LIC New Cancer Cover: At the time of serious illness, the common man’s biggest concern is the huge hospital expenses. To ease this problem of people, Life Insurance Corporation of India i.e. LIC has introduced ‘LIC New Cancer Cover’ plan. This is a non-linked plan, completely based on pure risk health insurance. The biggest feature of this plan is that the premium remains fixed throughout its term, meaning your premium will not increase for the duration of the policy.

Fixed amount will be given in lieu of treatment bill

The company has designed this plan keeping in view the increasing cases of cancer, under which financial security is provided from the early stage to the later stage. Under this scheme, the policyholder is given fixed monetary benefits instead of the actual cost of treatment. If the policyholder is diagnosed with early-stage cancer, 25 percent of the sum assured is paid to him immediately. At the same time, if major-stage cancer is detected, the policyholder gets a full payment of 100 percent of the applicable sum assured. As per the policy terms, after the diagnosis of cancer, the excess premiums of the policyholder are waived off. Apart from the level sum assured, this plan also has an option to increase the sum assured. Anyone can choose any one of these two options.

The minimum sum assured will be determined according to age

The minimum age to purchase this plan is 18 years, while the maximum age is 65 years. Age will be calculated based on the person’s last birthday. This policy can be taken for a minimum term of 10 years or a maximum of 15 years. This means that if an 18-year-old buys this policy for a term of 10 years, the policy will mature when he turns 28. The company has fixed four slabs of minimum basic sum assured based on age group. The minimum basic sum assured is Rs 35,00,000 for policyholders aged 18 to 34 years. For a policyholder aged 35 to 40 years, this Rs. 30,00,000 is. It is Rs 20,00,000 for the age group of 41 to 50 years. While for people aged 51 to 65 years, this amount has been kept at Rs 15,00,000.

What are the rules regarding maturity or death benefit?

It is important to understand the terms of the policy before taking it. This policy does not include any kind of death benefit, as it is not a term life insurance plan. This is a pure risk health insurance plan. If the policyholder is not diagnosed with cancer during the policy term, i.e. does not require treatment, he will not get any benefit on maturity. Apart from this, loan facility is not available in this plan. Also, this policy shall have no surrender value of any kind.

You will get a discount on buying the policy directly from the company

The premium can be paid annually or half yearly in this policy. If customers purchase this policy directly from LIC, they get the benefit of rebate in premium. However, this rebate will not be available if the policy is purchased through an agent, corporate agent or insurance marketing firm.