By IE&M Research
LIC’s Cancer Cover product 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. Western Zone head Vipin Anand said that the Cancer Cover 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 provides two benefit options namely, Option I wherein Basic Sum 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. Plan offers Minimum Basic Sum Insured of Rs. 10 Lakhs & Maximum Basic Sum Insured of Rs. 50 Lakhs. This plan does not offer any Maturity Benefit, Death Benefit & Loan. 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.
