Cancer is one of the leading causes of human deaths worldwide. It not only drains one mentally but financially as well. To provide full support to cancer patients, health insurance companies in India offer cancer insurance plans. A cancer insurance plan covers several types of expenses associated with cancer treatment such as hospitalization, chemotherapy, surgery, radiation, etc. The insured gets the required funds at different stages of diagnosis (minor, major, and critical).
Cancer is a disease that needs regular treatments/supervision. Often, such treatments are highly expensive. To pay the bills, it is recommended to buy a cancer plan. It acts as a financial cushion and takes care of all the bills related to cancer treatments like chemotherapy, radiotherapy, and surgeries. Cancer plans offer exclusive coverage including a wide range of medical facilities.
Cancer insurance is worth considering if you-
The ideal cancer insurance amount should be based on the future expenses of treatments that includes recovery, medicines, hospitalisation, additional living expenses and diagnostic tests. Calculate an estimate and invest accordingly.
If a person already has a health insurance plan, then also a person needs to invest in a cancer insurance plan. The reason being- a regular health insurance plan only offers limited coverage against cancer treatment as it falls under the critical illness plan.
A critical ailment plan only provides a lump-sum benefit and does not waive future premiums payable by the insured. Such things can be taken care of by a dedicated cancer care product.Also, a regular health insurance plan will not be able to provide the required coverage at all stages of cancer treatment.
Several companies offer cancer insurance plans, which are advantageous to cover the expenses of your cancer treatments. The different types of cancer insurance plans are as follows-
Cancer Care Policies in India are eligible for tax benefits of up to Rs.25,000 under Section 80D of the Income Tax Act, 1961.
Cancer insurance allows you to receive cashless treatment at a network hospital under which you don't have to pay a single penny for your quality treatment.
Cancer plans come with several discounts and additional benefits to provide more ease to customers.
Depending on the cancer insurance coverage you choose, you can avail an annual master check-up at premium facilities.
It offers coverage of different stages of cancer. The policyholder can get a lump sum based on the diagnosis report. If the policyholder does not take advantage of any kind of claim within a year, the sum insured will be increased followed by a percentage that has been specified in the terms of the insurance plans.
Cancer plans are mostly subjected to auto-renewal. This helps us to prepare for long term coverage.
You can invest in a cancer insurance plan through a simple online process that hardly takes 5 minutes to get you insured.
LIC of India
10 to 50 lakhs
Max Life Cancer Insurance Plan
75 years (maximum)
10 to 50 lakhs
HDFC Life Insurance
HDFC Life Cancer Care
10 to 50 lakhs
75 years (maximum)
10 to 50 lakhs
2 to 50 lakhs
Table Data updated on 04-12-2020
Apart from the above-stated plans, we have prepared a detailed list of the top 5 cancer insurance plans in India 2020.
Below are a few things that you should consider while investing in a cancer insurance policy.
There are several ways to invest in a cancer insurance plan but investing in the same through the online platform like PolicyX.com is considered to be the best. The portal allows you to compare multiple cancer insurance plans from renewed insurance companies on a single page.
The simple process to buy a cancer insurance plan is stated below.
Here is a step by step process to file a claim.
You have to intimate your insurance provider. This can be done through means like mail, call or message. The claimant can visit the branch of the insurance provider in person as well.
After receiving a claim form and relevant documents from you, the insurance company will verify all the details and will find out if you are eligible to claim or not. The documents required can be different for diverse cancer types.
After the evaluation of all the documents, the insurance company will either accept or reject your claim application. On acceptance, the company will clear the expenses with the network hospital. If it is a reimbursement case, the amount will be credited to the claimant's account.
1. What is the benefit to take cancer insurance and critical illness riders plan together?
The cancer insurance plan provides back-up financial support, which is needed if a member of the family is diagnosed with cancer. The cancer insurance must be taken in addition to the critical illness plan or regular health insurance plan. This is because, as an inbuilt part of critical illness or regular health insurance plan, the insured will not be able to get the sufficient cover for cancer treatment as it will always come out with a few limitations. Whereas, by opting for cancer cover separately, the insured will be liable to get the adequate cover.
In case the cancer is detected at the minor stage, the policyholder will get a portion of sum insured and the company will waive off the premium payments for a definite tenure. If it is detected at the major stage, the company will provide the remaining part of the sum insured to the policyholder.
Riders along with the cancer insurance vary from company to company. A few insurance companies offer Accidental Benefit, whereas others will provide different forms of riders, which offer increased coverage.
As health insurance includes a joint insurance policy for multiple members of the family, a cancer insurance policy is more specific. You have to buy cancer insurance for each individual who wants to get cover under a terminal illness cover.
The policyholders (under the cancer insurance policy) can choose a lump sum cover or a lump sum cover with an income benefit, that offers a monthly income during the post-treatment period for a fixed tenure.
The cost of cancer insurance depends upon a person's age and family history. The premiums may vary from case to case.
The insurance company would usually request for a detailed description of your immediate family members' history of the disease. The insurance will be provided to you based on underwriting.
If you have not paid the premiums within the grace period, the policy will get lapsed. No benefits will be payable further. You can select to reinstate a lapsed policy by following the certain process laid down by the insurance company.
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Last updated on 04-12-2020