Life Insurance Corporation of India launches cancer cover policy

The Life Insurance Corporation of India (LIC) has announced the launch of a cancer cover as a health insurance policy with sum assured ranging from Rs 10 lakh to Rs 50 lakh.

Published: 15th November 2017 08:40 AM  |   Last Updated: 15th November 2017 08:40 AM   |  A+A-

An exterior view of Life Insurance Corporation of India's (LIC) headquarters is seen in Mumbai | Reuters

By Express News Service

CHENNAI: The Life Insurance Corporation of India (LIC) has announced the launch of a cancer cover as a health insurance policy with sum assured ranging from Rs 10 lakh to Rs 50 lakh.

It is a non-linked plan where premiums are payable in yearly or half-yearly mode.

LIC South Zone Zonal Manager R Thamodharan unveiled the new plan here on Tuesday. The policy, which is also available online, can be taken by those in the age group of 20-65 years, the insurer said in a release. “With increasing prevalence of cancer cases and the high cost of treatment involved, the Plan is the need of the hour to protect from any such unforeseen calamity,” it stated.

Twenty-five per cent of lump-sum benefit is paid for early-stage cancer and also the premiums payable waived for the subsequent three years in this case.

For major-stage cancer, 100 per cent of Sum Assured or Increased Sum Assured under Option II is payable less claims paid in respect of early-stage cancer on the policy.

Under Major Stage cancer income benefit of one per cent Sum Assured shall be payable every month for subsequent 10 years irrespective of whether Life Assured survives the period or not. In this case, future premiums will be waived.

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