LIC Cancer Cover – 905 – Details with Premium and Benefit Calculator

LIC Cancer Cover – Plan No 905 – All Details You Need To Know. Life Insurance Corporation of India has taken a revolutionary and pro-active step by introducing a health Insurance Plan exclusively for cancer care. The new plan LIC’s Cancer Care, which is expected to be launched soon shall become the second health plan available for sale form LIC after Jeevan Arogya.

LIC Cancer Cover – Plan No 905 is  a non-linked, regular premium payment health insurance plan which provides fixed benefit in case the Life Assured is diagnosed with any of the specified stage of Cancer during the policy term, subject to certain terms and conditions. Let us have a detailed look at the plan.

LIC Cancer Cover – Plan No 905 – Options available at the time of purchase.

The plan has two benefit options which have to be chosen by the proposer at the time of purchase of the policy. Premium rates shall vary depending on the option selected by the proposer.

Option I – Level Sum Insured

The Basic Sum Insured shall remain unchanged through out the policy term.

Option II Increasing Sum Insured

The Sum Insured increases by 10% of Basic Sum Insured each year for first five years starting from the first policy anniversary or until the diagnosis of first event of Cancer, which ever is earlier.

The video given below can give you a clear idea on the details of the plan..

LIC Cancer Cover – Plan No 905 – Summary of Benefits

Benefits provided in the policy depends on the severity of Cancer which is divided into two stages namely (A) Early stage cancer and (B) Major stage Cancer. The benefits are summarised below.

LIC Cancer Cover – Plan No 905 – Eligibility conditions and restrictions

LIC Cancer Cover – Plan No 905 – Premium and Benefit Calculator.

Premium and Benefit calculator of LIC’s Cancer cover can give you a clear idea on the premium and benefits of the plan as per the details submitted by you.

If you cannot view Cancer cover calculator here please click the link to open Premium and Benefit Calculator for LIC’s Cancer Cover

LIC Cancer Cover – Example of Benefits.

In order to understand the LIC’s Cancer Cover Plan at depth, let us consider an example of a person taking the plan. Let the details of the life assured to be as follows.

The benefits under the scheme varies depending on the type of cancer detected. As per the example, early stage cancer is detected on 3rd year and an amount equal to 25% of applicable sum insured (Rs.3,00,000) is paid immediately. The applicable sum insured is 12 lakh as the option selected is increasing sum insured. Further, premium will be waived for next 3 years.

As per the example, major stage cancer is detected in the 6th year. 100 % of the sum insured, less any amount already paid becomes payable. Thus if both major stage cancer and early-stage cancer happens to be affected to the policyholder, benefits will be as shown in the illustration. The applicable sum assured will be as per the rate applicable at the time of detection of early stage cancer.

Survival benefit of 1 % of the Sum Insured payable monthly shall also become payable for next 10 years, irrespective of the survival of the life assured.

Tax rebate u/s 80 D up to Rs. 55,000 available for the premium paid for LIC Cancer Cover.

LIC Cancer Cover – Plan No 905 – Some Important points to remember.

• No maturity, No death benefit, No surrender, no Loan.
• A waiting period of 180 days from Date of Commencement or date of revival.
• The minimum Survival period of 7 days. Nothing payable if the life assured dies within 7 days from diagnosis.
• Medical conditions caused by alcohol, drug, and AIDS will be excluded.
• Grace period will be for one month but not less than 30 days.

LIC Cancer Cover – Plan No 905 – The list and definitions of the Cancer covered under this plan:

I. Early Stage Cancer:

The diagnosis of any of the listed below conditions must be established by histological evidence and be confirmed by a specialist in the relevant field.
# Carcinoma-in-situ(CIS):
Carcinoma-in-situ means the presence of malignant cancer cells that remain with in the cell group from which they arose. It must involve the full thickness of the epithelium but does not cross basement membranes and it does not invade the surrounding tissue or organ. The diagnosis of which must be positively established by microscopic examination of fixed tissues.
# Prostate Cancer–early stage:
Early Prostate Cancer that is histologically described using the TNM classification as T1N0M0 with a Gleason Score 2 (two) to 6 (six).
# Thyroid Cancer – early stage:
All thyroid cancers that are less than 2.0 cm and histologically classified as T1N0M0 according to TNM classification.
# Bladder Cancer – early stage:
All tumors of the urinary bladder histologically classified as TaN0M0 according to TNM classification.
# Chronic Lympho cytic Leukaemia – early stage:
Chronic Lymphocytic Leukaemia categorized as stage 0(zero) to 2 (two) as per the Rai classification.
# Cervical Intra epithelial Neoplasia:
Severe Cervical Dysplasia reported as Cervical Intraepithelial Neoplasia 3 (CIN3) on cone biopsy.

LIC Cancer Cover – Plan No 905 – Exclusions (excluded from all early stage cancer benefits) :

# All tumors which are histologically described as benign, borderline malignant, or low malignant potential
# Dysplasia,intra-epithelial neoplasia or squamous intra-epithelial lesions
# Carcinomain-situ of skin and Melanomain – situ
# All tumors in the presence of HIV infection are excluded

II. 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.

The following are excluded from major stage cancer benefits (Exclusions):

# All tumors which are histologically described as carcinoma in-situ, benign, premalignant, borderline malignant, low malignant potential, neoplasm of unknown behavior, or non-invasive, including but not limited to: Carcinoma in-situ of breasts, Cervical dysplasia CIN-1, CIN-2 and CIN-3.
# Any non – melanoma skin carcinoma unless there is evidence of metastases to lymph 4 nodes or beyond;
# Malignant melanoma that has not caused invasion beyond the epidermis;
# All tumors of the prostate unless histologically classified as having a Gleason score greater than 6 or having progressed to at least clinical TNM classification T2N0M0
# All Thyroid cancers histologically classified as T1N0M0 (TNM Classification) or below;
# Chronic lymphocytic leukemia less than Rai stage 3
# Non-invasive papillary cancer of the bladder histologically described as TaN0M0 or of a lesser classification,
# All Gastro-Intestinal Stromal Tumors histologically classified as T1N0M0 (TNM Classification) or below and with mitotic count of less than or equal to 5/50HPFs;
# All tumors in the presence of HIV infection.

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