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Cancer Insurance

Cancer insurance is a type of health insurance policy that provides insurance coverage specifically for cancer. Basically, it helps the policyholder to manage the cancer treatment cost by providing financial assistance in the hour of need. If one has a family history of cancer, then it is wise to prepare well beforehand for the treatment expenses. In that regard, buying a cancer insurance policy is a good step in the right direction.

Having a policy of this kind gives the policyholder much-needed assurance that his/her family will be financially safe and secure in case he/she develops cancer. That being said, most cancer insurance plans offer comprehensive coverage.

While the individuals who have a family history of cancer are more exposed to develop cancer, anyone can develop this disease irrespective of his/her lifestyle, family history, and health conditions. Therefore, it is always advisable to have a cancer insurance policy.

Here are the key features of cancer insurance plan:

  • It provides comprehensive coverage specifically for cancer.
  • It offers tax benefits under section 80D of the Income Tax Act, 1961.
  • It offers an increased sum assurance.
  • Some cancer insurance plans offer a regular income benefit for a fixed period of time.
  • There are a few plans that continue the insurance coverage even after the diagnosis of the early stage of cancer.

Listed below are the best cancer insurance plans in India:

Plan Name Sum Assured

 

Entry Age

 

Policy Term
HDFC Life Cancer Care Plan Rs.10 Lakh to Rs.40 Lakh 18 years to 65 years 10 years to 20 years
ICICI Cancer Care Plus Rs.5 Lakh to Rs.25 Lakh 20 years to 60 years 10 years
Aegon Life iCancer Insurance Plan Rs.10 Lakh to Rs.50 Lakh 18 years to 65 years 5 years till the policyholder turns 70 years
Birla Sun Life Cancer Shield Plan Rs.10 Lakh to Rs.50 Lakh 18 years to 65 years 5 years to 20 years
PNB MetLifeMera Heart and Cancer Plan Rs.10 Lakh to Rs.80 Lakh 18 years to 65 years 10 years / 15 years / 20 years

Types of Cancer Covered in cancer Insurance Plans in India

Below mentioned are the types of cancer covered by most of the cancer insurance plans in India:

  • Stomach Cancer
  • Lung Cancer
  • Breast Cancer
  • Ovarian Cancer
  • Prostate Cancer
  • HypopharynxCancer

Benefits of Cancer Insurance Plan

Here are the benefits offered by the cancer insurance:

  • Most of the cancer plans cater to different stages of cancer.
  • It offers a lump-sum amount upon diagnosis of cancer.
  • It offers pre-decided increment in the sum assured at the time of renewal for every claim-free year.
  • It offers a premium waiver under some conditions for the diagnosis of cancer at an early stage.
  • It offers a discount on the policies that are insured for more than a specific amount.
  • It offers insurance coverage even after the diagnosis of the early stage of cancer.
  • It offers monthly income for the specified amount of time in case the insured is diagnosed with last-stage cancer.

Inclusions of Cancer Insurance Plan

The inclusions of a cancer insurance plan depend upon the type of policy an individual opts for.

Exclusions of Cancer Insurance Plan

The common exclusions of most of the cancer insurance plan are:

  • All types of skin cancer.
  • Any type of cancer that is associated (directly or indirectly) with sexually transmitted diseases, HIV/AIDS.
  • Any congenital condition or pre-existing illness resulting in cancer.

Why Does One Need Cancer Insurance Plan?

Cancer is a critical illness that can attack anyone without any permission. As per the last 10 year’s data, cancer has become one of the most common diseases. Therefore, maintaining a good lifestyle is as important as buying a cancer insurance policy.

Below mentioned are some of the reasons why one needs a cancer insurance plan:

  • When one has a family history of cancer.
  • One does not have adequate savings for paying the high medical
  • One does not have any control over the environmental reasons that can cause
  • The basic medical insurance plan does not cover cancer.

Factors to Consider Before Purchasing a Cancer Insurance Plan

Since there are various cancer insurance policies available online, it becomes difficult for anyone to select the most suitable plan. Below mentioned are some factors that one should consider in order to purchase the most suitable cancer insurance plan:

  • Adequate Sum Assured: With the advancement in technology, the costs of treatment are also getting high. On an average, every year the cost of medical treatment rises by 15%. Therefore, it is recommended to opt for a plan that offers a higher sum assured. A cancer health insurance plan provides adequate coverage during the time of need.
  • Waiting and Survival Period: It is suggested to check the waiting period and survival period for a cancer insurance plan. The waiting period is the time before the policy provides coverage, whereas the survival period is the period of time until the policyholder survives after diagnosis of cancer.
  • Lump-Sum Amount Payment Options: Best cancer insurance policy provides coverage for all stages of cancer. However, the payment of lump-sum amount may vary. It is wise to take a plan that pays 30% at the early stage of cancer and 70% at the later stages. However, it also depends on the policyholder when he/she wants to take this payment, so consider this factor as well.
  • Policy Duration: A policy with longer duration is always beneficial as it protects an insured for a longer period of time.

Cancer Insurance– Claim Process

The claim settlement process depends on the insurance provider. That being said, here are general steps that one has to follow for a filing cancer insurance claim:

  • Claim Intimation Process: Before filing the claim, the insured must intimate the insurance provider for the same. One can reach out to the health insurance provider by calling the customer care number which can easily be found on the website.

After intimating, the insured needs to duly fill in the claim form,  attach all the relevant medical documents and submit it to the insurance provider.

Generally, all the insurance companies provide a timeline within which one has to file the claim.

  • Claim Processing: As soon as the insurance provider receives the claim request, an assessor is assigned to review all the documents and evaluate the claim. During this period, if more documents are needed, the insurance provider will ask for the same.
  • Claim Settlement: After evaluating all the relevant documents, the insurance provider informs the insured about his/her claim application. As per the policy, the insurer will either settle the claim directly or approve the claim reimbursement.

Cancer Insurnace FAQs

Q: Is it difficult to take a cancer insurance policy, if my family has a history of cancer?

Ans: No. The proposal forms are accepted by the insurance provider, even if you have a family history of cancer. However, you have to provide a detailed description of your family history of cancer.

Q: What are the eligibility criteria for availing a cancer insurance policy in India?

Answer: One has to meet the age criteria of the plan, which generally covers an adult between the age group of 18 to 65 years.

Q: Does cancer insurance policy cover pre-existing illness?

Ans: Typically, a cancer insurance policy does not cover any-pre-existing disease. For detailed terms and conditions of a plan, you can go through the brochure of the preferred policy.

Q: Does the nominee get a payout in case of death of the cancer patient?

Ans: Most of the cancer insurance policies do not provide any death benefit to the nominee of the insured. However, if there is a clause of the death benefit in the policy, then the nominee will get the benefits.

Q: What is ‘Survival Period’?

Ans: In order to get the payout offered by the insurance plan, the insured must survive for a specific number of days after diagnosis of the disease. This period is known as the survival period.

Q: What is the waiting period?

Ans: The waiting period is a time period after which the coverage of the policy can be availed. Even though the waiting period varies with the insurance provider, most cancer insurance plans come with a waiting period of 180 days. If the insured is diagnosed with cancer during the waiting period, then he/she is not eligible to avail the insurance coverage.

Q: Do cancer insurance policies have free-look period?

Ans: Yes, the cancer insurance policies also have a free-look period of 15 days to 30 days.

Q: I already have a critical illness plan; do I need to have a cancer insurance policy as well?

Ans: A critical illness insurance policy provides coverage for critical illnesses like heart attack, kidney failure etc. While some critical insurance policies cover cancer, it offers a basic insurance coverage. On the other hand, a cancer insurance plan provides comprehensive insurance coverage to the policyholder. Therefore, it is wise to buy a cancer insurance policy especially if cancer runs in your bloodline.

Q: Do a policy buyer has to undergo certain pre-policy medical tests before purchasing cancer insurance policy?

Ans: It entirely depends upon the insurance provider, whether one has to undergo preliminary medical screening or not.

Q: What documents do one need to provide while submitting the claim?

Ans: The policyholder has to provide the following documents while filing a claim:

  • Duly signed and filled claim form
  • Medical bills
  • Medical documents
  • And other documents as requested by cancer insurance provider