LIC’s Western Zone has sold 60,182 ‘cancer cover’ policies since the launch of the product nine months back.
Vipin Anand, Zonal Manager, LIC, said the zone collected Rs.29.16 crore as premium by selling the cancer cover policy. The average sum insured of the policies sold was Rs.50 lakh.
LIC launched a separate cancer cover in November 2017 as a regular premium payment health insurance plan. It provides financial protection in case the policy holder is diagnosed with any of the specified early and / or major stage cancer during the policy term.
To take the cancer cover, the minimum and maximum entry age is 20 years and 65 years, respectively. The minimum and maximum policy terms are 10 years and 30 years, respectively. The minimum and maximum sum insured are Rs.10 lakh and Rs.50 lakh, respectively. The minimum premium is Rs.2,400 for all modes.
Since cancer treatment is costly, requiring a large financial back up, the corporation is trying to take care of this factor to ensure that policy holders have a fair chance of fighting and surviving the disease, he added.