Insurance is provided by insurance companies as financial assistance to policyholders during different periods of time, according to the requirement of an individual and the insurance policy bought. Life insurance company (LIC) is a leading insurance lending company to people according to their needs and term of policy chosen. This company owns different types of policies and assists people as per the policy they buy. In order to hold a specific policy, a person needs to buy the policy and deposit certain fixed amounts known as premiums in fixed intervals chosen for the continuation of the policy. The different types of situations in which policies act as support are in the case of any misfortune happening to the life assured. These policies provide financial assistance to family members after the death of the policyholder. These policies can also provide certain amounts of payment like in the case of an accident of the policyholder.
In the long list of policies given by Life Insurance Company, one of the main policies is LIC Health Plan Cancer Care (905). This policy provides financial protection to the policyholder in case he/she has been diagnosed with early or major stages of cancer during the policy term. This policy can be purchased online as well as offline. This plan offers two options where the buyer can opt for either. The first option is level sum insured with fixed sum insured. The second option is increased sum insured in which the basic sum increases by ten percent during each year from the diagnosis of cancer. The benefit of the policy can be taken both in the early stages and later stages of different types of cancer, such as prostate cancer, thyroid cancer, bladder cancer, etc.
There are certain conditions imposed with these benefits such as:
- Early stage cancer financial assistance shall only be given once.
- Once, early or later stage benefits have been given in a policy term, no benefits are given again in the same term.
- The total benefit given under the policy shall not exceed the maximum claim amount of 220% of the applicable sum insured.
- If there are life assured claims for different stages of the same cancer, the benefit shall be given for the highest amount.
- In case of more than one type of cancer diagnosed, benefits shall be given only for one.
There are eligibility criteria to hold this policy which include:
- Minimum age should be 20 years.
- Maximum age should be 65 years.
- Minimum policy term is 10 years and the maximum policy term is 20 years.
- The minimum basic sum insured is Rs 10 lakh and maximum basic sum insured is Rs 50 lakh.
- The premium can be paid during the policy term at yearly or half yearly intervals.
If anyone is not satisfied with the terms and conditions of the policy, they may return it within 15 days to the company and the company shall return the deposited premium.