Life Insurance Corporation (LIC) had launched a cancer cover six months back. LIC's flagship programme seems to have received a favourable response. It has sold 88,750 policies across the country
Life Insurance Corporation (LIC) had launched a cancer cover six months back. LIC’s flagship programme seems to have received a favourable response. It has sold 88,750 policies across the country, according to The Indian Express report. It has been learnt 58.5 per cent of those 88,750 policies were sold in Maharashtra, Kerala, Tamil Nadu and Gujarat. Kerala and Tamil Nadu, which fall in the South zone have bought 25,670 policies. Gujarat and Maharashtra, which is under the west zone, have taken 26,280 policies. “As on date we have sold 88,750 policies with a first premium income of Rs 42.68 crore,” the LIC said in a statement.
According to the first ever state-level disease burden study, which was released last November, Gujarat, Maharashtra, Tamil Nadu and Kerala are placed higher on the development ladder, have become hubs of non-communicable diseases, including cancer.
According to a new paper published last month in the medical journal Lancet Oncology, the burden of cancer in India is over 1.5 million new cases. The paper has predicted that nearly double in the next 20 years with age-adjusted mortality rates of 64.5 per 1,00,000 people. The study also pointed out that fewer than 30 per cent survive five years or more after diagnosis, accoridng to IE reports.
The plan was launched on November 14, 2017. The terms and conditions of LIC’s plan stated a waiting period of 180 days from the date of issuance of policy before a claim can be made. “As the period is less than 180 days since the introduction of this plan, no claims were received/registered and paid so far,” the insurer said.
“In Option-1, level sum insured, basic sum insured will remain same throughout the term and Option-2 increasing sum insured, basic sum insured increases by 10 per cent each year for first five years or until the diagnosis of first event of cancer, whichever is earlier,” it said. “This plan is offered for a minimum sum insured of Rs 10 lakh and a maximum sum insured Rs 50 lakh. The minimum age at entry will be 20 years completed and maximum age at entry will 65 years last birthday. Minimum cover ceasing age 50 years and maximum cover ceasing age 75 years,” LIC said.