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Cancer Cover

The document discusses a cancer cover plan from LIC of India. It provides benefits such as choice of sum insured that increases by 10% yearly, payment of 25% of sum insured for early stage cancer and 100% for major stage cancer, income benefit of 1% of sum insured monthly for 10 years, and waiver of future premiums on diagnosis of major stage cancer. It also provides an example policy quotation for Mr. Debajyoti Samal aged 44 years with options of fixed or increasing sum insured.

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Dhaval Kotak
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Download as PDF, TXT or read online on Scribd
15 views

Cancer Cover

The document discusses a cancer cover plan from LIC of India. It provides benefits such as choice of sum insured that increases by 10% yearly, payment of 25% of sum insured for early stage cancer and 100% for major stage cancer, income benefit of 1% of sum insured monthly for 10 years, and waiver of future premiums on diagnosis of major stage cancer. It also provides an example policy quotation for Mr. Debajyoti Samal aged 44 years with options of fixed or increasing sum insured.

Uploaded by

Dhaval Kotak
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Benefits at a Glance

§ The customer has the option of choosing the Sum Insured.


The Sum Insured can be fixed, or it can be increased by
10% every year for first 5 years or until the diagnosis of
first event of Cancer, whichever is earlier.

§ Early Stage Cancer: 25% of the applicable Sum Insured


shall be payable in lumpsum. The premiums for next 3
policy years will be waived off.
Cancer Cover Plan is specialized health insurance
plan from No.1 Life Insurance Company of the
Country - ‘LIC of India’. The medical expenses are § Major Stage Cancer: On the diagnosis of specified Major
soaring in this modern era. Most people will dip into Stage Cancer, 100% of applicable Sum Insured shall be
their savings or take a loan to finance treatment for payable. This benefit cannot be more than of 100% of
Cancer, finds a study. As per Oncologists, 3 out of 10 applicable Sum Insured. So, you will get only 75% of the
Indians are likely to contract Cancer by 2020. 69 % of applicable Sum Insured in case you have already claimed
respondents have no financial preparedness to deal the 25% of Applicable Sum Insured under Early Stage
with Cancer. 56% of respondents are not even aware Cancer.
of any Cancer cases. 2 out of 3 patients are diagnosed
with Cancer in stages 3 and 4. 21% of patients have § Income Benefit: In addition to the above benefit, Income
Cancer specific insurance cover, say oncologists. Rs.5 Benefit of 1% of applicable Sum Insured shall be payable
lakh upwards is what oncologists say is cost of every month following the lumpsum payment under Major
treatment. Stage Cancer Benefit. This is the fixed Income Benefit which
It is a unique Health Insurance Plan which provides is payable monthly for next 10 Years irrespective of the
fixed benefit in case the Life Assured is diagnosed with survival of Life Assured.
any of the specified Early or Major Stage Cancer
§ Premium Waiver Benefit: All the future premiums will be
waived off on the diagnosis of specified Major Stage Cancer.

§ Waiting Period: A waiting period of 180 days will apply


from the date of commencement of this policy or from the
date of revival. This would mean that no benefit would be
Mr. Debajyoti Samal paid in case any kind of cancer is diagnosed within 180
days.
(age 44 years)
§ Premium Guaranteed for 5 Years: The premiums are
guaranteed for a period of 5 years from the date of
issuance of this policy. LIC reserves the right to revise the
premium after 5 policy years.

§ Tax Benefit: Premium paid under this plan is eligible for


tax benefit u/s 80D of Income Tax Act.

SAMIRKOTAK AND ASSOCIATES


Chief advisor- LIC of india div-4 912 br
2nd Floor, Techniplex II, Jn. Veer Savarkar Flyover & S.V. Road,
Goregaon(W), Mumbai - 400 062.
SAMIRKOTAK AND ASSOCIATES
Chief advisor- LIC of india div-4 912 br

2nd Floor, Techniplex II, Jn. Veer Savarkar Flyover & S.V. Road,
Goregaon(W), Mumbai - 400 062.

Cancer Cover for Debajyoti Samal (age 44) Ref. No. 000000000016

Option - 1

Sum Insured : Rs. 35,00,000 Installment Prem. : Rs. 12,597 (Basic Prem. Rs.10,675 With GST Rs. 1,922 )

Presentation up to Age : 54 Years Mode of Prem. : Yearly Date of Report : 04/06/2024

Policy Year Age Sum Insured Annual Premium Tax Saved Net Premium

1 45 35,00,000 12,596 3,299 9,297


The Sum Insured of Rs.35,00,000 will be continued upto the policy term of 10 years with annual premium of Rs. 12,596

Option - 2
Sum Insured : Rs. 35,00,000 Installment Prem. : Rs.15,901 (Basic Prem. Rs.13,475 With GST Rs.2,426 )

Presentation up to Age : 54 Years Mode of Prem. : Yearly Date of Report : 04/06/2024

Policy Year Age Sum Insured Annual Premium Tax Saved Net Premium

1 45 38,50,000 15,900 4,164 11,737


2 46 42,00,000 15,900 4,164 11,737
3 47 45,50,000 15,900 4,164 11,737
4 48 49,00,000 15,900 4,164 11,737
5 49 52,50,000 15,900 4,164 11,737
The Sum Insured of Rs.52,50,000 will be continued upto the policy term of 10 years with annual premium of Rs. 15,900

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