Established in 2000, HDFC Life Limited is a joint venture between HDFC (Housing Development Finance Corporation) and the global investment company (Standard Life Aberdeen plc). It is headquartered in Mumbai and offers individual and group life insurance policies as a long-term insurance provider. Its range of insurance solutions includes pension, savings, investments, health, protection, etc. With these products, it has positioned itself as one of the leading insurance companies in India.
Among its umbrella of health plans, it provides financial protection to cancer patients through its HDFC Life Cancer Care plan. Fighting cancer can be a difficult struggle for many people, and HDFC, through its cancer insurance, equips people with the necessary financial resources to fight the disease successfully.
HDFC Life Cancer Care is a non-linked, non-participating protection plan that provides financial protection against early and major stages of cancer. The plan provides three different types of benefits through silver, gold, and platinum options. Let's discuss the plan in detail.
5 - 65 years
Maximum Maturity Age
10 Lakhs–50 Lakhs
Premium Payment Modes
Annual, Half-yearly, Quarterly, Monthly
**Last Updated on 05-11-2020
Lump-sum Payout: In this policy, a lump sum is provided as soon as the insured is detected of early or major stage cancer. If he is diagnosed with early-stage cancer, he will receive a payout of 25%, and if for major stage cancer, the balance payout will be made (CIS claims or 100 less early-stage cancer).
Premiums: Once the insured is diagnosed with cancer, and the company receives a valid claim of the diagnosis, future premiums of three years are waived off. If there are less than 3 years remaining for the completion of the policy term, then the premium of the remaining term is waived off. For policies with a sum insured of more than 10 lakhs, discounts in the form of lower premium rates are decided and provided to the policyholder. The policy also offers a grace period of 15 days for monthly premiums and 30 days of yearly, half-yearly, and quarterly premiums.
Increment in sum insured: If the individual opts for the gold option, then his sum insured will increase by 10% every year till it reaches 200% of the sum insured or any claim event.
Income benefit: If the insured opts for the platinum option, then he will receive a monthly income equal to 1% of the sum insured for the next five years.
Free-Look Period: The policy has a free-look period of 15 days (for policies not purchased through distance marketing channels) and 30 days (for policies purchased through distance marketing channels).
The HDFC Life Cancer Care policy can be purchased online through the following steps:
Like any other HDFC plan, the following three steps are involved in processing a claim:
1. As soon as the insured is diagnosed with cancer, all the following documents need to be submitted to the touch points of HDFC-
2. Once the documents are submitted, the company will undergo the necessary scrutiny and may ask for more documents or information if necessary to meet its requirements.
3. After all the requisite documents are submitted, they will be verified and a decision will be taken based on the terms and conditions of the policy. This decision will be then communicated to the insured.
Yes. As per the terms of the policy, you will continue to receive the income benefit for the remaining term of the 5 years.
No. The policy doesn't have death or maturity benefit, as the main purpose of the policy is to help with the treatment expenses.
Yes, a waiting period of 180 days is applicable from the date of the start of the policy. Also, a survival period of 7 days from the date of diagnosis is mandatory to file the claim.
No claim will be paid if cancer has occurred due to any of the following reasons:
You can revive the lapsed policy within a period of 2 years from the last unpaid premium.
Last updated on 05-11-2020