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Future Generali Cancer Protect Plan

Future Generali Cancer Protect Plan is a health insurance plan which covers against the deadly ailment called cancer. Whether the life insured is diagnosed with a minor stage cancer or a major stage cancer, the plan pays a lump sum benefit depending on the severity of the ailment.

Key features of the plan

  • This is a health insurance plan which covers minor or major stage cancers. 
  • On diagnosis of cancer, whether in minor stage or in major stage, a lump sum benefit is paid depending on the severity of cancer.
  • In case of minor stage cancer, the benefit can be claimed 4 times during the term of the policy for different organs.
  • In case of major stage of cancer, the entire Sum Assured is paid in lump sum.
  • Premiums can be paid either once or through the entire duration of the plan

How does the plan work?

Step 1 – the policyholder chooses the Sum Assured, plan term, premium paying term and the premium paying frequency.  

Step 2 – in case of diagnosis of minor stage cancer, 25% of the Sum Assured is paid immediately and premiums for the next three years are waived off.  

Step 3- in case of diagnosis of a major stage cancer, the entire Sum Assured is paid.  

Step 4 – in case the first diagnosis is a minor stage cancer and then a major stage is diagnosed, 25% of the Sum Assured is paid for the minor stage diagnosis. Future premiums are waived off for 3 years and later when a major stage is diagnosed, the remaining 75% of the Sum Assured is paid.  

Step 5 – in case of death of the life insured or maturity, no benefit is paid.  

Example

Rishabh, a non-smoking male aged 30 years, buys Cancer Protect Plan (Lump sum benefit option). The Sum Assured chosen is Rs.20 lakhs and the term is 20 years.

Option 1 – Rishabh is diagnosed with a minor stage cancer of the lung. 25% of the SUm Assured which is Rs.5 lakhs is paid immediately. If Rishabh is later diagnosed with a minor stage cancer of any other organ, 25% of the Sum Assured would be paid again up to a maximum of 4 times or till the Sum Assured is exhausted.

Option 2 – Rishabh is diagnosed with a major stage cancer. In this case, he is paid the entire Sum Assured of Rs.20 lakhs and the plan is terminated.

Option 3 – Rishabh is first diagnosed with minor stage cancer of the lung in the 6th policy year. He is paid Rs.5 lakhs immediately. His future premiums are waived off for 3 years. Later, in the 12th policy year, Rishabh is diagnosed with a major stage cancer. In this case, the remaining Rs.15 lakhs of the Sum Assured is paid to Rishabh and the plan is terminated.

Option 4 – if Rishabh survives the plan tenure without facing cancer or if he dies during the term of the plan, no benefit is paid.

Plan benefits

  • Cancer benefit – if the life insured suffers from cancer, the plan benefit is paid. In case of minor stage cancer, the benefit is 25% of the Sum Assured. After the minor stage cancer benefit is paid, premiums for the next three years are waived off. In case the life insured suffers from a major stage cancer, 100% of the Sum Assured is paid and the plan is terminated. If the life insured first suffers from minor stage cancer, 25% of the Sum Assured is paid and premiums are waived for the next three years. If, later, the insured is diagnosed with a major stage cancer, 75% of the Sum Assured is paid and the plan is terminated.
  • Maturity Benefit – when the chosen tenure expires and the plan matures, no benefit is paid if the life insured does not suffer from cancer.
  • Death benefit – there is no death benefit under the plan if the life insured dies during the plan term.

Eligibility Criteria

  Minimum Maximum
Age at entry (in completed years) Minors – 1 year
Adults – 18 years
Minors – 17 years
Adults – 65 years
Age at maturity (in completed years) NA 80 years
Term of the plan Regular premium plans:
Minors – higher of 10 years or 18 years – entry age
Adults – 10,15,20 years or 80 years – entry age
Premium paying options Regular pay  or Single Pay
Premium Paying term Regular Pay - Equal to the plan tenure
Single Pay – once
Sum Assured Minors - Rs.10 lakhs
Adults – Rs.10 lakhs, Rs.20 lakhs, Rs.30 lakhs and Rs.40 lakhs

What is not covered in the policy?

Pre-existing illnesses or conditions are not covered by the plan in the first 4 years of the policy

Illnesses occurring within the first 180 days of the policy are not covered.

After diagnosis of any stage of cancer, the life insured should survive for 7 days to claim the benefits.

For minor stage cancers, cancers resulting from HIV/AIDS, congenital conditions, pre-existing ailments, alcohol or drug abuse and nuclear, biological and chemical contamination are excluded.

For major stage cancers, cancers resulting from tumours with malignant changes of Carcinoma – in-Situ, skin cancer, prostate tumours, papillary micro-carcinoma, HIV infections, microcarcinoma of the bladder and chronic lymphocytic leukaemia lower than RAI stage 3 are excluded.

Premium Illustration

Below are the sample rates of premium payable by a non-tobacco user male for a combination of different ages, cover option and Sum Assured. The term is taken to be 35 years and premiums are paid annually for the entire duration.

FAQs

irdai

Licensed by
IRDAI/WBA 18/14

CIN: U66000DL2011PTC214078


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