LIC Cancer Cover Plan No. 905 Features & Details:

LIC has introduced a new plan specific to cancer care. Cancer Cover Plan No.905 is non-linked regular premium paying Health Insurance plan. This scheme provides fix benefit on cancer detection of first stage and second stage.

Benefits of LIC Cancer Cover Plan

With this policy you will live worry free for cancer.

Sum assured is available from Rs. 10 lakh to Rs. 50 lakh. There were two options — sum assured and increment of the sum assured by 10 per cent of basic sum assured for the first five years.

LIC cancer cover
Types Of Sum Assured:

  • Basic Sum Assured
  • Increasing Sum Assured (10% Increase in Sum Assured Every Year for first 5 years)

Cancer cover plan
Types Of cancer Covered

  1. First Stage or Early Detection
  2. Second stage or Major Stage

On Early Detection of First stage

  • 25% of Basic Sum Assured payable
  • 3 Years premium will be waived off

On Major Detection

Option 1:

  • 100% Sum Assured

Option 2:

  • % Applicable Sum Assured per month for next 10 years irrespective of Live or death
  • All future Premiums waived off.

LIC Cancer Care Eligibility Conditions

  • Entry Age: 20 Years – 65 Years
  • Policy Term: 10 Yrs – 30 Years
  • Cover Ceasing Age: 50 Yrs – 75 Yrs
  • Basic Sum Assured: 10 lacs to 50 lacs
    (Note: Subject to an overall limit of 50 lacs taking all existing critical illness cover policies including cancer cover and new proposal under consideration Payment of Claims by Claims Dept of LIC (Not by TPA)
  • Minimum Premium 2400 for all modes
  • Waiting period 180 dayslic cancer care

Tax Benefits:

Keep in mind this is special plan and hence you will get:

  • No Surrender Value
  • No Loan on Policy Applicable
  • No Maturity value
  • No Mode Rebate

Due to rise in cancer cases this policy will safeguard your life against unexpected Cancer disease.

Example: Mr. Avinash Aged 25, opts for Cancer Care Plan for 10 years for 10 lakhs Sum Assured. After 2 years Avinash diagnosed with early Cancer detection. LIC pays 2.5 lakh to Avinash as 25% Basic Sum Assured of 10 lakhs. Also Avinash gets 3 years Premium Holiday. So he does not have to pay premium for next 3 years.

If Avinash Diagnosed again with second stage within policy period he will also get rest of BSA (7.5 lakh as he already received 25% benefit earlier) and all future premiums will be waived off.

In another scenario, If Mr. Avinash Does not diagnose with cancer throughout the policy term, He will not get any maturity benefit.

Share this policy on with others so others can also take benefit of this scheme.