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.
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.
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.
|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
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.
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.