Exclusions of this rider for cancer include 2 main parts:
1. This rider shall not cover critical illnesses, directly or indirectly, wholly or partly, caused by the following events:
1.1) Abnormalities confirmed by a physician and clearly proven to be related with the critical illnesses or the critical illnesses existing before the effective date of this rider, the date of reinstatement, or the date that the Company approves to increase the sum insured amount, whichever is the latest. In this regard, in case the Company approves to increase the sum insured amount, the Company shall not cover the increasing sum insured amount only, unless the insured makes declaration for the Company’s acknowledgment and the Company accepts such risk without conditions to exclude such coverage.
1.2) Suicide, or self-inflicted injury or self-inflicted attempt
2. This rider does not cover the daily compensation benefit in case of hospitalization as an inpatient of a hospital which is directly or indirectly, wholly or partly, caused by the following events:
2.1) Hospitalization as an inpatient of a hospital that is not directly caused by cancer that is covered according to the details of benefit under items 1 and 2
2.2) Hospitalization as an inpatient of a hospital considered medically unnecessary or not in accordance with medical standard
Q: What are benefits of Cancer Protection Rider?
A: Cancer Protection Rider covers cancer from non-invasive stage. Details are as follows:
1. Coverage for invasive cancer is 100% of the sum insured.
2. Coverage for non-invasive cancer is 15% of the sum insured.
- Then, if the insured is diagnosed with invasive cancer 60 days after being diagnosed with non-invasive cancer or the rider effective date, the insured shall additionally receive 85% of the sum insured.
3. Daily compensation benefit in case of inpatient hospitalization due to cancer (subject to the chosen coverage plan)
3.1 If the insured is hospitalized, the insured shall receive 1 time the daily compensation benefit (up to 180 days) per any hospitalization.
3.2 In case the insured is hospitalized in ICU room or abroad, the insured shall receive 2 times the daily compensation benefit (up to 30 days) per any hospitalization.
In this regard, the Company shall pay the daily compensation benefit under the items 3.1 and 3.2 per any inpatient hospitalization due to the same cancer up to 180 days in total.
Q: Why does the coverage of Cancer Protection Rider start 60 days after the contract formation date?
A: In general, critical illness insurance has waiting period to avoid the insureds who are aware that they are having serious illnesses; therefore, the coverage will start 90 days after contract formation.
Q: What is insurable age of Cancer Protection Rider and when does the coverage end?
A: Insurable age is from 18 – 60 years old (the insured can renew until the age of 70) and the coverage is provided until the age of 71.
Q: Does premium of Cancer Protection Rider increase based on increasing age range?
A: In general, premium of Cancer Protection Rider increases based on increasing age range.
Q: Is premium of Cancer Protection Rider entitled to tax deduction?
A: This premium is entitled to personal income tax deduction according to the Notification of the Director-General of the Revenue Department on Income Tax No. 315.
Q: Does Cancer Protection Rider need to be purchased with a base insurance contract?
A: Yes, it must be purchased together with a base insurance contract.
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