LIC Cancer Cover Plan 905 Calculator

Cancer can be a financially draining disease, and having a protection plan is very important. LIC Cancer Cover Plan 905 is a health insurance policy specially designed to provide financial support if you are diagnosed with cancer.

What is LIC Cancer Cover Plan 905?

LIC Cancer Cover Plan 905 is a non-linked, non-participating health insurance plan from Life Insurance Corporation of India (LIC). This policy offers financial protection in case the policyholder is diagnosed with certain specified early or major stage cancers during the policy term. It provides lump-sum and income benefits aimed at helping during cancer treatment and recovery.

Launch and Withdrawal Dates

• Launch Date: LIC Cancer Cover Plan 905 was launched on 26th April 2023.
• Withdrawal Date: The policy was withdrawn in the financial year 2024-25, with the official withdrawal notification coming around January 2025.​

This means new policy issuance has stopped but existing policies may continue as per terms.

Eligibility Criteria for LIC Cancer Cover Plan 905

Before buying LIC Cancer Cover Plan 905, check eligibility:

The terms above ensure the policy suits people in the working age group who want cancer financial cover during middle to late adulthood.​

Key Features of LIC Cancer Cover Plan 905

Two Benefit Options

You can choose from two types of sum insured options at the beginning:

• Option 1: Level Sum Insured
  The sum insured remains the same throughout the policy term.
• Option 2: Increasing Sum Insured
  The sum insured increases by 10% of the basic sum insured every year for the first 5 years starting from the first policy anniversary or the date of first cancer diagnosis, whichever is earlier. After diagnosis, the increased sum insured applicable at that point remains fixed.

Cancer Stage Benefits

• Early-Stage Cancer:
  On first diagnosis, you get a lump sum benefit of 25% of the sum insured and premium waiver for the next 3 years or policy term balance, whichever is lower.
• Major-Stage Cancer:
  On diagnosis, you get 100% of sum insured minus any prior early-stage claim, plus a monthly income benefit of 1% of sum insured for 10 years. Premiums are waived after major stage diagnosis.

No Maturity or Death Benefits

This policy is disease-specific and does not pay out on maturity or death unless cancer diagnosis happens.

No Loan or Surrender Value

You cannot take a loan against this policy or surrender it for value, as it is strictly health protection.

Waiting Period

180 days waiting period applies from start for cancer diagnosis claims.

Premium Payment

Annual or half-yearly premiums can be paid regularly during policy term.

Tax Benefits

Premium paid is eligible for tax benefits under Section 80D of the Income Tax Act.​

Benefits Explained Simply

Here is a simple summary of the benefits:

The income benefit continues even after policy term ends or in case of death, paid to nominee.​

How to Use LIC Cancer Cover Plan 905 Calculator?

The LIC Cancer Cover Plan 905 Calculator is a tool that helps you estimate your premium amount and benefits based on your input like age, policy term, sum insured, and option chosen.

Step-by-Step Instructions

1. Enter your age — Between 20 to 65 years.
2. Select policy term — Choose between 10 to 30 years.
3. Choose sum insured — Minimum Rs. 15 lakhs up to Rs. 50 lakhs.
4. Select benefit option — Either Level Sum Insured or Increasing Sum Insured.
5. Submit the details — The calculator will show your premium amount and benefits payable.

This calculator lets you plan your finances by showing possible outflows and benefits, helping you decide the best option for you.

You can access these calculators on official LIC websites or insurance portals offering LIC plan calculators.​

Important Points to Remember

• No maturity benefit is payable if no cancer occurs.
• No surrender or loan facility.
• You must survive at least 7 days after diagnosis for claim eligibility.
• Certain conditions like AIDS, alcohol and drug-induced medical conditions are excluded.
• Grace period for premium payment is 30 days.
• The policy terminates on diagnosis of cancer during waiting period or at first major cancer claim.

Why Choose LIC Cancer Cover Plan 905?

• LIC is one of India’s most trusted insurers with extensive experience.
• Focused protection specifically for cancer treatment expenses.
• Provides both lump-sum and long-term income support.
• Flexibility with two sum insured options to tailor cover.
• Premium waiver benefits ease financial burden after diagnosis.
• Tax benefits available on premiums paid.
• Online calculators make premium and benefit estimation easy.

Although this plan is now withdrawn for new sales, if you already have the plan, it continues to protect you on its existing terms.

Alternatives After Plan Withdrawal

Since LIC Cancer Cover Plan 905 was withdrawn in 2024-25, new buyers can explore other popular health insurance plans with cancer cover like:

• LIC Jeevan Arogya (for broader health cover including cancer).
• Dedicated cancer insurance policies from private insurers like Max Bupa, ICICI Lombard.
• Critical illness riders added to term or health insurance.

These alternatives can also be compared using online health insurance calculators and portals for best premium and coverage.

Frequently Asked Questions

Conclusion

LIC Cancer Cover Plan 905 was designed as a specialized cancer financial protection plan with flexible sum insured options and comprehensive benefits for both early and major stages of cancer. Launched on 26th April 2023 and withdrawn during 2024-25, it provided lump sum payments and monthly income benefits along with premium waivers. The LIC Cancer Cover Plan 905 Calculator helps users estimate premium and benefit details for informed decisions.