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The disease that had spread more in the decade span is cancer, in the past it is the disease to the people who are leading their life very luxurious but now-a-days it spreaded to the middle and lower class families too, now this disease is causing rampage in the lives of the people and mainly middle and lower class families, this is spreading in rapid rate because of the pollution, food habitats, way of life and many more are responsible for cancer, if it is identified in the first stage it can be cured by medication, the best example and popular figures who fought cancer and won are Yuvraj Singh and manisha koirala. In most cases, this disease is not recognized in the first stage so the money to cure the disease needs lakhs, to reduce this financial and psychological loss Indian Life Insurance Company(LIC) has introduced a new plan LIC cancer Cover with low premiums (plan 905). Now we will learn about the benefits of the plan
1.Only for Cancer
LIC Cancer Policy is only for cancer patients, the LIC will pay the medication amount in single slot, this is a traditional non linked policy, this is because premium is to be paid yearly i.e. it is renewable yearly, the policy is to be renewable every year then the coverage will be granted.
2.Qualification and coverage
The policy can be taken from 20-65 years of age, minimum time limit is 10 years, maximum 30 years, anyone who has this opportunity until the age of 50 will have this opportunity. For example, if the policy takes 65 years, the coverage is 10 years, 75-year-old person does not have coverage, if a 55-year-old man takes policy, the coverage will be 20 years or 75 years old, the minimum amount of coverage is Rs 10 lakh while the maximum amount is Rs 50 lakh.
The minimum premium is Rs.2,400. The premium will be based on the selected amount or the sum assured, after 5 years if there claims are more then the premium will increase.
4.Two types of coverage
in the first type of coverage insured coverage total does not change, but in the second type the sum assured can be changed, that is from the first year to the fifth year the selected coverage can be increased 10% every year or the this can be increased till the insured people gets affected by cancer, in these two which comes first they will consider that, if the insured person does not get get cancer he can increase coverage from 10 to 50% in the first five years, if the person is affected by cancer in the fourth year then he is not required to increase the coverage.
covering the financial loss due to cancer is the main aim of this policy, the policy will cover the cancer only at the time of policy period after this policy period he won’t get any coverage, since there is no profit they won’t get any loan
6.First stage Cancer Conditions
if the cancer is recognised in the first stage then 25% of the sum assured is given to the policy taker, if the cancer recognised in first stage then policy taker need not pay premium upto three years, after 3 years he should pay premium every year, after payment is done for first stage if the cancer return again or in another place the cancer is found in first stage then the policy will not pay, the remaining premiums is only for the payment in the final stages of cancer.
7.Last stage Cancer Conditions
if the cancer is recognised in last stage then the policy will pay the total sum assure or if policy paid for first stage then the policy will cut the first stage amount and gives the remaining sum assured and also gives 1% of um assured to the policy taker for 10 years, if the policy taker dies then the policy pays the monthly amount to the nominee in the family. after the recognition of cancer the policy taker need not pay the premium for an year and if the policy taker is affected by different cancers then the policy will be paid only o single type.
Under section 80D the cancer coverage policy gets total Tax exempted, and also can get Rs.55,000 maximum tax exemption, but the claims will not come under section 80C.