by Suman Gupta
LIC’s Cancer Cover’ Product introduced last year has received 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, Shri Vipin Anand, LIC Western Zone head told reporters at a press conference on a prelude to LIC’s 62nd Anniversary celebrations due to commence on 1st Sept, this year.
On this occasion LIC`s Western Zone Regional Manager (Health Insurance), Sri. Roy Mathews provided the detailed information about the product. On this occasion, Regional Manager (Marketing) Sri Prasad Dasgupta and Regional Manager (Corporate Communication, Sri P.S. Nayak were also present. 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. This plan takes care of Specified Early Stage Cancers as defined, where Lump sum benefit of 25% Applicable Sum Insured is paid in addition to Premium waiver benefit
for next 3 policy years or balance policy term whichever is lesser. In case of Specified Major Stage cancer being diagnosed, a Lump sum benefit of 100% Applicable Sum Insured less any claim paid previously in respect of Early stage cancer is paid along with Income benefit of 1% of Applicable Sum Insured monthly for a fixed period of next 10 years to Life Assured or nominee (in case of death of LA), in addition to Premium waiver benefit. Effectively a 50 Lacs policy provides for 1.10 crores worth benefits in case of Major stage cancer. This plan does not offer any Maturity Benefit, Death Benefit & Loan. However, Provision for Assignment and Nomination is available. 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.
Shri Vipin Anand said that in today’s environment Life expectancy is increasing and also there is a huge increase in number of new Cancer cases. In view of the high expenses in the treatment of Cancer, a product like LIC’s Cancer Cover is required by every member in the family. He said that today, with advance medical procedures it is possible to combat any form of cancer even at advanced stage but it needs :
An indomitable will on the part of the patient to fight the disease as well as strong family support.
Competent medical care and facilities for advanced treatment available at many of the major cities in India today
A large financial back up since the treatment could be very costly.
LIC is trying to take care of the third factor to ensure that its policyholders have a fair chance in fighting and surviving this dreaded disease.