A `Cancer Cover’, launched by the Life Insurance Corporation (LIC), has drawn a huge response from the customers.
LIC’s Western Zone, that combines three states, Maharashtra, Gujarat and Goa, alone has so far sold 60,182 policies of this product after it was unveiled in Oct 2017.
Addressing a press conference, held as a prelude to LIC’s 62nd Anniversary celebration due to start on 1st Sept, Vipin Anand, zonal manager, western zone,LIC, said that in today’s environment life expectancy is increasing and also there is a huge increase in number of new cancer cases.
He said that today, with advance medical procedures, it is possible to combat any form of cancer even at advanced stage but it needs a large financial back up since the treatment could be very costly. LIC is trying to take care of the cost factor to ensure that its policyholders have a fair chance in fighting and surviving this dreaded disease.
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.