Cancer can affect anyone, cancer occurs when a cell in the human body begins to perform abnormal action, and cells begin to split. There has been a lot of increase in cancer cases in India. If it is diagnosed, the treatment of cancer is the most expensive. Being prepared
economically is like winning half a battle.This plan provides one-time benefits on the diagnosis of cancer, which helps in saving our hard earned income and time. There is no doubt that the support and prayers of mental power, emotional strength, family and friends can fight for cancer. Very important, but financial strength is also very important. Fighting cancer is a daunting task, to be financially prepared for any situation, now the cancer cover scheme of LIC has been made easier through 905. This scheme helps customers save on co logical procedures / surgeries, often hospitalization, radiation, chemotherapy, cancer for cancer, prostate, PET scanning etc…
Eligibility for LIC Cancer Cover (Plan 905)
| Condition | 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 Insured | Rs. 10,00,000 | Rs. 50,00,000 |
In the table given above, maximum insurance money is only Rs. 50,00,000, in addition, maximum admission age is 65 years. You can also buy this plan online too.
Options in LIC Cancer Cover (Plan 905)
This plan gives you two types of insurance sum. Plus, your premium is determined based on the option you choose. You must choose the following option when purchasing this plan.
First Option – Sum Insured
In this option the original Sum Assured will remain unchanged during the policy term. Therefore, the premium will remain the same during the policy term.
Secondary Option – Increasing the Sum Assured
10% of the sum insured for the first five years increases with the basic sum insured, until the first policy anniversary or the first cancer (whichever is earlier) is diagnosed. On the diagnosis of any specified cancer, all the claims payable will be based on the sum insured in the anniversary of the policy before or after the diagnosis of earlier claims and further increase in this sum will not be applicable.
Therefore, if you choose this second option then the premium will not be the same during the term of the policy.
Benefits of LIC Cancer Cover (Plan 905)
Under LIC cancer cover (Plan 905) the benefit is divided into two phases. Remember that this disease is specific, therefore, if you are suffering from cancer of the disease during the policy period, you will only get benefits for cancer.
There is no surrender value in this scheme, there is no loan facility, and there is no maturity benefit. There are two classifications of profit.
1. Initial Stage Cancer
The benefit payable on the first diagnosis of one of the specified stage stage cancer, provided it is acceptable.
(A) Lump Sum Benefit – 25% of the applicable Sum Assured will be payable.
(B) Premium Weaver Benefit – For the next three policy years, the premium or remaining policy term, whichever is less, will be exempted according to the date of diagnosis or subsequent anniversary of the policy.
(C) After the premium rebate of 3 years, the insured will have to pay the premium for the duration of the policy.
The initial stage cancer benefit will be payable for the first time ever and the insured person will not be entitled to make another claim for the first stage cancer of the same or any other cancer. However, under the policy, coverage for major stage cancer will continue until the policy is finished.
2. Major stage cancer
The benefit payable on the first diagnosis of Major stage cancer, provided it is acceptable –
(A) Lump sum – 100% of the sum insured will not be paid in advance for claiming initial stage cancer.
(B) Income Benefits – In addition to the lump sum benefit above, the income benefit of 1% of the insurance policy applied after the lump sum sum payment will be payable on a fixed tenure for the next 10 years, and even if If the insured dies before the ten year period, then in case of death of the life assured, in the case of death of the insured, the remaining payment, if any, be given to the nominee of the insured. Ga.
(C) Premium rebate benefits – All future premiums will be waived with the anniversary of the next policy and the policy will be free from all liabilities, provided the above mentioned income is to the extent of profit.
No payment will be made after paying a Major Stage Cancer Benefit for any future claims under initial stage cancer or Major stage cancer.
If the insured claims the different steps of the same cancer at the same time, then the benefit will be payable only for the high claim admitted under the policy.
If the diagnosis is more than one cancer in one event, then the corporation will pay only one benefit. This benefit will be the amount related to the level of cancer, which is the highest gain amount
