Comprehensive details about LIC cancer covery policy


LIC introduced a new health policy by the name Cancer Cover for cancer related problems.

This can be bought both online and offline.

Two options

This policy has two options with respect to insurance amount.

1.  Level sum assured – the policy amount stays the same throughout the policy period.

2.  Increasing sum assured – The policy sum is increased 10% every year after 1 year (earlier if cancer is diagnosed) for 5 year.


Early state

·         If cancer in early stage is diagnosed, 25% of the policy amount is paid.

·         The premiums for the next 3 years or till the policy ends are waived.

Major stage cancer

·         If a major stage cancer is diagnosed, 100% of the insured amount is paid.  If already paid for the early stage cancer, only the remaining amount is paid.

·         Aside from 100% payment, 1% every month is paid for 10 years and this continues even if the policy time is over.

·         Apart from the above benefits, any further premiums get waived.


·         Minimum age – 20 years.

·         Maximum age – 65 years.

·         Minimum policy duration – 10 years.

·         Maximum policy duration – 30 years.

·         Minimum insurance amount – 10 lakhs.

·         Maximum insurance amount – 50 lakhs.

·         Minimum premium – all types – 2400.

Premium payments

·         Half yearly and yearly.

·         There is grace period of 30 days for premiums failing which will attract penalty.


·         The policy gets lapsed if premium is not paid within grace period but can be renewed within 2 years.

·         Policy is renewed only after payment of pending premiums along with interest.


·         There is no paidup value for the policy.

·         The policy cannot be surrendered and premiums paid cannot be reimbursed

·         No loan can be availed.

In case you don’t like

·         You have 15 days time to surrender if you don’t like the policy.

·         Online policies have 30 days for the above time period.

·         After surrendering, the company will deduct some charges and pay the premium back.

Occasions where policy is not applicable

·         Those already having cancer symptoms.

·         In case cancer is diagnosed within 180 days of taking the policy.

·         If the policy holder has critical illness like HIV or AIDS.

·         Directly exposed to atomic radiation or abuser of drugs.

Cancer is spreading very fast in India with changed lifestyle.  Cancer treatment has become very costly and will downgrade you financial once diagnosed.  You can observe the cancer policy form LIC if you want to be safe from cancer with low premium.