Cancer Insurance

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What is Cancer Insurance?

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).

Best Cancer Insurance Plans In India

Importance of Cancer Insurance Policy

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.

Why do you need a cancer insurance plan?

Cancer insurance is worth considering if you-

  • Have a family history of cancer.
  • You do not have sufficient savings to deal with unexpected medical emergencies.
  • You are the only earning member.
  • Your regular health insurance plan is not adequate enough to provide the required coverage.
cancer insurance

How much cover do you need for cancer insurance?

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 I already have health insurance, do I need a specific cancer insurance plan?

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.

What are the different types of Cancer Insurance?

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-

Stomach cancer

  • Lung cancer
  • Breast cancer
  • Hypo larynx cancer
  • Ovarian cancer

What are the benefits of Cancer Insurance?

Tax Benefits

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.

Cashless Treatment

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.

Discounts

Cancer plans come with several discounts and additional benefits to provide more ease to customers.

Health Check-Up

Depending on the cancer insurance coverage you choose, you can avail an annual master check-up at premium facilities.

Lump-Sum Pay

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.

Auto-Renewal

Cancer plans are mostly subjected to auto-renewal. This helps us to prepare for long term coverage.

Online Application

You can invest in a cancer insurance plan through a simple online process that hardly takes 5 minutes to get you insured.

Best Cancer Insurance Plans In India

Company

Plan

Entry age

Maturity age

Sum insured

LIC of India

LIC Cancer Cover

20-65 years

50-75 years

10 to 50 lakhs

Max Life

Max Life Cancer Insurance Plan

25-65 years

75 years (maximum)

10 to 50 lakhs

HDFC Life Insurance

HDFC Life Cancer Care

5-65 years

N.A.

10 to 50 lakhs

SBI Life

SBI Sampoorna Cancer Suraksha

6-65 years

75 years (maximum)

10 to 50 lakhs

ICICI Prudential 

ICICI Pru Heart Cancer Insurance

18-65 years

23-75 years

2 to 50 lakhs

Table Data updated on 13-11-2020

Apart from the above-stated plans, we have prepared a detailed list of the top 5 cancer insurance plans in India 2020.

Things To Remember While Buying Cancer Insurance

Below are a few things that you should consider while investing in a cancer insurance policy.

  1. Make sure that your plan covers all the stages of cancer. Most of the cancer plan provides 30% of payment on the early stage of cancer and 70% of the payment on its major stage.
  2. Make sure to go for a high sum insured option as the expenses of the cancer treatment are rising day-by-day. Doing so will make you have sufficient money at the time of treatment.
  3. Make sure to choose the cancer plan that carries coverage for a longer tenure.
  4. Choose the premium payment option as per your convenience.
  5. Compare the available cancer insurance plans and choose the best deal.

How To Buy Cancer Insurance Online?

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.

  • Scroll up to the 'Free Quotes From Top Companies' given at the top-right corner of this page.
  • Provide basic details such as DOB, annual income, gender, etc.
  • Click on the tab 'Continue'.
  • Provide your phone number, name, and city.
  • Click on the tab 'Proceed'.
  • Check the available quotes from the top insurance companies in India.
  • Choose the desired plan and tap on 'Buy This Plan' at the right corner of the chosen plan.
  • Click on the tab 'Proceed to Buy'.
  • Enter your 'Email id' and click on the tab 'Submit'.
  • It will take you to the company's official page.
  • Make the payment using available payment options.
  • You will receive a confirmation along with the policy documents on your registered email address.

How to file a Cancer Insurance Claim?

Here is a step by step process to file a claim.

Claim Intimation

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.

Claim Processing

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.

Settlement

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.

Documents required

  • Proof of Identity
  • Proof of Age
  • Medical and diagnostic test reports that indicate the stage of the disease and treatment required
  • Any other document that the insurance company may ask for while processing the claim

FAQs

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.

2. What if the cancer is diagnosed at a minor stage and later at the major stage?

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.

3. What are the different types of cancer insurance riders?

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.

4. Can a person invest in joint cancer insurance policies for multiple family members?

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.

5. How are the coverage payouts disbursed?

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.

6. How much does cancer insurance cost?

The cost of cancer insurance depends upon a person's age and family history. The premiums may vary from case to case.

7. I have a family history of cancer. Can I buy a cancer insurance plan?

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.

8. What happens if I stop paying premiums towards my cancer insurance policy?

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.

Find Out What PolicyX Customers Says

January 9, 2018

raman lal
noida

The charges associated with cancer treatment are huge. I am really glad we had the cancer protection plan

January 7, 2018

Abhishek
gurgaon

My grandfather is suffering from lung cancer. The good part is we already had the cancer insurance cover to deal with the heavy medical costs.

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Last updated on 13-11-2020