LIC CANCER CARE POLICY

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Fight Cancer with Financial Strength: A Guide to LIC's Cancer Care Policy

Cancer is a leading health concern in India, and the financial burden of diagnosis and treatment can be overwhelming. LIC’s Cancer Care Policy steps in to empower you in this fight by providing crucial financial support at every stage. Here’s a breakdown of the plan’s features and benefits

Coverage Types

Option 1: Level Sum Insured

This plan offers a fixed sum assured amount that you select at the policy’s purchase. This amount remains guaranteed and will be paid out in case of a covered cancer diagnosis, regardless of how long you’ve had the policy.

Option 2: Increasing Sum Insured

This option automatically increases your sum assured by 10% every year for the first five years. This means you could receive a larger payout if diagnosed with cancer during this initial period. It’s important to note that the sum assured stops increasing after a cancer diagnosis.

Policy Benefits:

Early Detection, Early Support:

If you’re diagnosed with any of the covered early-stage cancers listed in the policy, you’ll receive a financial boost to help manage the initial stages of treatment. Here’s what you’ll get:

Lump Sum Benefit: You’ll receive 25% of your applicable sum assured to help cover initial costs like tests, consultations, and medications.
Premium Waiver: We’ll waive your premiums for the next three years or the remaining policy term, whichever is shorter. This allows you to focus on getting better without worrying about insurance payments

Major Stage Cancer: Comprehensive Support

If diagnosed with a major-stage cancer listed in the policy, you’ll receive extensive financial support throughout your treatment and beyond. Here’s how the plan helps:

Lump Sum Benefit: You’ll receive a payout of 100% of your applicable sum assured, minus any amount already paid for an early-stage cancer claim. This helps manage immediate treatment costs.
Monthly Income Benefit: For the next 10 years, you’ll receive a fixed monthly payout of 1% of your applicable sum assured, regardless of your survival. This provides long-term financial stability during treatment and recovery. If you pass away during this period, the remaining payouts go to your nominee.
Complete Premium Waiver: All future premiums are waived from your next policy anniversary. The policy remains active, but you won’t have to pay any more premiums, except for the monthly income benefit paid to you or your nominee.

Policy Details at a Glance:

Who Can Apply?

Minimum Entry Age: 20 years old (completed)
Maximum Entry Age: 65 years old (up to your last birthday)

Policy Term Flexibility:

Minimum Term: 10 years
Maximum Term: 30 years
Choose a policy term that best suits your needs and financial planning goals.

Maturity Age:

Minimum Maturity Age: 50 years old
Maximum Maturity Age: 75 years old
The policy matures at the end of the chosen term, or upon reaching the maturity age, whichever comes first.

Coverage Options:

Minimum Sum Assured: Rs. 10 lakhs (Rs. 1,000,000)
Maximum Sum Assured: Rs. 50 lakhs (Rs. 5,000,000)
Select a guaranteed payout amount (sum assured) in multiples of Rs. 1 lakh to fit your financial needs.

Premium Payment:

Premiums can be paid conveniently on a yearly or half-yearly basis.

Important Notes:

This plan focuses on providing benefits upon diagnosis and does not accumulate cash value over time (no paid-up value).
There is no surrender value available under this plan. If you choose to discontinue the policy before a claim, you will not receive any payout.

Fight Cancer with Confidence and Financial Security

Medical advancements are on your side in the battle against cancer. LIC’s Cancer Care Plan provides an extra layer of security during this challenging time.

Financial peace of mind can significantly boost your well-being and recovery focus. Get a free quote to explore how LIC’s Cancer Care Plan can support you.