Indian Life Insurance Giant Life Insurance Corporation of India is going to launch its new health insurance related policy LIC Cancer Cover, Plan No. 905 on 14/11/2017. Unique Identification Number of LIC Cancer Cover Plan is 512N314V01.┬аThis policy will also be available for online sale on LIC of India’s Portal..
It 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 Early and/or Major Stage Cancer during the policy term.
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1. Eligibility Criteria for LIC Cancer Cover
2. Types of Sum Assured Offered in LIC Cancer Cover Policy
The plan has two benefit options which have to be chosen by the proposer at the proposal┬аstage. Premium rates will depend upon the option chosen by the proposer.
Option I-Level Sum Insured:┬а
The Basic Sum Insured shall remain unchanged throughout the policy term.┬а
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 the first event of Cancer, whichever is earlier. On diagnosis of any specified cancer, all the claims payable 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
3. Benefits of LIC Cancer Cover policy
Maturity Benefit: No maturity benefit is payable under this plan.
Death Benefit: No death benefit is payable under this plan.
4. REVIEW OF PREMIUMS:
Premium calculated will remain unchanged up to┬а5 years. After 5 years premium may change according┬аto the claim experience of LIC and if changed, it will then remain unchanged for next 5 years. (Any revision in premium will be calculated according to entry age of proposer at the date of commencement of the policy)
5. The list and definitions of the Cancer covered under this plan:
All the stages which are covered under LIC Cancer Cover plan are defined below. Any claim payments will depend upon these definitions and finding of this cancer stage on diagnosis
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 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.
Prostate Cancer тАУ 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 тАУ early stage:
All thyroid cancers that are less than 2.0 cm and histologically classified as T1N0M0
according to TNM classification.
Bladder Cancer тАУ early stage:
All tumors of the urinary bladder histologically classified as TaN0M0 according to TNM classification.
Chronic Lymphocytic Leukaemia тАУ early stage:
Chronic Lymphocytic Leukaemia categorized as stage 0 (zero) to 2 (two) as per the Rai 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.
6. Exclusions in cancer stages mentioned above
The following are excluded from major stage cancer benefits (Exclusions):
Exclusions in┬аEarly Stage Cancer:
The following are specifically excluded from all early-stage cancer benefits (Exclusions):
- All tumors which are histologically described as benign, borderline malignant, or low malignant potential
- Dysplasia, intra-epithelial neoplasia or squamous intraepithelial lesions
- Carcinoma-in-situ of skin and Melanoma in-situ
- All tumours in the presence of HIV infection are excluded
Exclusions in Major Stage Cancer:
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┬а4┬аnodes 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 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 Tumors histologically classified as T1N0M0 (TNM Classification) or below and with mitotic count of less than or equal to 5/50 HPFs;
- All tumors in the presence of HIV infection.
7. Waiting period in LIC Cancer Cover:
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 тАЬany stageтАЭ cancer. тАЬAny stageтАЭ 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:
- 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
- Before the expiry of 180 days from the Date of Revival.
8. Survival Period in LIC Cancer Cover:
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.┬аThe benefit under this plan shall be payable subject to fulfilling all of the below criteria:
- 7 days survival period from the date of diagnosis
- Signs and symptoms relevant to cancer should have been present and documented before death
- All investigations to confirm the diagnosis of cancer should have been done before the death of the insured.
- Satisfaction of the cancer definition as per the policy condition
9. Other features and Benefits of LIC Cancer Cover (Plan No. 905)
- Tax rebate under Income Tax Section 80D for premium paid in LIC Cancer Cover
- Free look period of 15 days if policyholder is not satisfied with “Term and Conditions” of the policy
- Grace period of 1 month but not less than 30 days are allowed
- LIC Cancer Cover will not acquire any paid-up value or surrender value, therefore, no loan is available in this policy.
- Policy will lapse if premium not paid within grace period, though it can be revived but within 2 years of First unpaid premium (FUP)
- This policy can be purchased through the online portal of LIC.
- GST as per rules will be applicable on premium.
- Claim payment decisions will be taken by claim department by LIC (TPA not involved)
- Backdating is not allowed
- Policy can be assigned under as per Sec 38 of Insurance Act 19838
- Nomination required as per┬аSec 39 of Insurance Act 1938
Disclaimer: Utmost care has been taken to share the right information with readers. But in case of any ambiguity or confusion please contact your nearest LIC of India branch for clarification.