Life is full of uncertainties with a capacity to take a toll on our health. Along with unforeseen stress and emotional pain, it also brings financial instability to our lives. Hence, it is imperative to remain prepared in advance to tackle the critical illness at the time of need. One such illness is cancer, which increases the need for a plan to back our finances.
With Cancer Insurance Plans, one can cover the various costs with respect to the diagnosis of cancer, treatment, hospitalization, chemotherapy, radiation, surgery, etc. In such scenarios, the money is payable at various stages of cancer diagnosis, including minor, major and critical stages. This can help you focus on recovery instead of worrying about the cost of treatment.
List of Top 5 Cancer Insurance Plans in India
The below table demonstrates a list of top 5 cancer insurance plans in India that are covered by 5 different insurance providers. They are chosen based on the highest Incurred Claim Ratio as per IRDAI report 2018-2019.
|
Company Name |
Insurance Plan |
Age at Entry |
Sum Insured/Assured |
Incurred Claim Ratio *2018 - 2019 |
|
LIC Cancer Cover |
20 years – 65 years |
Rs. 10,00,000 to Rs. 50,00,000 |
97.79% |
|
|
Max Life Cancer Insurance Plan |
25 years – 65 years |
Rs. 10,00,000 to Rs. 50,00,000 |
98.74% |
|
|
HDFC Life Cancer Care |
5 years – 65 years |
Rs. 10,00,000 to Rs. 50,00,000 |
99.04% |
|
|
SBI Sampoorna Cancer Suraksha |
6 years – 65 years |
Rs. 10,00,000 to Rs. 50,00,000 |
95.03% |
|
|
ICICI Pru Heart and Cancer Insurance |
18 years-60 years |
Rs.25,00,000 for heart cover & Rs. 50,00,000 for cancer cover |
98.58% |
1. LIC Cancer Cover
By paying a regular premium for this health insurance plan, you can avail financial protection in case you are diagnosed with any of the specified early and/or major stage cancer during the policy term.
Features and Benefits
- Flexibility to choose between two benefit options – Level Sum Insured and Increasing Sum Insured.
- Get 25% of applicable sum insured as lump sum benefit and premium waiver benefit upon diagnosis of Early Stage Cancer.
- Get 100% of applicable sum insured as a lump-sum benefit, income benefit of 1% of applicable sum insured and premium waiver benefit upon diagnosis of Major Stage Cancer. Know More
2. Max Life Cancer Insurance Plan
This covers the cost of cancer treatment, which is very expensive and can easily turn into a huge financial burden on not just you but also your family.
Features and Benefits
- Get comprehensive protection against all stages of Cancer, including early, major and critical stages.
- Get immediate payout upon diagnosis of cancer, irrespective of the stage of cancer you are diagnosed in.
- Have your sum insured increased by 10% for the first 5 claim-free years at no extra cost? Know More
3. HDFC Life Cancer Care
This plan by HDFC life offers a lump sum benefit in case the life insured is diagnosed with cancer and helps protect their income and savings from the burdening medical expenses.
Features and Benefits
- Eligibility to choose from 3 different plan options that cover you with varying benefits – Silver, Gold and Platinum.
- Flexibility to pay your premium at your choice of frequency – annual, half-yearly, quarterly or monthly.
- Avail waiver of premium benefit for a period of policy years upon diagnosis of early-stage cancer. Know More
4. SBI Sampoorna Cancer Suraksha
This individual, non-participating and non-linked health insurance plan helps you prepare yourself financially in order to defeat cancer with complete reliability and affordability in place.
Features and Benefits
- Flexibility to avail 1.20% of sum assured as monthly income for 3 years instead of 40% of sum assured payable upon diagnosis of major stage cancer.
- Choice of availing second medical opinion from a panel of medical experts.
- Avail 5% discount on your premium upon online purchase. Know More
5. ICICI Pru Heart/Cancer Protect
You can now cover the cost of your cancer treatment with the help of this insurance plan that is unlike any other traditional health insurance plan as it provides a lump sum payout without any medical bills.
Features and Benefits
- Avail 5% discount on your first year of premium when you buy the health cover for yourself and your spouse.
- Get a 5% loyalty discount on your first year of premium in case you are an existing customer holding another policy with ICICI Prudential Life Insurance.
- Get a waiver of premium upon diagnosis.
With the above top 5 insurance plans covering cancer treatment under Critical Illness Insurance, you can lead a stress-free recovery period without burdening yourself and your loved ones with financial insecurity. Know More