LIC Cancer Cover Plan-905 Features, Benefits, Premium Calculator

LIC Cancer Cover Plan-905 Policy is a specialized health insurance plan from the Life Insurance Corporation of India (LIC) designed to provide financial support for those diagnosed with cancer.

Cancer treatments can be very expensive, and this policy is specifically crafted to help individuals and families bear those costs with ease. LIC Cancer Cover offers a combination of lump-sum payouts and ongoing benefits depending on the stage of cancer, ensuring you receive support when it’s needed most.

What is LIC Cancer Cover Plan-905?

LIC Cancer Cover is a non-linked, non-participating health insurance policy. Unlike traditional life insurance plans, this policy is dedicated solely to covering cancer treatment costs. It provides a lump sum payout on cancer diagnosis and also offers financial assistance through fixed benefits if the cancer reaches a major stage. This policy can act as a financial safety net, helping cover hospital bills, treatment costs, and other expenses associated with cancer care.

Key Features of LIC Cancer Cover Policy

1. Lump-Sum Payment on Diagnosis: If diagnosed with early-stage or major-stage cancer, LIC Cancer Cover provides an immediate lump-sum payout based on the coverage amount.
2. Regular Income Benefit: For major-stage cancer, the policy provides regular income payouts to ease the financial strain during extended treatment periods.
3. Premium Waiver: If major-stage cancer is diagnosed, all future premiums are waived, ensuring you stay covered without further payments.
4. Flexible Sum Assured Options: Choose your coverage amount based on personal and family health needs, with options ranging from ₹10 lakhs to ₹50 lakhs.
5. Affordable Premiums: LIC Cancer Cover offers affordable premiums, making it accessible for a wide range of individuals looking for cancer-specific protection.

Why Choose LIC Cancer Cover?

1. Comprehensive Cancer Coverage: LIC Cancer Cover focuses entirely on cancer treatment, providing substantial financial support at different stages of cancer.
2. Dual Benefit Structure: With both early-stage and major-stage benefits, this policy ensures you’re financially supported from diagnosis to advanced treatment phases.
3. No Premium Payment for Major Cancer: Once major-stage cancer is diagnosed, future premiums are waived, reducing financial stress on policyholders and their families.
4. Income Benefit for Major Cancer: The regular income benefit provides 1% of the sum assured every month for ten years, ensuring a consistent income flow during a critical time.

Eligibility for LIC Cancer Cover Policy

Feature	Details
Minimum Entry Age	20 years
Maximum Entry Age	65 years
Policy Term	10 to 30 years
Sum Assured Options	₹10 lakhs to ₹50 lakhs
Premium Payment Modes	Annual, Semi-annual

Benefits of LIC Cancer Cover Plan-905 Policy

LIC Cancer Cover Policy provides a variety of benefits to address both early and major-stage cancer treatments. Here’s what you can expect from this policy:

• Early-Stage Cancer Benefit: On being diagnosed with early-stage cancer, you will receive a lump sum payout of 25% of the sum assured, providing immediate funds for initial treatments.
• Major-Stage Cancer Benefit: If diagnosed with major-stage cancer, 100% of the sum assured is paid out as a lump sum. Additionally, the policy waives all future premiums and initiates a monthly income benefit of 1% of the sum assured for the next 10 years.
• Income Benefit: For major-stage cancer, the policy provides a monthly income of 1% of the sum assured, helping cover recurring treatment and recovery costs.
• Premium Waiver: If major-stage cancer is diagnosed, all future premium payments are waived, giving you continuous coverage without any further payments.
• Tax Benefits: Premium payments qualify for tax deductions under Section 80D of the Income Tax Act, adding to the policy’s overall financial benefits.

How to Apply for LIC Cancer Cover Plan-905?

You can apply for LIC Cancer Cover Plan-905 by visiting an LIC branch, consulting an LIC agent, or applying online through the official LIC website. Before applying, make sure to review all eligibility criteria, policy terms, and necessary documents to ensure a smooth application process.

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FAQs

1. What types of cancer are covered under LIC Cancer Cover?

• LIC Cancer Cover covers various types of cancer at both early and major stages. It excludes some cancers, including skin cancer (non-invasive) and pre-existing cancers, so it’s essential to review policy exclusions in detail.

2. How does the income benefit work in LIC Cancer Cover?

• For major-stage cancer, the policy pays 1% of the sum assured monthly for 10 years. This benefit helps manage ongoing treatment expenses and provides a steady income during a difficult time.

3. What is the sum assured range in LIC Cancer Cover?

• You can choose a sum assured between ₹10 lakhs and ₹50 lakhs, allowing flexibility in coverage based on your needs and budget.

4. Are future premiums waived if I’m diagnosed with major-stage cancer?

• Yes, if diagnosed with major-stage cancer, all future premium payments are waived. The policy continues to provide full coverage without further payments.

5. Does LIC Cancer Cover offer any tax benefits?

• Yes, premiums paid under LIC Cancer Cover are eligible for tax deductions under Section 80D of the Income Tax Act, which can help reduce your taxable income.

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Conclusion

LIC Cancer Cover Plan-905 is a dedicated insurance plan aimed at providing financial relief for individuals and families facing the high costs of cancer treatment. Its structured benefits, such as lump-sum payouts, income support, and premium waivers, make it a reliable choice for those seeking specialized health coverage for cancer.

Whether you’re planning for future health expenses or ensuring your family’s financial stability during challenging times, LIC Cancer Cover offers comprehensive cancer protection to help ease the journey.