LIC Cancer Policy: LIC Cancer Cover Plan 905

The Life Insurance Corporation of India popularly known as LIC is the largest and oldest insurance company in India. LIC of India has launched the LIC Cancer plan in November 2017. In this post, let us take a look at the LIC Cancer Policy details – LIC Cancer Cover Plan 905.

Table of Contents

LIC Cancer Cover Plan 905

LIC Cancer policy is a non-linked, regular premium payment health insurance plan. The plan provides fixed benefit in case the Life Assured is diagnosed with any of the specified Early and/or Major Stage Cancer during the policy term.

Note that there is no maturity benefit or death benefit is payable under this plan. You can purchase this policy through offline as well as online mode. Log on to www.licindia.com to purchase the policy online.

Buy anywhere, anytime and make your finances immune to cancer. To know LIC Cancer Cover policy details, please read this post further.

Features of LIC Cancer Policy details

1. The plan is available offline as well as online mode. For online mode please visit the official website of LIC.

2. It is a long term, non-linked, non-participating, health insurance plan for various defined Cancer Conditions.

3. The proposal on own life ONLY will be considered for the LIC Cancer plan.

4. The cancer cover LIC plan is allowed only under non-medical.

5. LIC offers 7% rebate of Tabular Premium for policies purchased online.

Also Read: How to update Mobile Number and Email in LIC policy?

Also Read: Ways to Pay LIC Premium | LIC Premium Payment Options (Online and Offline)

Benefits of LIC Cancer Plan

Benefit Options

The LIC cancer insurance policy offers two benefit options which you can choose at the time of purchasing. The premium rates will depend on the option chosen by you.

Option I Level Sum Insured: In this option, the basic sum insured remains unchanged throughout the policy term.

Option II Increasing Sum Insured: In this option, the sum insured increases by 10% of the basic sum insured every year for the first 5 years or until the diagnosis of the cancer, whichever is earlier.

Benefits Payable

The following benefits are payable on the first diagnosis of any one of the specified Early/Major Stage Cancers.

Early Stage Cancer

1. Lump sum benefit of 25% of the applicable sum insured shall be payable to the insured.

2. Premiums for the next three years of policy or the remaining period of the policy whichever is lower shall be waived off from the policy anniversary or following the date of diagnosis.

Major Stage Cancer

1. Lump sum benefit of 100% of applicable sum insured less any claims paid previously in respect of Early Stage Cancer shall be paid.

3. Along with the above lump sum benefit, Income Benefit of 1% of the applicable sum insured paid on each policy month for a fixed period of the next ten years. In the event of the death of the Life Assured, while receiving this Income Benefit, the remaining payouts paid to his/her nominee.

4. All the future premiums waived off from the next policy year and the policy shall be free from all liabilities except the Income Benefit as specified above.

Maturity Benefit

There is no maturity benefit is payable under this plan.

Death Benefit

There is no death benefit is payable under this plan.

Eligibility for LIC Cancer Cover Plan 905

The following are the eligibility conditions for purchasing LIC Cancer Plan:

1. Minimum age at entry – 20 years (completed)

2. Maximum age at entry – 65 years (nearest birthday)

3. Minimum cover ceasing age – 50 years

4. Maximum cover ceasing age – 75 years

5. Minimum Sum Assured – Rs.10,00,000/-

6. Maximum Sum Assured – Rs.50,00,000/-

7. Minimum policy term – 10 years

8. Maximum policy term – 30 years

9. LIC Cancer Cover Premium (Minimum) – Rs.2400/- per annum

10. Mode of payment – Premiums are to be paid Half-Yearly or Yearly

11. Eligible life – LIC Cancer Plan is not allowed to NRIs & FNIOs. Cancer Cover LIC plan not allowed under Keyman and Partnership Insurance. But allowed under Employer-Employee schemes.

Cancer Cover LIC FAQs

The following are some FAQs about LIC Cancer Care policy:

1. Who should buy Cancer Cover?

People above 20 years with moderate to high income, who want a safety net to manage the financial strain that comes with cancer illness.

2. Why should you buy the Cancer Cover Policy of LIC online?

LIC of India offers 7% rebate of Tabular Premium for policies purchased online. It also saves your time and energy.

3. How can you make payment for the Cancer Policy LIC?

You can make payment through Debit/ Credit Card, Amex Card, Net Banking, UPI, IMPS, and e-wallets.

4. What are the Cancer types covered under Cancer Cover Policy LIC?

Early Stage Cancer

The following types are covers subject to conditions and other applicable exclusions.

1. Carcinoma-in-situ (CIS)

2. Prostate Cancer early stage

3. Thyroid Cancer early stage

4. Bladder Cancer early stage

5. Chronic Lymphocytic Leukaemia early stage

6. Cervical Intraepithelial Neoplasia

Major Stage Cancer

A malignant tumor characterized by the uncontrolled growth and spread of malignant cells with invasion and destruction of normal tissues. This diagnosis must be supported by histological evidence of malignancy. The term cancer includes leukemia, lymphoma, and sarcoma.

For more information about the types of cancer covered under this policy. Kindly click here to refer to the policy details.

5. Can a loan be taken under this policy?

The loan is not available under this policy.

6. When will the cover under the policy commence?

Cover commences after the waiting period of 180 days from the date of issuance of the policy is over.

For more information about this plan, click here.

Final Thoughts

Since the treatment of cancer is long-term in nature, it can be out of reach for most people due to huge expenses. In such difficult times, having a LIC Cancer Policy will help you and your family.

I hope now you are well versed with the important details of LIC Cancer Cover Plan 905. Now it is up to you to decide whether Cancer Cover LIC is suitable for you or not.