It is a non-linked, regular premium payment health insurance plan which provides fixed benefit in case the Life Assured is diagnosed with any of the specified Early and/or Major Stage Cancer during the policy term, subject to certain terms and conditions.
The premium rates will vary depending on the option chosen.
Option I Level Sum Insured: The Basic Sum Insured shall remain unchanged throughout the policy term.
Option II Increasing Sum Insured: The Sum Insured increases by 10% of Basic Sum Insured each year for first five years starting from the first policy anniversary or until the diagnosis of first event of Cancer, whichever is earlier. All the claims payable shall be based on the Increased Sum Insured at the policy anniversary coinciding or prior to the diagnosis of the first claim and further increases to this Sum Insured will not be applicable.
The benefits payable under the plan shall be based on the Applicable Sum Insured, where the Applicable Sum Insured shall be equal to –
ï‚· The Basic Sum Insured for policies taken under Option I; or
ï‚· Basic Sum Insured during first year and Increased Sum Insured thereafter, as per the provisions detailed in Option II above, for policies taken under Option II.
905 – Cancer Cover Benefits:
A. Early Stage Cancer: Provided the policy is inforce, on first diagnosis, of any one of the specified Early Stage Cancers (as defined) and if the same is admissible, the following benefits are payable:
i).Lump sum benefit: 25% of Applicable Sum Insured will be payable.
ii). Premium Waiver Benefit: Premiums for next three policy years or balance policy term, whichever is lesser, shall be waived from the policy anniversary coinciding or following the date of diagnosis. Premium(s) falling due from the date of diagnosis and before the next policy anniversary shall be deducted from the claim amount as mentioned under Para 9 of this circular.