Getting diagnosed with Cancer is really heartbreaking, and because of our lifestyle and surroundings, the risk of getting Cancer is at an all time high. Cancer cases in India are skyrocketing and nobody is safe. The most demoralizing part about Cancer is that it not only affects your health but also puts a major burden on your financial status. However, the financial burden that you face can be eased with the help of a Cancer insurance. A cancer insurance policy by Future Generali will help you stay financially and psychologically secure in case you or a family member of yours is diagnosed with Cancer.
Coverage Options
Benefits offered under various Plan Options.
| Matter | Lump Sum Cover (Option 1) | Lump Sum Cover with Income Benefit (Option 2) |
|---|
| If Cancer is diagnosed in | Receive 25% of your cover amount (Sum Assured) instantly | Receive 25% of your cover amount (Sum Assured) instantly |
| the Minor Stage | + | + |
| $ Your premiums are waived off for next three years or till the end of the policy term, whichever is earlier. | $ Your premiums are waived off for next three years or till the end of the policy term, whichever is earlier. |
| If Cancer is diagnosed in | #Receive your entire cover amount (Sum Assured) | #Receive your entire cover amount (Sum Assured) |
| Major Stage | + |
| Income of 2% of the cover amount (Sum Assured) per month for a period of 60 months on diagnosis of Major Stage Cancer |
| If Cancer is diagnosed during | Receive 25% of your cover amount (Sum Assured) on diagnosis of Minor Stage Cancer | Receive 25% of your cover amount (Sum Assured) on diagnosis in Minor Stage Cancer |
| Minor Stage and later a | + | + |
| Major Stage Cancer is diagnosed* | $ Your premiums are waived off for next three years or till the end of the policy term, whichever is earlier. | $ Your premiums are waived off for next three years or till the end of the policy term, whichever is earlier. |
| + | + |
| #75% of your cover amount (Sum Assured) on diagnosis of Major Stage Cancer | #75% of your cover amount (Sum Assured) on diagnosis of Major Stage Cancer |
| + |
| Income benefit of 2% of the cover amount (Sum Assured) per month for a period of 60 months on diagnosis of Major Stage Cancer |
a) Minor Stage Cancer benefit shall be payable once during the entire life of the policy for Cancer of a particular organ.
b) Maximum 4 times Minor Stage Cancer benefit is payable upto a maximum of sum assured, for separate organs, in the entire life of the policy.
c) The policy will terminate once the Sum Assured is exhausted.
d) Sum Assured shall be highest of the following:
- 10 times Annualised Premium, or
- 105% of total premiums paid as on date of claim event, or
- Maturity Sum Assured which is NIL.
- Absolute amount payable on death which is NIL.
- Sum Assured
Not applicable for single premium plan.
Lump Sum benefit on diagnosis of Major Stage Cancer is Sum Assured minus Lump Sum benefits paid during Minor Stage Cancer.
Benefits
Free Look Period: In case you disagree with any of the terms and conditions of the policy, you can return the policy to the company within 15 days (30 days if policy is sold through direct marketing mode) of its receipt for cancellation, stating your objections. Future Generali will refund the policy premium after the deduction of stamp duty charges, medical expenses, if any and proportional risk premium for period of cover, if any.
Surrender Value: There is no surrender value applicable under the regular pay option.
The policy acquires a Surrender Value immediately after payment of a single premium. The policyholder may terminate the policy anytime by surrendering the policy for a surrender value.
For single premium option, surrender benefit is equal to single premium including extra premium for substandard lives, if any (exclusive of Goods & Services Tax) multiplied by surrender value factor as given below:
| Policy Year of Surrender | Guaranteed Surrender Value Factor as a percentage of Premium |
|---|
| 1 | 56% |
| 2 | 42% |
| 3 | 28% |
| 4 | 14% |
| 5 | NIL |
Grace Period:
You get a grace period of 30 days for annual mode / 15 days for monthly mode from the premium due date to pay your missed premium. During this grace period, you will continue to be insured and be entitled to receive the benefits. If a valid claim arises under the policy during the Grace Period, but before the payment of due premium, the claim will be honored. In such cases, the due premium will be deducted from the benefit payable.
Tax Benefits:
The Premium(s) paid by you are eligible for tax benefit as may be available under the provisions of Section(s) 80D as applicable. For further details, consult your tax advisor. Tax benefits are subject to change from time to time.
Target Group
For the customers who want to financially protect themselves and their family from the medical and non medical expenses that are incurred in case Cancer is diagnosed and also save taxes
