In today’s busy life, people often get sick. If you look at the present statistics, cancer has spread very fast in the country. On the other hand, the treatment of this disease is also very expensive. The cost of treating this disease varies from INR 5 lakh to INR 50 lakh due to age. In such a situation, the accumulated capital of man’s life is spent in the treatment of this disease. In view of this, LIC has launched a LIC cancer cover scheme.
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What is LIC Cancer Cover Plan?
LIC has introduced LIC Cancer Cover Policy. The special feature of this policy is to give you protection from major diseases. According to the information given on LIC’s site, you can take a cover of a deadly disease like cancer by paying a little less than 300 rupees a month, i.e. INR 3,380/- in a year in LIC Cancer Cover Policy.
The name of this scheme is ‘LIC Cancer Cover Plan 905’. It is a non-linked regular premium payment scheme.
Brief information on LIC Cancer Cover Plan 905:
Minimum Entry Age At The Time Of Admission: 20 years
Maximum Entry Age At Entry: 65 years
The maximum Age at Maturity: 50 years
Maximum Age At Maturity: 75 years
Minimum Basic Sum Insured: INR 10 Lakh
Maximum Basic Sum Insured: INR 50 Lakh
Minimum Policy Term: 10 years
Maximum Policy Term: 30 years
The policy will be paid only after the diagnosis of cancer.
There is no maturity benefit in this plan.
You cannot take a loan with this plan.
You’ll not get any benefit by surrendering the policy.
You will get a 7% discount on buying the policy online.
What Are The Benefits Of LIC Cancer Cover Plan?
You will get benefits under the LIC Cancer Cover plan 905 only when you have a diagnosis of cancer. Now cancer can be diagnosed in 2 stages.
- Early Stage Cancer or
- Major / advanced Stage Cancer
Payment from the policy depends on which stage your diagnosis has been made.
You should read the sample policy of LIC Cancer Cover plan 905 thoroughly and know what Early Stage Cancer is and what Major Stage Cancer is.
Early Stage Cancer Benefit
25% of the sum insured will be given to the policyholder.
For the next 3 years, the premium will be waived.
Note that you can take the Early Stage Cancer Benefit only once in the entire policy period. Next time if you have a diagnosis of Early Stage Cancer, then nothing will be received from the policy.
After you take the benefit, your insurance amount will be reduced from the payment amount.
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Major Stage of Cancer Benefit
Lump-Sum Benefit: 100% insurance amount will get back to the policyholder. If the amount has been given earlier as an early-stage cancer benefit, then that amount will be reduced.
Income Benefit: 1% of the sum assured will get back to the policyholder every month for 10 years. Even after your death, your nominee will continue to receive this amount.
Premium Waiver Benefit: After this, you do not have to pay any premium.
Once you have taken Major Stage Cancer Benefit, then you cannot take Early Stage Cancer Benefit.
You can understand that as soon as you have Major Stage cancer benefit, after that your policy will end. Just continue to get Income Benefit.
Pay Attention To These Things As Well
If you do not get cancer by the end of the policy term, you will not get anything.
In case the policyholder goes through diagnosis with cancer within 180 days of purchasing the policy, nothing will be paid from the policy.
If the policyholder dies within 7 days of the diagnosis of cancer, nothing will be paid from the policy. And thus this period (7 days) has called Survival period under the plan.
You can also buy LIC cancer plan online. So, you will get a 7% discount on purchasing the policy online.