LIC CANCER COVER PLAN 905 Details, features, benefits
LIC CANCER COVER PLAN 905 – Cancer can affect anyone, cancer occurs when a cell in the human body begins to perform abnormal action, and cells begin to split. There has been a lot of increase in cancer cases in India. If it is diagnosed, the treatment of cancer is the most expensive. Being prepared
economically is like winning half a battle.This plan provides one-time benefits on the diagnosis of cancer, which helps in saving our hard earned income and time. There is no doubt that the support and prayers of mental power, emotional strength, family and friends can fight for cancer. Very important, but financial strength is also very important.
Fighting cancer is a daunting task, to be financially prepared for any situation, now the cancer cover scheme of LIC has been made easier through 905. This scheme helps customers save oncological procedures / surgeries, often hospitalization, radiation, chemotherapy, cancer for cancer, prostate, PET scanning etc…
Let us now talk about LIC’s new plan cancer cover 905, which LIC launched another health insurance scheme called cancer cover (Plan 905) on November 14, 2017. This is the second health insurance plan launched by LIC. Many of us do not know that LIC is already providing a health insurance plan too. I have already written about this scheme in the name of the scheme “LIC Jeevan Arogya Plan 904”, do you know LIC’s health or medical insurance policy?” This scheme is a comprehensive health insurance plan.
Now LIC is launching a specific disease health insurance scheme, it has named LIC Cancer cover (Plan 905). This is a non-linked (traditional), regular premium payment health insurance plan, which provides definite benefits in a fixed period, during the term (subject to certain terms and conditions) during the policy, the insured will have any specified phase of cancer Diagnosis is done.
|Age at Entry||20 Years (Completed)||65 Years (Last Birth Day)|
|Policy Term||10 Years||30 Years|
|Cover Ceasing Age||50 Years||75 Years|
|Basic Sum Insured||Rs. 10,00,000||Rs. 50,00,000|
In the table given above, maximum insurance money is only Rs. 50,00,000, in addition, maximum admission age is 65 years. You can also buy this plan online too.
Options in LIC Cancer Cover plan
This plan gives you two types of insurance sum. Plus, your premium is determined based on the option you choose. You must choose the following option when purchasing this plan.
First Option – Sum Insured
In this option the original Sum Assured will remain unchanged during the policy term. Therefore, the premium will remain the same during the policy term.
Secondary Option – Increasing the Sum Assured
10% of the sum insured for the first five years increases with the basic sum insured, until the first policy anniversary or the first cancer (whichever is earlier) is diagnosed. On the diagnosis of any specified cancer, all the claims payable will be based on the sum insured in the anniversary of the policy before or after the diagnosis of earlier claims and further increase in this sum will not be applicable.
Therefore, if you choose this second option then the premium will not be the same during the term of the policy.
Benefits of LIC Cancer Cover plan
Under LIC cancer cover (Plan 905) the benefit is divided into two phases. Remember that this disease is specific, therefore, if you are suffering from cancer of the disease during the policy period, you will only get benefits for cancer.
There is no surrender value in this scheme, there is no loan facility, and there is no maturity benefit. There are two classifications of profit.
1. Initial Stage Cancer
The benefit payable on the first diagnosis of one of the specified stage stage cancer, provided it is acceptable.
(A) Lump Sum Benefit – 25% of the applicable Sum Assured will be payable.
(B) Premium Weaver Benefit – For the next three policy years, the premium or remaining policy term, whichever is less, will be exempted according to the date of diagnosis or subsequent anniversary of the policy.
(C) After the premium rebate of 3 years, the insured will have to pay the premium for the duration of the policy.
The initial stage cancer benefit will be payable for the first time ever and the insured person will not be entitled to make another claim for the first stage cancer of the same or any other cancer. However, under the policy, coverage for major stage cancer will continue until the policy is finished.
2. Major stage cancer
The benefit payable on the first diagnosis of Major stage cancer, provided it is acceptable –
(A) Lump sum – 100% of the sum insured will not be paid in advance for claiming initial stage cancer.
(B) Income Benefits – In addition to the lump sum benefit above, the income benefit of 1% of the insurance policy applied after the lump sum sum payment will be payable on a fixed tenure for the next 10 years, and even if If the insured dies before the ten year period, then in case of death of the life assured, in the case of death of the insured, the remaining payment, if any, be given to the nominee of the insured. Ga.
(C) Premium rebate benefits – All future premiums will be waived with the anniversary of the next policy and the policy will be free from all liabilities, provided the above mentioned income is to the extent of profit.
No payment will be made after paying a Major Stage Cancer Benefit for any future claims under initial stage cancer or Major stage cancer.
If the insured claims the different steps of the same cancer at the same time, then the benefit will be payable only for the high claim admitted under the policy.
If the diagnosis is more than one cancer in one event, then the corporation will pay only one benefit. This benefit will be the amount related to the level of cancer, which is the highest gain amount
Understand the table below in details
LIC CANCER COVER PLAN 905 PREMIUM CHART
According to this scheme, the premiums you pay will be eligible for income tax deduction up to Rs 85,000 per year under Section 80-D. The premium calculated will remain unchanged for 5 years. After the 5 year premium, according to LIC claims experience, the premium can change, so it will remain unchanged for the next 5 years. (Any amendment in the premium will be calculated according to the applicant’s entry age at the date of commencement of the policy)
LIC Cancer Cover definition
I. Early stage cancer
The diagnosis of any of the conditions listed below should be established by the histological evidence and should be confirmed by the specialist in the relevant field.
- carcinoma-in-situ (CIS)
The presence of those Catholic cancer cells in carcinoma-in-siti means that they live within the cell group, from which they were born. This should include the full thickness of the epithelium, but the cellar should not cross the membrane and it does not invade the surrounding tissue or organ. Positive diagnosis should be done through the microscopic examination of the lower-lower
- Prostate Cancer – Initial Stage
Early prostate cancer, which is used as TNM classification, is treated as T1NM with Gleason score 2 (two) to 6 (six).
Thyroid Cancer – Initial Stage
All thyroid cancer, which is less than 2.0 cm and is classified as T1NM according to TNM classification.
- Bladder Cancer – Initial Stage
According to the TNM classification, all tumors of urinary bladder have been classified histogonically as TaN0M0.
- Chronic lymphocytic leukemia – early stage
Chronic lymphocytic leukemia is classified as step 0 (zero) to 2 (two) according to the rank classification.
- Cervical interactive ethnaplasia
Serious cervical dipplasia reported on sperm biopsy as Cervical Interatetyal Napalasiia 3 (CIN3).
Second. Major stage cancer-
A deadly tumor is the symptom of uncontrolled growth and the spread of deadly cells with the invasion and destruction of normal tissues. This diagnosis should be supported by evidence of refractory histology. The word cancer includes leukemia, lymphoma and sarcoma.
LIC Cancer Cover (Plan 905) – Exclusions
Exceptions from all cancer benefits of the initial stage
- All tumors that are described as histologically benign, frontal, fatal or less fatal
- Dysplasia, intra-aphthial nepalia, or squamous intra-penetrative leses
- carcinoma-in-situ and melanoma in-situ of the skin
- All tumors are excluded in the presence of HIV infection
Exclusion from all major stage cancer benefits
A deadly tumor is the symptom of uncontrolled growth and the spread of deadly cells with the invasion and destruction of normal tissues. This diagnosis should be supported by evidence of refractory histology. The word cancer includes leukemia, lymphoma and sarcoma, the following major phases have been excluded from cancer benefits.
- All tumors that are described as caseinomas in-situ, benign, premalgentent, borderline fatal, less lethal, unknown behavior, or non-invasive, but are not limited to the carcinoma-in-situ of the breasts, Cervical Dislasia CIN-1, CIN-2 and CIN-3
- Aninone – Melanoma skin carcinoma unless there is evidence of metastasis of Lymph 4 nodes or more;
- Fatal melanoma which is not the cause of invasion beyond epidermis;
- All tumors in the prostate are not classified as histologically, have been classified as more than 6 Gleason scores or at least clinical TNM classification T2NM
- All Thyroid Cancer, which is classified as HITG form T1 NM (TNM classification) or below;
Chronic lymphocytic leukemia that occurs below # Rhee stage 3
- Non-invasive peptillary cancer, which has been described as a blueprint in the form of TaN0M0 or less classification,
- All Gastro – Intestinal Stromal Tumors, which have been classified as histogonic T1 NM (TNM classification) or below and 5/50 HPF as mitotic calculations;
- All tumors in the presence of HIV infection
The date of issue of policy or the beginning of the risk cover, whichever is later, for the first diagnosis of “any stage” cancer, the waiting period of 180 days will be applicable. “Any state” means all the steps in all cancer cases that occur during the waiting period. This means that nothing under this policy will be paid and the policy will end at any stage of cancer
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