LIC Cancer Cover

Sum Assured Options

At the time of the policy inception, you have the flexibility to select the type of sum insured from the following:

Option I: Level Sum Insured:

Under this option, the basic sum insured remains the same during the policy term.

Option II: Increasing Sum Insured:

The sum insured increases by 10% of the Basic Sum Insured annually for the first five years. This increase starts from the first policy anniversary or the first diagnosis of the cancer, whichever is earlier.

Early Stage Cancer Cover

When early stage cancer is diagnosed for the first time, the benefits under LIC Cancer Cover are payable in the following manner.

Lump Sum Benefit

25% of the applicable sum insured is paid to the insured.

Premier Waiver Benefit

The further premiums for the next three years or balance policy term, whichever is lower, shall be waived from the policy anniversary on or after the date of the first diagnosis.

Major Stage Cancer Cover

When a major stage cancer is diagnosed for the first time, the benefits under LIC Cancer Policy are payable in the following manner.

Lump Sum Amount

100% of the Applicable Sum Insured after deducting any previously paid claims for early stage cancer is payable to the insured.

Income Benefit

With the above lump sum benefit, an additional income benefit of 1% of the Applicable Sum Insured is paid for the fixed ten years. This income benefit is paid on each policy month after the payment of the lump sum amount. The income benefit payment period is fixed for 10 years irrespective of whether the insured survives, the policy term ends, or the insured dies.

Premium Waiver Benefit

All future premiums towards LIC Cancer Cover are waived from the next policy anniversary, and all the benefits cease except for the income benefit.

Tax Benefits

The life insured can avail of the tax benefits under Section 80D of the Income Tax Act, 1961. We suggest you contact your tax advisor for more details on the tax deductions on premiums and benefits under the Cancer Cover LIC policy.

Claim Intimation

Upon diagnosis, inform the LIC of India about the claim. Download the claim form from the official website of LIC of India. Or else you can also visit the nearest LIC branch and get the claim form. Duly fill out the form and submit it with supporting documents like diagnosis reports and medical documents.

Claim Processing

After receiving the claim request, the assessor verifies and evaluates the claim scope. During this step, the corporation may request other documents to submit.

Claim Settlement

Once the evaluation is complete, the assessor communicates the decision to the policyholder, whether the claim is approved or rejected. The LIC offers an efficient claim settlement process so the policyholder doesn’t need to take stress or run repeatedly to the branch office.