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 – Summary of Benefits | ||
|---|---|---|
| Conditions | Early Stage Cancer | Major Stage Cancer |
| Lump sum benefit | 25 % of Applicable Sum Insured shall be payable. | 100 % of Applicable Sum Insured less any previously paid claims shall be payable. |
| Premium Waiver Benefit | 25 % of Applicable Sum Insured shall be payable. | Premiums for next three policy years or balance policy term, which ever is lesser, shall be waived from the policy anniversary coinciding or following the date of diagnosis. |
| Income Benefit | Not Applicable | In addition to 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 next ten years irrespective of the survival of the Life Insured and even if this period of ten years goes beyond the policy term. |
| Maturity Benefit | No Maturity benefit shall be available | No Maturity benefit shall be paid under the plan. |
| Death Benefit | No Death Benefit is available | No Death Benefit is available under the plan |
| LIC’s Cancer Cover – Eligibility conditions and Restrictions | Conditions | Minimum | Maximum |
|---|---|---|
| Age at Entry | 20 Years (Completed) | 65 Years (Last Birth Day) |
| Policy Term | 10 Years | 30 Years |
| Cover Ceasing Age | 50 Years | 75 Years |
| Basic Sum Assured | Rs. 10,00,000 | Rs. 50,00,000 |
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 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 which must be positively established by microscopic examination of fixed tissues.
Thyroid Cancer – early stage – All thyroid cancers that are less than 2.0 cm and histologically classified as T1N0M0 according to TNM classification.
Chronic lymphocytic Leukaemia – early stage – Chronic Lymphocytic Leukaemia categorized as stage 0(zero) to 2 (two) as per the Rai classification.
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).
Bladder Cancer – early stage - All tumours of the urinary bladder histological classified as TaN0M0 according to TNM classification.
Cervical Intraepithelial Neoplasia - Severe Cervical Dysplasia reported as Cervical Intraepithelial Neoplasia 3 (CIN3) on cone biopsy.
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 leukaemia, lymphoma and sarcoma.
Exclusions from all early-stage cancer benefits
Exclusions from all major-stage cancer benefits
A malignant tumour 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 leukaemia, lymphoma, and sarcoma. The following are excluded from major stage cancer benefits.
# All tumours which are histological described as carcinoma in-situ, benign, premalignant, borderline malignant, low malignant potential, neoplasm of unknown behaviour, or non-invasive, including but not limited to Carcinoma-in-situ of breasts, Cervical dysplasia CIN-1, CIN-2 and CIN-3.
# Anynon – 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 tumours of the prostate unless histological classified as having a Gleason score greater than 6 or having progressed to at least clinical TNM classification T2N0M0
# All Thyroid cancers histological classified as T1N0M0 (TNM Classification) or below;
# Chronic lymphocytic leukaemia 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 Tumours histological classified as T1N0M0 (TNM Classification) or below and with mitotic count of less than or equal to 5/50HPFs;
# All tumours in the presence of HIV infection.
A waiting period of 180 days 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. This would mean that nothing shall be paid under this policy and the policy shall terminate if any stage of Cancer occurs:
1. At any time on or after the date of issuance of the Policy but before the expiry of 180 days reckoned from that date; or
2. Before the expiry of 180 days from the Date of Revival.
No benefit shall be payable 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. The benefit under this plan shall be payable subject to fulfilling all of the below criteria:
1. 7 days survival period from the date of diagnosis
2. Signs and symptoms relevant to cancer should have been present and documented before death
3. All investigations to confirm the diagnosis of cancer should have been done before the death of the insured.
4. Satisfaction of the cancer definition as per the policy condition
Tax benefits The Premium you pay towards this plan will be eligible for deduction under Sec.80D up to Rs.55,000 per year. Do remember that you will not be eligible to claim the benefits of premium paid under Sec.80C.
