Cancer Care Policy

The mention of word “Cancer” creates fear in the mind of people. Cancer ranks high among deadliest of diseases that not only scare you mentally but also financially.

Treatment for cancer may cost roughly around 12lacs to 60lacs.

This is why several health insurance companies have come up with special cancer insurance plans to lessen the burden of people.

Eligibility Criteria for this product

  Minimum Maximum
Entry Age 20 65
Policy Term 10 30
Age at Maturity 50 75
Basic Sum Insured 10Lac 50Lac

Mode of Payment of premium

  • Yearly
  • Half Yearly

Flexibility of choosing the type of Sum Insured at Inception

Level Sum Insured Increasing Sum insured
The basic sum insured shall remain unchanged throughout the policy term The sum insured increases by 10% of basic sum insured each year for first 5 years or until diagnosis of first event of cancer or whichever is earlier

Benefits of LIC Cancer Cover on Diagnose of Cancer

Conditions Early stage Major stage
Lump-sum Benefit 25% of Sum Insured shall be payable 100% of Sum insured less any previously paid claims shall be payable
Premium Waiver Benefit Premium for next 3 policy years or balance policy term whichever is lower All future premiums shall be waived from next policy anniversary
Income Benefit NA Monthly Income benefit of 1% of Sum Insured will be payable for each policy month for next 10 years irrespective of survival of life insured and even if period of 10 years goes beyond the policy term

Important Points to be noted

  • Waiting Period of 180 days
  • No Loan
  • Tax Deduction under Sec 80D up to Rs 55000
  • No surrender value
  • No Maturity
  • No benefit shall be payable if insured dies within 7 days from date of diagnosis of cancer

Sample Premium rates

The sample tabular annual premium rates (in Rs.)

For Sum Insured of Rs 10,00,000 are as under:

Option 1 Level Sum Insured

Age (Years) Policy Term ( Years)
20 30
Male Female Male Female
30 1190 2420 1690 3090
35 1670 3440 2620 4220
40 2580 4700 4220 5610
45 5090 6540 7910 7660
50 8420 8290 NA NA


Option 2 Increasing sum Insured

Age (Years) Policy Term ( Years)
20 30
Male Female Male Female
30 1560 3035 2032 4360
35 2260 4790 3690 5990
40 3580 6570 6050 7980
45 7080 9010 11330 10760
50 11950 11480  NA NA


(Excluding applicable taxes, if any)