Best Cancer Insurance Plan in India 2023

Cancer Insurance Plans are crucial for those who have been diagnosed with cancer or have a family history of cancer. Health Insurance for Cancer Patients provides coverage for all cancer stages as well as the added benefit of a lump-sum payment in addition to income in the event of a serious cancer diagnosis. A cancer insurance policy covers cancer treatments such as hospitalization, chemotherapy, radiation, surgery, and so on.

What is a Cancer Insurance Policy?

One of the most lethal acute illnesses on the planet is also one of the most expensive. Cancer insurance is a type of health insurance that pays out a lump sum if cancer is discovered. A cancer health insurance plan will provide the insured life with a high cover amount at an affordable cost, as well as a premium waiver benefit if you are diagnosed with cancer while the policy is still in effect. Cancer health insurance is a long-term policy and can give you cover for up to 40 years. The standard eligibility criteria is mentioned below

Best Cancer Insurance Plans

There are various cancer insurance plans available in the market and one must reach the decision of purchasing the best cancer policy after considering multiple factors such as the CSR of a company, the features offered, the kinds of cancer covered, network hospitals, customer support, and more. Below we have compiled the best cancer health insurance plans for our readers:

Benefits of Cancer Insurance Plans

There are various benefits for individuals who invest in cancer health insurance. Individuals who have a family history of cancer patients should invest in good cancer health insurance as it will act as a safety net in case they are diagnosed with cancer in their lifetime. We all are aware of how expensive cancer is to treat across the globe which is why it is a smart decision to invest in cancer health insurance. Health insurance for cancer patients can play a vital role in safeguarding their savings and helping them with hospital bills, chemotherapy, doctor bills and more. There are various benefits of investing in a suitable cancer health insurance

How can I use the claim amount from this cancer insurance plan?

Starting with the basics of cancer insurance plans, their minimum entry age is 18 years and the maximum age is 65 years, and the renewability of the policy after 65 years of age varies from policy to policy. Some of the common forms of cancer covered by such insurance plans include breast cancer, ovary cancer, lung cancer, stomach cancer, hypopharynx cancer, and prostate cancer. But usually, skin cancer is not covered.

The cancer-specific insurances are highly beneficial as they come with higher sum insured ranging from INR 10-50 lakhs that are sufficient to undertake the expensive treatments. It includes cancer diagnosis and treatment such as hospitalization, radiation, chemotherapy, and surgery, to name a few.

These plans take care of early and advanced stages of treatment which saves the patients and their families from the financial and mental pressure. Since the cancer disease is defined based on severity, a certain percentage of the policy sum assured is paid in a lump sum depending upon the terms & conditions laid in a policy. Usually, to pay the cancer benefit, the disease is divided into different stages of severity. The insurance payout depends on the stage of cancer and claims previously admitted under the policy. Such insurance policies also offer free regular cancer check-ups during the entire duration of the policy term.

Some cancer care plans also offer the benefit of premium waiver in certain cases. In this waiver benefit, once a claim under the major stage cancer benefit clause is approved, all future premium payments for the policy are waived off for the rest of the policy term. However, such a facility is applicable only when all due premiums have been paid and the policy is active.

Moreover, another benefit of cancer care policies is that they are affordably priced compared to other types of health plans. Also, the policyholders can avail of exemption on tax under Section 80D of the Income Tax Act. However, generally, there is no death, maturity, or surrender benefit payable under such plans.