Life Insurance Corporation(LIC) has launched a health insurance plan – LIC Cancer Care Insurance Plan no. 905.
Key Features
1. Entry Age – 20 years to 65 years 
2. Policy Term – 10 years to 30 years
3. Age at Maturity – 50 years to 75 years
4. Sum Assured – Rs. 10,00,000 to Rs. 50,00,000 (in multiples of Rs. 1,00,000). There are two options here – 
Level Sum Insured: The Sum Insured amount shall remain the same throughout the policy term.
Increasing Sum Insured: The Sum Insured amount increases by 10% of Basic Sum Insured each year for first five years starting from the first policy anniversary or until the diagnosis of cancer, whichever is earlier. 
5. Premium payment – Yearly or half yearly.
6. The policy can be purchased online.
7. There is a waiting period of 6 months from the time of purchase/revival of policy.

Premium
Option – Level Sum Assured 
Premium for a 30 year old male with a sum assured amount of Rs. 10,00,000 – Rs. 1,690
Premium for a 30 year old female with a sum assured amount of Rs. 10,00,000 – Rs. 3,090

Option – Increasing Sum Assured
Premium for a 30 year old male with a sum assured amount of Rs. 10,00,000 – Rs. 2,320
Premium for a 30 year old female with a sum assured amount of Rs. 10,00,000 – Rs. 4,360
(Source:https://www.licindia.in/getattachment/Products/Health-Plans/LIC-s_Cancer_Cover.pdf.aspx)

Benefits

• Lump sum payments – For early stage cancer diagnosis, 25% of sum assured would be paid immediately. For major stage cancer, 100% of sum assured would be paid.
• Premium Waiver – For early stage cancer, the premium for first 3 years would be waived. For major stage cancer, all future premiums would be waived.
• Income – For major stage cancer, 1% of policy amount would be paid for 10 years on a monthly basis.
• Tax Benefits – One can claim tax deduction under Sec 80D.

Exclusions 

• There is no surrender value.
• One cannot take a loan based on this policy.
• For early stage cancer, the following health conditions are excluded –

1. All tumours that are benign, borderline malignant, or of low malignant potential
2. Dysplasia, intra-epithelial neoplasia or squamous intra-epithelial lesions
3. Carcinoma in-situ and Melanoma in-situ
4. Tumours in the presence of HIV infection

• For major stage cancer, the following are excluded –

1. All tumours that are carcinoma in situ, benign, premalignant, borderline malignant, low malignant potential
2. Carcinoma in situ of breasts
3. Cervical dysplasia CIN-1, CIN -2 and CIN-3.
4. Any non-melanoma skin carcinoma unless there is evidence of metastases to lymph
5. nodes or beyond.
6. Malignant melanoma that has not caused invasion beyond the epidermis;
7. Tumours of the prostate unless classified with a Gleason score greater than 6 or having progressed to at least clinical TNM classification T2N0M0.
8. Thyroid cancers histologically classified as T1N0M0 (TNM Classification) or below.
9. Chronic lymphocytic leukaemia less than RAI stage 3.
10. Non-invasive papillary cancer of the bladder.
11. Gastrointestinal Tumours.
12. All tumours in the presence of HIV infection.

The advantages of the Cancer Care policy from LIC are – low premium, online purchase, benefits like sum assured increase and waiver of premiums. The negatives are that it is only an individual plan and not a floater plan and has a long waiting period.
If you have a history of cancer in your family and your lifestyle indicates that you can get cancer, it is good to go with this plan. But if you already have a comprehensive insurance policy that covers critical illnesses, you need not buy this product. You should compare it with other cancer care products before deciding to buy this one.