Sale of LIC’s cancer cover policy on the rise

08/08/2018

Sale of LIC’s cancer cover policy on the rise

Hyderabad: Life Insurance Corporation (LIC) of India’s cancer cover policy is witnessing a quantum jump in sale of health insurance. The company has sold more than 1.25 Lakh cancer cover policies so far as more than 70% of cancer affected Indians do not have any financial provision to face the rising cost of treatment which can be a few months to few years

V Sathish Kumar, Regional Manager (Health Insurance), LIC said, “A recent study shows India has 2.5 million people affected by Cancer. Every year more than 7 lakh people are added, and 5.5 lakh people die of this dreaded disease. We know that Cancer is curable when it’s treated properly at the initial stages. It is a known fact that there are more than 200 types of cancer.”

The cancer cover plan comes with the best features like non-medical up to the age of 65 years, maximum sum assured is Rs 50 lakh. At the initial stage, 25% of sum assured will be paid as lump sum. If it is a major stage, 100% sum assured will be paid and future premiums will be waived off. An attractive feature of this plan is 1% of Basic sum assured will be payable to the diseased claimant or nominee every month for a period of 10 yrs. It helps families to get financial stability.

The other product, Jeevan Arogya comes with a defined benefit covering 140 major surgeries and 140 surgeries under day care benefit in addition to hospital cash benefit. This plan can cover entire family including in-laws under single policy. Premium paid under both the plans are eligible for Income Tax relief under Sec.80D up to Rs 55,000.