LIC Cancer Cover Plan
LIC Cancer Cover Plan (Plan No. 905) is a health insurance plan that provides financial support if you are diagnosed with cancer during the policy term. It covers both early-stage and major-stage cancer with lump sum payouts and additional benefits.
It also offers income support and a premium waiver after diagnosis, helping you manage treatment costs and financial stress.
What is the LIC Cancer Cover Plan?
LIC Cancer Cover Plan (Plan No. 905) is a non-linked, non-participating individual health insurance plan designed to provide financial protection in case the policyholder is diagnosed with cancer during the policy term.
The plan covers both early-stage and major-stage cancer and offers structured benefits such as a lump sum payout, regular income support, and waiver of future premiums. It helps manage treatment costs and ensures financial stability during critical health situations.
Note:This plan was discontinued by LIC effective 1st January 2025. People who already have a policy can continue it, but no new purchase is allowed.
Key Highlights of LIC Cancer Cover Plan
| Feature | Details |
|---|---|
| Cancer-Specific Cover | Provides financial protection only against cancer (early and major stages) |
| Two Plan Options | Choose between Level Sum Insured or Increasing Sum Insured |
| Increasing Cover Option | Sum insured increases by 10% every year for the first 5 years (under Option II) |
| Early Stage Benefit | 25% of the sum insured is paid on early-stage cancer diagnosis |
| Major Stage Benefit | 100% of the sum insured is paid on a major-stage cancer diagnosis |
| Income Benefit | Monthly income (1% of the sum insured) is paid for 10 years after a major cancer claim |
| Premium Waiver | Future premiums are waived after a cancer diagnosis |
| Long-Term Protection | Coverage available for up to 30 years |
| Flexible Purchase | Can be bought offline or online |
| Fixed Benefit Plan | Payouts are fixed and not linked to actual medical expenses |
Eligibility Criteria for LIC Cancer Cover Plan
| Criteria | Details |
|---|---|
| Minimum Entry Age | 20 years |
| Maximum Entry Age | 65 years |
| Policy Term | 10 to 30 years |
| Minimum Maturity Age | 50 years |
| Maximum Maturity Age | 75 years |
| Minimum Premium | Rs 5,000 per year |
| Minimum Sum Insured | Rs 15 lakh to Rs 35 lakh (depends on age) |
| Maximum Sum Insured | Rs 50 lakh |
How Does the LIC Cancer Cover Plan Works?
Buy plan Pay premium Get benefit on cancer diagnosis
Choose Coverage Option
At the start, you select:Level Sum Insured (fixed cover)Increasing Sum Insured (increases 10% yearly for 5 years)Pay Regular Premium
You pay a premium yearly or half-yearly during the policy term to keep the policy active.Waiting Period
You need to wait 180 days from policy start. No claim is paid if cancer is diagnosed during this period.If Early-Stage Cancer is Diagnosed
You receive 25% of the sum insured as a lump sumFuture premiums are waived for a limited periodIf Major-Stage Cancer is Diagnosed
You receive 100% of the sum insured (after adjusting earlier claims)You get a monthly income (1% of the sum insured) for 10 yearsAll future premiums are waivedClaim Conditions
You must survive at least 7 days after diagnosis to receive benefits.Plan Ends
After a major cancer claim, no further claims are paidIf no cancer occurs, no maturity or survival benefit is given
Benefits of the LIC Cancer Cover Plan
The LIC Cancer Cover Plan offers structured financial benefits that help manage treatment costs and provide income support. Here are some of the key benefits:
Early Stage Cancer Benefit
If early-stage cancer is diagnosed, the policyholder receives 25% of the sum insured as a lump sum amount. In addition, future premiums for a limited period are waived.
Major Stage Cancer Benefit
If major-stage cancer is diagnosed, 100% of the sum insured is paid as a lump sum. If any early-stage claim was already paid, it is adjusted from this amount.
Monthly Income Benefit
After a major cancer diagnosis, the policy provides a monthly income of 1% of the sum insured for 10 years. This helps manage ongoing treatment and daily expenses.
Premium Waiver Benefit
Once cancer is diagnosed, future premiums are waived. The policy continues without any further payment burden.
Increasing Cover Option
If the increasing sum insured option is chosen, the coverage increases by 10% every year for the first five years, helping enhance protection over time.
Financial Support Flexibility
The payout received can be used freely for treatment, hospitalization, or any other financial needs during the illness.
Tax Benefits
Premiums paid and benefits received may be eligible for tax benefits as per applicable tax laws.
Who Should Buy the LIC Cancer Cover Plan?
This plan is suitable for individuals who want financial protection against cancer and the high costs of treatment. It is designed for those looking to secure their income and savings during serious health conditions.
LIC Cancer Cover Plan vs Other Plans
Before choosing a health plan, it is important to understand how the LIC Cancer Cover Plan differs from other insurance options.
| Feature | LIC Cancer Cover Plan | Other Health / Cancer Plans |
|---|---|---|
| Coverage Type | Only cancer-specific cover | Covers multiple diseases or full hospitalization |
| Benefit Type | Fixed lump sum + income benefit | Mostly reimbursement of actual hospital bills |
| Stages Covered | Early + major stage cancer | May cover only the major stage or multiple illnesses |
| Premium Waiver | Available after diagnosis | Available in some plans, not all |
| Income Benefit | Monthly income for 10 years | Usually limited or of shorter duration |
| Sum Insured | Up to Rs 50 lakh | Can be higher depending on the plan |
| Flexibility | Limited options | More flexibility (add-ons, riders, etc.) |
| Purpose | Focused cancer protection | Comprehensive health or critical illness cover |
How to Buy LIC Cancer Cover Plan?
To buy the plan online, follow these steps :
Step 1.
Visit the official LIC website.
Step 2.
On the homepage, select "Buy Policies Online" or choose the plan category (such as Endowment or Money Back).
Step 3.
Pick the specific plan you want to purchase.
Step 4.
Click on "Learn More" to access the application page.
Step 5.
Complete the form and upload the required documents.
Step 6.
Submit the form and pay online.
Identity proof such as Aadhaar Card, PAN Card, Passport, etc.Address proof, including Aadhaar, Driving Licence, Voter ID, etc.Age proof (Birth certificate, school certificate, passport, etc.)Recent passport-size photographBank details (cancelled cheque or account details)PAN Card (for KYC and financial transactions)
Waiting Period
You need to wait for 180 days from policy start. If cancer is diagnosed during this period, no benefit is paid, and the policy may end.
Survival Period
You must survive at least 7 days after cancer diagnosis to receive any benefit under the plan.
No Maturity Benefit
If no cancer is diagnosed during the policy term, no money is paid at the end of the policy.
No Loan or Surrender
This plan does not offer a loan facility or surrender value at any time.
No Paid-up Value
If you stop paying premiums, the policy does not continue with reduced benefits. It simply lapses.
Limited Claim Conditions
Early-stage benefit is paid only once, and after the major-stage claim, no further claims are allowed.
Maximum Benefit Limit
Total payout under the plan cannot exceed 220% of the sum insured.
Exclusions Apply
Claims are not paid for pre-existing diseases or if cancer is diagnosed within the waiting period.
Premium Review
Premium rates are fixed for the first 5 years, but may change later based on LIC's experience.
Documents Required for LIC Cancer Cover Plan
You need basic KYC documents, age proof, and bank details to buy the plan. This includes:
Things to Know About the LIC Cancer Cover Plan
It is important to understand the key terms, conditions, and limitations of the LIC Cancer Cover plan, so you can make an informed decision. Here are some of them with their brief explanation:
Disclaimer: Squareinsurance does not promote, rate, or recommend any specific insurance company or insurance plan. The above information is for general understanding only. For complete and accurate details, please refer to the official plan brochure.
FAQs
It is a health insurance plan that provides financial support if you are diagnosed with cancer during the policy term.
The plan covers both early-stage and major-stage cancer as specified under policy conditions.
Yes, a waiting period of 180 days applies from the policy start date.
You must survive at least 7 days after diagnosis to receive the claim benefit.
You receive 25% of the sum insured as a lump sum and get a premium waiver for a limited period.
You receive 100% of the sum insured along with a monthly income for 10 years and waiver of future premiums.