Insurance

What Are The Limitations and Conditions To Purchase Of Cancer Cover Insurance Policy

Early Stage Cancer Benefit shall be payable only once for the first ever event and Life Assured shall not be entitled to make another claim for the Early Stage Cancer of same or any other cancer. However, the coverage for the Major Stage Cancer under the policy shall continue until the policy terminates. (ii) Once a Major Stage Cancer Benefit is paid no payment for any future claims under Early Stage Cancer or Major Stage Cancer would be admissible. (iii) Total benefit under the Policy including Early Stage Cancer Benefit and Major Stage Cancer Benefit as specified above shall not exceed the maximum claim amount of 220% of Applicable Sum Insured. (iv) If the life assured claims for different stages of the same Cancer at the same time, the benefit shall only be payable for the higher claim admitted under the policy. (v) If there is more than one Cancer diagnosed in an event, the Corporation will only pay one benefit. That benefit will be the amount relating to the stage of Cancer which has the highest benefit amount.

2. WAITING PERIOD: A waiting period of 180 days will apply from the date of issuance of policy or date of revival of risk cover, whichever is later, to the first diagnosis of any stage cancer. “Any stage” here means all stages of Cancer that occur during the waiting period. No benefit shall be payable if any stage of Cancer occur before expiry of 180 days from the date of issuance of policy or date of revival and the policy shall terminate.

3. SURVIVAL PERIOD: No benefit shall be payable if the Life Assured dies within a period of 7 days from the date of diagnosis of any of the specified Early Stage Cancer or Major Stage Cancer. The 7 days survival period includes the date of diagnosis.

4. ELIGIBILITY: (a) Minimum age at entry: 20 years (completed) (b) Maximum age at entry: 65 years (last birthday) (c) Minimum Policy Term: 10 years (d) Maximum Policy Term: 30 years (e) Minimum age at maturity: 50 years (f) Maximum age at maturity: 75 years (g) Minimum Premium: Rs. 2400/- for all modes (h) Minimum Basic Sum Insured: Rs.10,00,000 (i) Maximum Basic Sum Insured: Rs. 50,00,000 The maximum Basic Sum Insured under this plan shall not exceed an overall limit of Rs.50 lakhs taking all existing Critical Illness Cover policies including Cancer Cover and the Cancer Cover Sum Insured under the new proposal into consideration. The Basic Sum Insured shall be in multiples of Rs. 1,00,000/- only.

5. PAYMENT OF PREMIUMS: Premiums can be paid regularly during the policy term at yearly or half-yearly mode. A grace period of one month but not less than 30 days will be allowed for both yearly and halfyearly modes.

6. SAMPLE PREMIUM RATES: The premium rates under this plan are guaranteed for a period of first 5 years from the date of issuance of the policy. The Premium rates for future years will be subject to revision based on the Corporation’s experience under this plan and prior notice of at least 90 days to the policyholder. The sample tabular annual premium rates (in Rs.) (excluding applicable taxes, if any) per Rs. 1000/- Sum Insured are as under: Option I: Level Sum Insured Age (years) Policy Term (years) 20 30 Male Female Male Female 30 1.19 2.42 1.69 3.09 35 1.67 3.44 2.62 4.22 40 2.58 4.70 4.22 5.61 45 5.09 6.54 7.91 7.66 50 8.42 8.29 – – Option II: Increasing Sum Insured Age (years) Policy Term (years) 20 30 Male Female Male Female 30 1.56 3.35 2.32 4.36 35 2.26 4.79 3.69 5.99 40 3.58 6.57 6.05 7.98 45 7.08 9.01 11.33 10.76 50 11.95 11.48 – –

7. LOADING/REBATE FOR MODE OF PREMIUM PAYMENT & HIGH SUM INSURED: Mode Loading: Yearly mode – Nil Half-yearly mode – 2% of Tabular Premium High Sum Insured Rebate: – Nil Rebate for policies sold Online – 7% of Tabular Premium

8. REVIVAL: If premiums are not paid by the end of the grace period then the policy will lapse. A lapsed policy can be revived during the lifetime of the Life Assured, but within a period of two consecutive years from the date of the first unpaid premium and before the date of maturity, on submission of proof of continued insurability to the satisfaction of the Corporation and payment of all the arrears of premium(s) together with interest (compounding half-yearly) at such rate as fixed by the Corporation from time to time. The Corporation however, reserves the right to accept at original terms, accept with modified terms or decline the revival of a discontinued policy. The revival of the discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Life Assured. Waiting period, survival period and Exclusions as mentioned in this brochure will also apply on revival.

9. PAID-UP VALUE: This policy shall not acquire any paid-up value. 10. SURRENDER VALUE: No surrender value will be available under this plan. 11. POLICY LOAN: No loan facility will be allowed under this plan.

12. TAXES: Statutory Taxes, if any, imposed on such insurance plans by the Government of India or any other constitutional Tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time. The amount of applicable taxes, as per the prevailing rates, shall be payable by the policyholder, which shall be collected separately over and above in addition to the premiums payable by the policyholder. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

13. FREE LOOK PERIOD: If the policyholder is not satisfied with the “Terms and Conditions” of the policy, he/she may return the policy to the Corporation within 15 days (30 days if policy is purchased Online) from the date of receipt of the policy bond stating the reasons of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium for the period on cover, (shall not be applicable during the waiting period) and charges for stamp duty.

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