1) Affordability: Reasonably priced
2) No need for hospitalisation: Means the entire cover is paid on detection.
3) Lump Sum Pay-Out: 25 percent of the sum assured upon diagnosis at an early stage. 100 percent is paid on detection of the major stage of the disease.
4) Wide Coverage: Cover for numerous types of cancers.
5) Compensates for loss of income: Once diagnosed with cancer, one might miss out on attending work and fulfil his/her professional commitments, and eventually lose out on monthly income. In order to compensate for such a loss, LIC’s Cancer Cover offers Monthly Income Benefit. This benefit is 1 percentage of the sum assured amount payable monthly for a guaranteed period of 10 years or 120 months and acts as a regular stream of income to meet one’s financial needs. This protects us from liabilities and keeps us financially stable.
6) Coverage against high treatment costs: Medical inflation in India is growing by the day. Depending on the type and stage of cancer, you may be required to pay an exorbitant cost for treatment. In order to protect yourself financially from the treatment-related costs such as chemotherapy, surgery, and radiotherapy, you may unfailingly invest in LIC’s Cancer Cover. Our plan takes care of all these expenses and secure your life financially.
7) Waiver of premium benefit: ‘waiver of premium,’ allows you to enjoy the benefits of the policy without having to pay any premiums. 3 year waiver for early stage and remaining term premium waiver for major stage.
8) Tax benefits: You may avail of a tax deduction of up to INR 25,000 under Section 80D of the Income Tax Act, 1961. Senior citizens may enjoy a higher tax benefit amount of INR 50,000. Purchasing such a policy, therefore, allows you to reduce your tax liability largely.
9) Save your savings: With LIC’s Cancer Cover policy in place, you won’t have to spend all your savings on treating cancer. This further helps in keeping that money reserved for the goals you have set for you and the welfare of your family.
10) Be a Good Samaritan: Cancer Cover premium paid by you till end of the policy might help someone fight his/her cancer battle financially.