LIC’s Cancer Cover’ Product Mulls Huge Response
‘LIC’s Cancer Cover’
Product introduced last year on 14.11.2017, has met with a huge response from the public. LIC’s
Western Zone alone has so far sold 60,182
policies of this product in the first nine months from introduction. This
information was given by LIC Western Zone head Shri Vipin Anand
in a press conference held as a prelude to LIC’s 62nd Anniversary celebration due to start on 1st
Sept, this year.
On this occasion LIC`s Western Zone Regional Manager
(Health Insurance), Sri. Roy Mathews
provided the detailed information about the product. On this occasion, Regional Manager
(Marketing) Sri Prasad Dasgupta and Regional Manager (Corporate Communication,
Sri P.S. Nayak were also present.
LIC`s Cancer Cover is a Unique Health Insurance Plan that
protects the policy holder against financial problems arising out of cancer. It
is a non-linked , regular premium payment Health Insurance Plan providing fixed
benefit for Life Assured if the Life Assured (policy holder) is diagnosed with
any of the Specified Early and/or Major Stage Cancer during the policy term.
The Plan is offered on both online as
well as offline platforms and provides two benefit options namely, Option I
wherein Basic Sun Insured shall remain same throughout the term & Option II
wherein Increasing Sum Insured i.e. Basic Sum Insured increases by 10% each
year for first five years or until the diagnosis of first event of Cancer,
whichever is earlier.
The plan is for individual Male or
Female lives. Minimum Age at entry is 20 years completed and Maximum age is 65
years last birthday. Minimum Term of Policy is 10 Years while Maximum Term is
30 Years. Minimum cover ceasing age is 50 years & Maximum cover ceasing age
is 75 years. Plan offers Minimum Basic Sum Insured of Rs. 10 Lakhs &
Maximum Basic Sum Insured of Rs. 50 Lakhs.
This plan takes care of Specified
Early Stage Cancers as defined, where Lump sum benefit of 25% Applicable Sum
Insured is paid in addition to Premium waiver benefit for next 3 policy years or balance
policy term whichever is lesser. In case of Specified Major Stage cancer being
diagnosed, a Lump sum benefit of 100% Applicable Sum Insured less any claim
paid previously in respect of Early stage cancer is paid along with Income
benefit of 1% of Applicable Sum Insured monthly for a fixed period of next 10
years to Life Assured or nominee (in case of death of LA), in addition to
Premium waiver benefit. Effectively a 50 Lacs policy provides for 1.10 crores
worth benefits in case of Major stage cancer.
This plan does not offer any Maturity
Benefit, Death Benefit & Loan. However, Provision for Assignment and
Nomination is available. Premium shall be payable in advance in yearly or half
yearly modes as opted for, subject to minimum Premium amount of Rs. 2400/- for
all modes.
Shri Vipin Anand said that
in today’s environment Life
expectancy is increasing and also there is a huge increase in number of new Cancer
cases. In view of the high expenses in
the treatment of Cancer, a product like LIC’s Cancer Cover is required by every
member in the family. He said that today, with advance medical procedures it is
possible to combat any form of cancer even at advanced stage but it needs :
An indomitable
will on the part of the patient to fight
the disease as well as strong family support.
Competent
medical care and facilities for advanced treatment available at many of the major cities in India today
A
large financial back up since the treatment could be very costly.
LIC is trying to take care of the third factor to ensure that its
policyholders have a fair chance in
fighting and surviving this dreaded
disease.
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