LIC Cancer Cover Plan 905
LIC Cancer Cover Plan 905 is a regular premium health insurance plan which can provide financial protection in case the Life Assured is diagnosed with any of the Early and/or Major Stage Cancer during the term of the policy .
LIC Cancer Cover Plan 905 offers two benefit options and you have the flexibility to choose the type of Sum Insured at the time of buying LIC’s Cancer Cover Plan 905.
Level Sum Insured: In this option The Basic Sum Insured shall remain unchanged throughout the policy term of LIC Cancer Cover Plan 905.
Increasing Sum Insured: In this option, The Sum Insured increases by 10% of Basic Sum Insured each year for the first five years starting from the first policy anniversary or until the diagnosis of the first event of Cancer, whichever is earlier. On diagnosis of any specified Cancer as mentioned in Para 1, all the claims shall be based on the Increased Sum Insured at the policy anniversary coinciding or prior to the diagnosis of the first claim and further increases to this Sum Insured will not be applicable in LIC Cancer Cover Plan 905 .
The benefits payable under the plan shall be based on the Applicable Sum Insured, where the Applicable
a) The Basic Sum Insured for policies taken under Option I;
b) Basic Sum Insured during the first year and Increased Sum Insured thereafter, as per the provisions
detailed in Option II.
The following benefits are payable during the policy year under an in-force policy:
- Early Stage Cancer: Benefits payable on the first diagnosis of any one of the specified Early Stage
Cancers provided the same is admissible are –
(a) Lump-sum benefit: 25% of Applicable Sum Insured shall be payable
(b) Premium Waiver Benefit: Premiums for next three policy years or balance policy term
whichever is lower, shall be waived from the policy anniversary coinciding or following the date of diagnosis.
Early Stage Cancers covered:
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.
- a) Carcinoma-in-situ (CIS):
The meaning of Carcinoma-in-situ is the presence of malignant cancer cells that remain within 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 Carcinoma-in-situ must be positively established by the microscopic examination of fixed tissues.
- b) 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).
- c) Thyroid Cancer – early stage:
All thyroid cancers that are less than 2.0 cm and histologically classified as T1N0M0
according to TNM classification.
- d) Bladder Cancer – early stage:
All tumors of the urinary bladder histologically classified as TaNoMo according to
- e) Chronic Lymphocytic Leukaemia – early stage:
Chronic Lymphocytic Leukaemia categorized as stage 0 (zero) to 2 (two) as per the Rai classification.
- f) Cervical Intraepithelial Neoplasia:
Severe Cervical Dysplasia reported as Cervical Intraepithelial Neoplasia 3 (CIN3) on
The following are specifically excluded from all early-stage cancer benefits in LIC Cancer Cover Plan 905 :
- All tumors which are histologically described as benign, borderline malignant, or low malignant potential
- Dysplasia, intraepithelial neoplasia or squamous intraepithelial lesions
- Carcinoma in-situ of skin and Melanoma in-situ
- All tumors in the presence of HIV infection are excluded
B. Major Stage Cancer: Benefits in LIC Cancer Cover Plan 905 payable on the first diagnosis of the specified Major Stage Cancer, provided the same is admissible are-
(a) Lump-Sum: 100% of Applicable Sum Insured less any previously paid claims in
respect of Early Stage Cancer shall be payable.
(b) Income Benefit: In addition to the above lump-sum benefit, Income Benefit of 1% of
Applicable Sum Insured shall be payable on each policy month following the payment of Lump Sum, for a fixed period of the next ten years irrespective of the survival of the Life Insured and even if this period of 10 years goes beyond the policy term. In case of death of the Life Assured while receiving this Income Benefit, the remaining payouts, if any, will be paid to his/her nominee.
(c) Premium Waiver Benefit: All the future premiums shall be waived from the next
policy anniversary and the policy shall be free from all liabilities except to the extent of Income Benefit as specified above.
Major Stage Cancers covered in LIC Cancer Cover Plan 905 :
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 in LIC Cancer Cover Plan 905 :
- 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 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)
- 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 and with mitotic count of less than or equal to 5/50 HPFs;
- All tumors in the presence of HIV infection
Benefit and Conditions in LIC Cancer Cover Plan 905 :
(i) Early Stage Cancer Benefit shall be payable once for the first-ever event and Life Assured shall not be entitled to make another claim for the Early Stage Cancer of the same or any other cancer. However, the coverage for the Major Stage Cancer under the policy shall continue until the policy terminates.
(ii) Once a Major Stage Cancer Benefit is paid no payment for any future claims under Early Stage Cancer or Major Stage Cancer would be admissible.
(iii) The total benefit under the Policy including Early Stage Cancer Benefit and Major Stage Cancer
Benefit as specified above shall not exceed the maximum claim amount of 220% of Applicable Sum Insured.
(iv) If the life assured claims for different stages of the same Cancer at the same time, the benefit shall only be payable for the higher claim admitted under LIC’s Cancer Cover Plan 905.
(v) If there is more than one Cancer diagnosed in an event, the Corporation will pay only one benefit. That benefit will be the amount relating to the stage of Cancer which has the highest benefit amount.
- WAITING PERIOD in LIC Cancer Cover Plan 905 :
A waiting period in LIC’s Cancer Cover Plan 905 is 180 days and will apply from the date of issuance of policy or date of revival of risk cover, whichever is later, to the first diagnosis of any stage cancer. “Any stage” here means all stages of Cancer that occur during the waiting period.
No benefit shall be payable if any stage of Cancer occurs before the expiry of 180 days from the date of issuance of policy or date of revival and the policy shall terminate.
- SURVIVAL PERIOD in LIC Cancer Cover Plan 905 :
No benefit shall be payable in LIC’s Cancer Cover Plan 905 if the Life Assured dies within a period of 7 days from the date of diagnosis of any of the specified Early Stage Cancer or Major Stage Cancer. The 7 days survival period includes the date of diagnosis.
- ELIGIBILITY IN LIC Cancer Cover Plan 905 :
(a) Minimum age at entry: 20 years (completed)
(b) Maximum age at entry: 65 years (last birthday)
(c) Minimum Policy Term: 10 years
(d) Maximum Policy Term: 30 years
(e) Minimum age at maturity: 50 years
(f) Maximum age at maturity: 75 years
(g) Minimum Premium: Rs. 2400/- for all modes
(h) Minimum Basic Sum Insured: Rs.10,00,000
(i) Maximum Basic Sum Insured: Rs. 50,00,000
The maximum Sum Insured under LIC’s Cancer Cover Plan 905 shall not exceed an overall limit of Rs.50 lakhs taking all existing Critical Illness Cover policies including Cancer Cover and the Cancer Cover Sum Insured under the new proposal into consideration. The Basic Sum Insured shall be in multiples of Rs. 1,00,000/- only.
- PAYMENT OF PREMIUMS in LIC Cancer Cover Plan 905:
Premiums can be paid regularly during the policy term at yearly or half-yearly mode.
A grace period of one month but not less than 30 days will be allowed for both yearly and half-yearly modes.
- SAMPLE PREMIUM RATES in LIC Cancer Cover Plan 905:
The premium rates under LIC Cancer Cover Plan 905 are guaranteed for a period of the first 5 years from the date of issuance of the policy. The Premium rates for future years will be subject to revision based on the Corporation’s experience under this plan and prior notice of at least 90 days to the policyholder.
- LOADING/REBATE FOR MODE OF PREMIUM PAYMENT & HIGH SUM INSURED IN LIC Cancer Cover Plan 905:
Mode Loading in LIC Cancer Cover Plan 905:
Yearly mode – Nil
Half-yearly mode – 2% of Tabular Premium
High Sum Insured Rebate: – Nil
Rebate for policies sold Online – 7% of Tabular Premium
- REVIVAL IN LIC Cancer Cover Plan 905:
If premiums are not paid in LIC Cancer Cover Plan 905 by the end of the grace period then the policy will lapse. A lapsed policy can be revived during the lifetime of the Life Assured, but within a period of five consecutive years from the date of the first unpaid premium and before the date of maturity, on submission of proof of continued insurability to the satisfaction of the Corporation and payment of all the arrears of premium(s) together with interest (compounding half-yearly) at such rate as fixed by the Corporation from time to time.
The Corporation, however, reserves the right to accept at original terms, accept with modified terms, or decline the revival of a discontinued policy. The revival of the discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the
LIC Cancer Cover Plan 905
The waiting period, survival period, and Exclusions as mentioned in this article will also apply to revival.
- PAID-UP VALUE:
This LIC’s Cancer Cover Plan 905 shall not acquire any paid-up value.
- SURRENDER VALUE:
No surrender value will be available under LIC’s Cancer Cover Plan 905.
- POLICY LOAN:
No loan facility will be allowed under LIC’s Cancer Cover Plan 905.
Taxes, if any, imposed on such insurance plans by the Government of India or any other constitutional Tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time.
The amount of applicable taxes, as per the prevailing rates, shall be payable by the policyholder, which shall be collected separately over and above in addition to the premiums payable by the policyholder. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.
- FREE-LOOK PERIOD:
If the policyholder is not satisfied with the “Terms and Conditions” of the policy, he/she may return the policy to the Corporation within 15 days from the date of receipt of the policy bond stating the reasons for objections. On receipt of the objection, the Corporation shall cancel the policy and return the amount of premium deposited after deducting the risk premium for the period on cover, and charges for stamp duty.
The Corporation shall not be liable to pay any of the benefits under this product and the policy will be considered canceled if the covered conditions resulting directly or indirectly from any of the following causes:
(a) Any Pre-Existing Condition
(b) If the diagnosis of a Cancer was made within 180 days from the date of issuance of policy or date of revival of risk cover whichever is later;
(c) For any medical condition or any medical procedure arising from the donation of any of the Life Assured’s organs;
(d) For any medical conditions suffered by the Life Assured or any medical procedure undergone by the Life Assured, if that medical condition or that medical procedure was caused directly or indirectly by alcohol or drug (except under the direction of a registered medical practitioner)
(e) For any medical condition or any medical procedure arising from nuclear contamination; the radioactive, explosive, or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accidents arising from such nature.
These are the complete information of LIC’s Cancer Cover Plan 905, hope it will be beneficial for taking the decision to buy the product
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Plan Information source is LIFE INSURANCE CORPORATION OF INDIA
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