Sale of LIC’s cancer cover policy on the rise
Life Insurance Corporation LIC of Indias cancer cover policy is witnessing a quantum jump in sale of health insurance The company has sold more than 125 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
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.