Option II - Increasing Sum Insured:
The amount of cover increases by 10% of Basic Sum Insured every year for the first five years. In case the policyholder is diagnosed with cancer this increase will stop even within the first 5 years. So if you take a 10 lakhs cover, it will keep increasing by Rs. 1 lakh every year for 5 years (so it can go to a maximum of Rs. 15 lakhs). In case you are diagnosed with cancer after the increased cover has reached Rs. 13 lakhs, it would not increase in the next 2 years.

Early Stage Cancer

Benefits payable on the first diagnosis of any of the specified Early Stage Cancers (if admissible) include:

    Lump Sum Benefit – 25% of the Applicable Sum Insured.
    Premium Waiver Benefit – premiums for the subsequent three policy years or balance policy term (whichever is lower), shall be waived from the policy anniversary coinciding or following the date of diagnosis.

Coverage under the plan is provided for the following early-stage cancers, provided they are established by historical evidence and confirmed by a specialist in the relevant field:

•     Carcinoma-in-situ (CIS)
•     Prostate Cancer
•     Thyroid Cancer
•     Bladder Cancer
•     Chronic Lymphocytic Leukaemia
•     Cervical Intraepithelial Neoplasia

The following are specifically excluded from all early-stage cancer benefits:

    Tumours which are historically described as benign, borderline malignant, or low malignant potential.
    Dysplasia, intra-epithelial neoplasia or squamous intra-epithelial lesions.
    Carcinoma-in-situ of skin and Melanoma in-situ.
    All tumours in the presence of HIV infection.

Major Stage Cancer

Benefits payable on the first diagnosis of the specified Major Stage Cancer (if admissible) include:

    Lump Sum– the entirety of Applicable Sum Insured, deducting any previously paid claims in respect of Early Stage Cancer.    Income Benefit – apart from the above-mentioned lump sum benefit, Income Benefit of 1% of Applicable Sum Insured. This payment will be remitted following the remittance of the Lump Sum, for a fixed period of next ten years irrespective of the survival of the Life Insured (even if this period exceeds the policy term). In the event of the death of the Life Assured, the remaining payouts will be paid to his/her nominee.
    Premium Waiver Benefit – all the future premiums will be waived from the next policy anniversary, and the policy will be free from all liabilities except to the extent of Income Benefit as specified above.

Waiting Period

A waiting period of 180 days would be applicable 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. No benefits will be provided if any stage of Cancer occurs before 180 days from the date of issuance of policy or date of revival.

Survival Period

No benefits are applicable if the Life Assured dies within seven days from the date of diagnosis of any of the specified Early Stage Cancer/Major Stage Cancer. This seven-day survival period includes the date of diagnosis.

Eligibility

The following criteria of eligibility will be applicable for this program:

•     Minimum age at entry – the completion of 20 years
•     Maximum age at entry – 65 years (last birthday)
•     Minimum Policy Term – 10 years
•     Maximum Policy Term – 30 years
•     Minimum age at maturity – 50 years
•     Maximum age of maturity – 75 years
•     Minimum Premium – INR 2400
•     Minimum Basic Sum Insured – INR 10,00,000
•     Maximum Basic Sum Insured – INR 50,00,000

Revival

If the premiums aren’t deposited by the end of the grace period, the policy will lapse. However, such policies can be revived during the lifetime of the Life Assured, but within two consecutive years from the date of the first unpaid premium and before the date of maturity. This requires submission of proof of continued insurability to the satisfaction of the Corporation and payment of all the arrears of premiums(s), along with the interest (compounding half-yearly) at the rate fixed by the corporation from time to time. It may be noted that LIC is entitled to accept at original/modified terms or decline the revival of a discontinued policy.

Exclusions in LIC Cancer Cover Plan

• Any Pre-Existing Condition
• 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
• 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 Acquired Immunodeficiency Syndrome (AIDS), AIDS related complex or infection by Human Immunodeficiency Virus (HIV);
• For any medical condition or any medical procedure arising from the donation of any of the Life Assured’s organs;
• 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)
• 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 accident arising from such nature.