LIC recently introduced a comprehensive cover for meeting all your cancer related expenses in case you as a life assured is diagnosed with an early-stage or major cancer health issue.\
Any individual aged between 20 and 65 years can buy the cancer cover for the sum assured value between Rs. 10 lakh and Rs. 50 lakh.
For the premium payment annual and high-yearly modes are available.
Premium shall be decided based on the entry age of the proposer and shall remain unchanged until 5 years.
For the payment or if sum assured amount is claimed- Two options are there, sum assured value or increasing sum assured by 10% of the basic sum assured value for 5 years.
Waiting period of 180 days is applicable from the date of issuance of the policy cover of renewal of the plan whichever is later in case the person insured is diagnosed with any stage of cancer.
Some of the favourable points to note
Premium for the cancer cover shall be less as it functions a typical term life plan with no maturity benefit, surrender value or loan value.
Also, through online purchase, individuals can save upto 7% on the premium cost.
Benefit is payable only if the insured is diagnosed with cancer and more so in the event if major Cancer issue is found then future premiums are waived off. Other than this 1% of the sum assured shall be payable for the rest 10 years irrespective of the policy term.
Few drawbacks of the plan
1. Unlike the health insurance plans which are family floater in nature and can cover all family members this plan has to be bought at an individual level.
2. In case if the person is diagnosed with 2 cancers then LIC will pay for the claim depending on the life stage with the highest benefit.
3. In respect of the early-stage cancer, claim can be made only once