benefit of the cancer cover including both the stages of cancer should not be greater than 220% of the applicable Sum assured. Once the policy term gets over, if the individual gets well or if cancer isn’t detected during the policy term, he doesn’t get any maturity benefit.
Let us understand this by an illustration,
Consider,
Person’s age: 35
Policy term: 30 years
Sum Assured: Rs 50 lakhs
Consider a 35 year old, who chooses increasing (for first five years) sum assured of Rs 50 lakh for 30 years cancer cover plan. During the 5th year of the policy term when he is diagnosed with a an early stage of cancer then he gets Rs 1750000 (25% of the applicable sum assured 70 lakh) and since he has opted for the premium waiver rider, for next three years his premium is waived off with the continuation of the cancer cover for the remaining years. At the 25th year of policy term, if he further gets diagnosed with a major stage of cancer, then he receives the remaining 75% of the applicable sum assured of Rs 5250000 immediately and gets Rs.70000 (1% of Rs 70 lakh) every month for 10 years. If his death occurs during this ten year period, then his nominee gets that Rs 70000 till the completion of ten years.
Premium Waiver off Rider: Premiums for next three policy years or balance policy term whichever is lower, shall be waived from the policy date coinciding with or following the date of diagnosis.
Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.
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