As per a survey more than 10 lakh cases were diagnosed with cancer in the year 2018. Unlike the old days, science has shown its wonders and has found various medicines and treatments that can cure cancer. But these treatments are too expensive that a lot of people cannot afford it. The sufferers are the middle and low- income groups. Then what can be a way if such deadliest disease caught you? Feel relax and believe in insurance companies! We have solutions for all your problems. Cancer insurance is a savior that can help you from the unexpected expenditure of cancer treatment.
Cancer Insurance Plan
Misfortunes occur and they don’t ring your bell before coming. All you can do is get prepared for them. Unlike other health insurance, cancer insurance is intended to manage the financial issues and risks that come along with this fatal disease.
Cancer insurance provides financial support to the policyholder and manages the cost crisis that occurred at that time. The one and only objective behind introducing such kind of policy are to offer full coverage to the policyholder against cancer. Ups and downs are a part of life and insurance companies are here so that you can manage all things in a better way.
Benefits of Cancer Insurance
Just like other insurance plans, cancer insurance is very beneficial for policyholders. Here is the reason why one should get it:
- Financial Safety: The high cost of treatments and medicines along with hospitalization expenditures makes a cancer insurance plan much-required investment. It provides you financially safety and makes sure you are safeguarded from the high medical expenditures of treatments like chemotherapy, radiotherapy, surgeries, etc at times of need.
- Wide Coverage: Cancer insurance policies are specially made to cover different types of cancer with the exception of few such as skin cancer. The best part is their affordable premium that doesn’t put a burden on your daily expenditures. Make sure to check coverage offered by various insurance policies before purchasing them.
- Tax Benefits: As per the Income Tax Act, 1961, cancer insurance policyholders can claim for tax deduction up to Rs 25,000 as mentioned in Section 80D. While senior citizens are liable to claim higher tax deductions.
- Lump-Sum Payment: Most of the cancer insurance policies offer a lump sum payment to their policyholders in case of early diagnosis of cancer. It ranges from 20-25% of the pre-assured sum and varies from company to company. Further, the remaining sum is paid on the diagnosis of the major or final stage of cancer. Some insurance policies also assure free checkups during the policy tenure.
- Income Benefits: Some insurance companies offer income benefits on employment losses due to chronic illness in cancer. These are compensation for the financial loss that occurred to the policyholder.
- Waiver of Premium: A policyholder can opt for the waiver of premium that has some exclusive benefits. This add on rider waives off the premium as suggested by its name, without ending its benefits. The Policyholder can take benefits of this rider only if he/she is diagnosed with an illness.
Best Cancer Insurance Plans In India
Cancer insurance policies payout policyholder when diagnosed with early or last stages of cancer. It can be further used to treat and cure cancer. It helps to overcome the financial requirements during the hospitalization, surgery, chemotherapy and radiation therapy that can be very costly for a common man.
The best insurance plans cover all types of cancer during every stage. Here is an easy description to make it clear for you:
|Name of the Insurance plan||Age limit of the policyholder||Policy Tenure Limit||Sum assured Limit||Frequency of Premium Payment|
|DHFL Pramerica Cancer Shield Plan||18 to 65 years||40 years||50 lakhs||Monthly and Annual|
|ICICI Pru Heart/Cancer Protect||18 to 65 years||5 to 40 years||2 to 50 Lakhs||Monthly or half-yearly|
|Religare Super Mediclaim Plan||5 to 50 years||No age limit||2 crores||Monthly or Annual|
|Aegon Life icancer Plan||18 to 65 years||5 to 70 Years subtract entry age||10 to 50 Lakhs||Monthly or Annual|
|HDFC Life Cancer Care Plan||18 to 65 years||10 to 20 years||10 to 40 lakhs||Monthly, Half Yearly. Quarterly Or Annual|
|Max Life Cancer Insurance Plan||25 to 65 years||10 to 40 years||10 to 50 lakhs||Monthly, Half Yearly. Quarterly Or Annual|
|Max Bupa Health Assurance Critical Illness Insurance Policy||18 to 65 years||I year/2 years||3 to 10 lakhs||Monthly or Annual|
|Birla Sun Life Insurance Cancer Shield Plan||18 to 65 years||5 to 20 years||10 to 50 lakhs||Monthly, Half Yearly. Quarterly Or Annual|
|Bharti AXA Smart Health Critical Illness Insurance Plan||18 to 55 years||18 to 75 years||2 to 60 lakhs||Monthly or Annual|
ICICI Pru Heart/Cancer Protect
- Affordable insurance plan at less than Rs 160/ month.
- Covers up to Rs 20 lakhs for cancer and health.
- Discount benefit for the first year up to 5% for the policy that covers the policyholder and their spouse
- Loyalty discount for the first year up to 5% for all the respective customers.
- Assured payouts as mentioned in the policy on a diagnosis of the illness.
- The extreme benefit of Waiver of Premium in major or minor claims
- Assured sum up to 25% on the diagnosis of minor illness as per the policy.
- Sum assured up to 1% as an additional income on a diagnosis of major illness for 5 years as per the policy.
Aegon Life icancer Insurance Plan
- Sum assured up to 25% on diagnosis with a minor stage of cancer.
- 100% sum assured payment on diagnosis of disease in advance stage if no prior claims have been paid.
- 150% sum assured payment on diagnosis of critical stage cancer if no prior claims have been paid.
- Assured lump sum payment on being diagnosed with cancer across stages.
- The extreme benefit of waiver of premium on approval of a claim for major stage cancer.
- Increase in accumulated payout if impairment grows to severe stages.
HDFC Life Cancer Care
- Sum assured up to 25% on a diagnosis of early-stage cancer or Carcinoma-in-Situ also known as malignant cancer.
- 100% sum assured payment on diagnosis with major stage cancer after deduction of any earlier benefit paid for early-stage malignant cancer.
- The extreme benefits of Waiver of Premium for the further 3 policy years after the benefits have been paid for early-stage malignant cancer or cancer.
Bharti AXA Health Insurance & Coverage for Cancer
Bharti AXA offers two health insurance plans that cover cancer along with other illnesses. Here is the information:
- Smart Super Health Insurance Policy
- Smart Health Insurance Policy
— Smart Health Insurance Policy
- Provides a sum of coverage up to Rs 5 lacs
- Renewal Discounts up to 5% to 25% as per No Claim Bonus
- Provides add on critical illness cover
- Benefits of Dread disease Recuperation in cases of diagnosis with some critical illness like cancer
— Smart Super Health Insurance Policy
- Offers flexibility in selecting a policy for hospital cash or critical illness cover
- Provides coverage up to Rs 5 lakhs to Rs 1 crore
- No cap on the rented room.
- Covers post and pre-hospitalization charges up to 60-90 days as per the policy.
- 100% assured sum restoration
- Health Check up on an annual basis.
- Sum assured expenditure of the organ donor.
Max Bupa Criticare Insurance Plan
- Insured sum is either paid up as Lump sum money or in a combination of lump sum money and additional 10% annual insured sum for 5 policy years.
- Sum assured is payable if the insured survived for at least thirty days from the diagnosis date.
- Cover ceases in case the claim has been paid under the policy and further policy cannot be renewed.
Max Life Cancer Insurance Plan
- Insurance coverage up to the age of 75 years.
- 20% sum insured payable on early-stage cancer or malignant cancer diagnosis.
- The increased sum assured if the policyholder has been diagnosed with cancer after a year or 12 months from the date of policy purchase.
- Applicability of Waiver of Premium when the insured has been diagnosed with early stages of cancer.
- 100% sum insured if the policyholder is diagnosed with an early stage of cancer or malignant cancer after 12 months from policy purchase date minus previous cumulative lump sum money payment.
- Income benefit is applicable in case of death of policyholder due to cancer or expiry of the policy term
- Benefits would be payable to the nominee in case of the death of the policyholder during the period income benefit payout.
Aditya Birla Sun Life Cancer Shield Plan
- Provides cover for all stages of cancer starting from early-stage to the last stage.
- The policyholder has the flexibility to select between increasing cover and level
- Benefits of monthly income for the policyholder for 5 policy years when diagnosed with major stages of cancer.
- Extreme benefits of Waiver of Premium up to 5 policy years when diagnosed with early stages of cancer.
Things to Check Before Buying Cancer Insurance Plan
Eligibility is the main concern while selecting an appropriate cancer insurance plan. The minimum age in which a person can buy a policy is almost 18 years everywhere while the maximum age limit to 65 years. Sum assured also vary from policy to policy. In some cases, it is 5 lakhs whereas in some it is 50 lakhs. So, it is very important to research and look after the factors before taking a policy.
Below are some of the factors you need to consider while purchasing a cancer insurance policy:
Waiver of Premium: Waiver of premium is an add on a rider that you can purchase along with your policy. It waives off premium without eliminating its benefits. a policyholder is applicable for this add on rider only if he/she is diagnosed with some critical illness.
Financial Safety: Everyone cannot afford the expensive treatments and therapies used to cure cancer. In such circumstances, cancer insurance plans are the surely-required investment. It provides relief to the policyholder and his family that there is someone to take care of all the expensive treatments related to cancer.
Sum Assured: Medical expenses have risen over the past few years. So it is advisable to take critical illness plans especially for cancer treatment that takes a lot of time to cure. Make sure the plan offers you with high sum assured as it provides sufficient funds during the needful times.
Options for Premium Payments: The options for premium payment for the policy vary from one insurer to others. They can be paid on an annual, monthly, quarterly or half-yearly basis depending upon the policy
Payment: An appropriate cancer insurance plan provides coverage for all types and stages of cancer. It should provide at least 30% payment on early-stage and 70% on the major stage or on all earlier stages.
Time Duration of the Policy: Policies for longer time duration are more beneficial as the policyholder has the protection for a longer time duration.
Waiting and Survival Period: It is important to check the waiting and survival period of the policy before buying it. The waiting period is the time until the policyholder has to wait before the policy starts its coverage and the survival period is the time until the policyholder has to live or survive after the diagnosis of cancer to claim the benefits.
Add on Benefits: The insurers can add on benefits in their policy to make it more beneficial. Some of the additional benefits offered under cancer insurance plans are regular or fixed period income or waiver of premium (WoF). They are crucial and have their own benefits apart from the policy.
Difference between Cancer and Critical Illness Rider Plans
Here are some chief differences between Cancer and Critical Illness Rider Plans:
|Cancer Insurance Policy||Critical Illness Rider Plans|
|It is a beneficial insurance policy that covers entire expenses for cancer treatment||It is a beneficial based add on that covers the expenses of the critical illness|
|The amount can be used for the payment of medical expenses as well as a replacement of the monthly income.||The amount can be used for the treatment of the illness as well as for the recovery expenses.|
|Mostly covers all type of cancers at every stage with the exception of skin cancer and cancer caused due to STDs.||Covers common critical illness as mentioned in the policy|
|Ideal for individuals with a cancer history or who are under the risk factors prevailing cancer.||Ideal for individuals who have high probabilities of developing some critical illness.|
|It can be purchased individually or as an add on with the health insurance policy||It is add on purchased along with the health insurance policy to cover critical illness|
Difference Between Cancer and Other Health Insurance Plans
Here are some chief differences between cancer and other health insurance plans:
|Cancer Insurance Policy||Other Health Insurance Policy|
|Covers entire expenses for cancer treatment||Covers hospital bills, treatments and health checkups.|
|Ideal for individuals with a cancer history or who are under the risk factors prevailing cancer.||Everyone must have health insurance policies whether they are children, adults or old age people.|
|Mostly covers all type of cancers at every stage with the exception of skin cancer and cancer caused due to STDs.||Covers the surgical and medical expenses restricted to only hospital expenses with some sub-limits such as room rent, etc.|
|These policies are available for long terms||These have to be renewed after a specific time period of 1 to 2 years.|
|It is ideally for cancer and does not cover other illnesses or diseases. It can be added along with a health insurance policy.||Basic health insurance does not cover critical illness and cancer instead they can be added along with some health insurance plans.|
Here is the list of required documents for claiming the benefits
- Identity Proof of the policyholder/applicant
- Age proof of the policyholder/applicant
- Medical as well as test reports that indicate the condition and stage of cancer and treatment requirements.
- Some extra documents asked by the insurance companies to start the process for providing claim.
Usually, the cancer insurance policies do not cover skin cancer and other types of cancer caused due to any pre-existing disease, sexually transmitted diseases or infections, nuclear, chemical or biological contamination. Apart from it, cancer insurance policies are the best way to provide yourself security for the financial expenses that need to cover while treating cancer.
Most of the industry experts suggest opting for cancer insurance plans if you have any type of cancer history or feel unsafe due to environmental or genetic conditions.
How much cancer insurance will cost me?
- Insurance plans depend upon the insurance companies and the benefits offered by those companies. Make sure to clarify the premium applicable to your policy before purchasing it.
What is an applicable age to opt for a cancer insurance policy?
- Applicability of an individual to buy policy differs from companies to companies. Research different plans and purchase the suitable one as per your age and requirements.
How does this cancer insurance policy work?
- An individual can purchase cancer policy along with their health insurance or individually. A person is not liable for a cancer insurance policy if he has been diagnosed with cancer before buying it. Cancer insurance policies pay all the financial expenditures related to the treatment of cancer. It pays it through lump sum amount on diagnosis of cancer. The higher the assured sum the higher is the premium rate.
What is the maximum and minimum sum assured for the cancer insurance plans?
- The maximum and minimum sum assured depends upon company to company and the benefits offered under the policy. Check it before buying the plan.
Do these cancer care policies cover up pre-existing illnesses?
- No, cancer policies do not cover the pre-existing illness of the individual.
Are cigarette smokers applicable to purchasing a cancer insurance policy?
- Yes, smokers are applicable to purchase cancer insurance policies. However, they are offered higher premium rates by the insurers.
How long cancer treatment lasts?
- Cancer treatment varies from the condition of the patient and treatments suggested by his doctor.
Do regular insurance plans offer coverage from cancer?
- Well, it all depends upon your insurance plan. There are various insurance plans that cover all types of critical illness including cancer. Ask your company regarding it.