In a country where approximately 8 lakh new cancer cases are reported each year, the financial burden of cancer treatments can be overwhelming for individuals and families. Recognizing this, many insurance companies in India provide cancer insurance plans to offer financial protection.
Coping with the complexities of choosing the right plan, balancing affordability and accessibility, can be daunting. Sum insured, premium, benefits, and the ease of claims settlement become pivotal factors in decision-making.
In this blog, we’ve compiled details on some of the best cancer insurance plans, shedding light on coverage, exclusions, waiting periods, and more. Let’s embark on a journey to find a plan that fits seamlessly, ensuring both peace of mind and financial security.
What is Cancer Insurance?
A cancer-specific policy is like a safety net for your wallet, covering costs for things like radiation, chemotherapy, hospital stays, and surgery during various stages of treatment. It’s there to help you out, whether the situation is minor, major, or critical. Just remember, these policies usually don’t provide benefits for death, maturity, or surrender.
Facing the high costs of cancer treatment can be tough on families. That’s where cancer insurance steps in. It’s designed to financially support those dealing with a cancer diagnosis. Once you get through the free look period mentioned in the Policy Document, you can start tapping into the benefits of your cancer insurance policy. It’s a way to ease the financial load during a challenging time.
Types of Cancer Covered by Cancer Insurance Plans in India
- Breast Cancer:
- A type of cancer that begins in the cells of the breast, commonly affecting women but can also occur in men.
- Ovarian Cancer:
- Cancer that starts in the ovaries, the female reproductive organs responsible for producing eggs.
- Stomach Cancer:
- Cancer that forms in the lining of the stomach and can affect any part of the stomach.
- Hypopharynx Cancer:
- Cancer that develops in the hypopharynx, the bottom part of the throat, near the esophagus and trachea.
- Prostate Cancer:
- Cancer that occurs in the prostate, a small gland in men that produces seminal fluid.
- Cervical Cancer:
- Cancer that begins in the cervix, the lower part of the uterus that connects to the vagina
5 Best Cancer Insurance Plans in India
1. Navi’s Critical Illness Cover: Your Shield Against Cancer
Navi Health Insurance brings you a dedicated cancer insurance plan, offering financial protection for those grappling with a cancer diagnosis.
In a world where cancer cases and medical expenses are on the rise, having one of the best cancer insurance policies not only provides peace of mind about your health but also brings financial security. Plus, there’s an added perk – potential tax savings under Section 80D of the I-T Act.
Key Features:
- Age Range: 91 days to 70 years. Dependents’ age capped at 30 years.
- Sum Insured: Up to ₹1 crore.
- Waiting Period: Almost no waiting period from day 31 of the policy.
- Minimum Premium: ₹235 per month.
Benefits:
- 100% coverage for hospital bills with cashless claims settled in under 20 minutes at 11,000+ network hospitals nationwide.
- Comprehensive coverage 90 days before and 180 days after hospitalization.
- Coverage for home hospitalization for 3 days or more (conditions apply).
- Unlimited online doctor consultations and a complimentary annual health checkup for insured members aged 17 years or more.
Tax Deductions under Section 80D:
- Claim tax deduction of up to ₹25,000 for premium paid if aged below 60 years.
- Senior citizens can claim tax deductions of up to ₹50,000.
Navi’s Critical Illness Cover is not just about financial protection; it’s a comprehensive plan designed to ease the burden during challenging times.
2. Bajaj Allianz Critical Illness Insurance: Guarding Your Health
Insurer Company: Bajaj Allianz Health Insurance
This policy from Bajaj Allianz provides coverage for you and your family, safeguarding against 10 serious diseases, including cancer, heart attack, organ transplant, bypass surgery, and kidney failure.
Key Features:
- Family Coverage: Includes all family members under the protective umbrella.
- Disease Coverage: Guards against 10 critical diseases, offering a comprehensive shield.
- Survival Time: Provides a 30-day survival period for covered illnesses.
- Renewal Option: Offers a lifetime renewal option, ensuring continuous coverage.
- Tax Benefits: Eligible for tax benefits, lightening the financial load.
Bajaj Allianz Critical Illness Insurance not only provides coverage against a range of serious health issues but also comes with the convenience of covering your entire family. With features like a survival period, lifetime renewal, and tax benefits, it stands as a reliable choice for securing your health and financial well-being.
3. Aditya Birla Activ Secure – Cancer Secure: Comprehensive Protection
Aditya Birla Activ Secure – Cancer Secure stands as a dedicated health insurance policy tailored to provide financial security for cancer patients. This plan covers all stages of cancer—early, major, and advanced.
At the early stage, 50% of the sum insured is paid, followed by an additional 100% at the major stage, or a total of 150% of the sum insured for advanced-stage detection.
Key Features:
- Lump Sum Payments: Ensures lump sum payments for all three stages of cancer.
- Survival Period: A short survival period of 7 days is applicable.
- Wellness Coach: Option available for additional support.
- Cumulative Bonus: Earn a 10% cumulative bonus for every claim-free year.
- Tax Benefits: Eligible for tax benefits.
- Second E-opinion: Option available for added peace of mind.
- Family Coverage: Extends coverage to the entire family.
4. HDFC Life Cancer Care Plan: A Comprehensive Shield
The HDFC Life Cancer Care Plan is a robust health insurance policy providing extensive financial protection for individuals and their families in the face of a cancer diagnosis.
This plan offers a lump-sum payout upon the diagnosis of early-stage or major cancer, ensuring comprehensive coverage. Noteworthy among its benefits is the premium waiver for the next three policy years on early-stage cancer diagnosis.
Key Features:
- Entry Age: 5 years to 65 years.
- Maturity Age: 15 years to 85 years.
- Sum Insured: ₹10 lakh to ₹50 lakh.
- Waiting Period: 180 days from the commencement of the policy.
- Approximate Premium: ₹1,411 for the base plan (without taxes) for a 35-year-old male.
Benefits:
- Comprehensive coverage for early and major stages of cancer.
- Waiver of future premiums for 3 policy years if diagnosed with cancer.
- Flexible premium payment frequencies: monthly, quarterly, half-yearly, or yearly.
- Sum insured increases by 10% every year under Gold and Platinum plans, up to a maximum of 200% of the initial sum assured.
HDFC Life Cancer Care Plan is a non-linked, non-participating protection plan tailored to assist individuals in dealing with the physical, emotional, and financial stress of cancer. It also offers an income benefit option, providing a holistic approach to addressing the challenges posed by a cancer diagnosis.
5. ManipalCigna Lifestyle Protection – Critical Care: Tailored Support for Cancer Patients
ManipalCigna Lifestyle Protection – Critical Care stands as a reliable solution providing essential financial support for cancer patients undergoing treatment. This policy offers two variants – Basic and Enhanced, each providing flexibility in payout options: a 100% lump sum or 25% lump sum along with 75% staggered equal payment plus an extra 10% for 60 months. Additionally, it caters to those seeking a second opinion.
Features:
- Covers up to 30 critical illnesses, including cancer.
- Option for a second opinion.
- Global coverage.
- Customized wellness program.
- Eligible for tax benefits.
- 10% family discount for insuring more than 2 family members.
- Long-term policy discounts available.
- Lifetime renewability.
Exclusions of Cancer Insurance Policy
Cancer Due To STD’S
If someone has cancer that’s linked directly or indirectly to sexually transmitted diseases (STDs), particularly HIV or AIDS, most insurance companies that offer cancer insurance won’t provide coverage for such cases. It means if the cause of cancer is related to STDs, the policyholder may not be eligible for benefits under their cancer insurance plan.
If someone is diagnosed with cancer due to intoxication, which includes the use of alcohol, narcotics, or any other non-prescribed drugs, and it’s determined that these substances contributed to the cancer, the individual may not be eligible to receive benefits from the insurance policy.
Intoxication
This exclusion emphasizes that benefits under the policy won’t apply if the cancer is linked to substance abuse that is not prescribed by a legal and registered medical practitioner.
It’s important for policyholders to be aware of such exclusions and to adhere to the terms and conditions outlined in their insurance policy. If there are uncertainties or questions, consulting with the insurance provider can provide clarity on the specific coverage limitations.
Benefits of Choosing the Best Cancer Insurance Policy in India
Payment of Lumpsum Amount
With a cancer insurance policy, you have the potential to receive a lump sum amount in certain situations. If cancer is diagnosed in its early stage, a typical payout is around 20% to 25% of the sum insured. In more severe cases of cancer, you may be eligible for the full 100% of the insurance amount.
Additionally, some insurers may even waive off the remaining premiums for the policy term in such situations. It’s important to check the specific terms and conditions of your policy to understand the details of the payout structure and any additional benefits offered by the insurer.
Coverage for multiple stages
A cancer insurance plan offers coverage for various stages of the disease, encompassing minor, major, and critical stages. This means the plan provides financial protection and support not only for severe cases but also for the early and intermediate stages of cancer.
It ensures a comprehensive approach to addressing the different levels of the ailment, offering assistance across various stages of diagnosis and treatment.
Death benefits
In the unfortunate event of the insured cancer patient’s death, a death benefit is provided through the cancer insurance plan. This benefit ensures that the family continues to receive income for a specified number of years, based on specific terms and conditions outlined in the policy.
The monthly income is paid to the nominee, offering financial support to the family during a challenging time.
Income benefits
Certain cancer insurance policies come with income benefits. If the insured individual loses their source of earnings or, unfortunately, passes away, the family can receive regular payouts.
This income benefit serves as a substitute for the lost income and is typically a fixed percentage of the sum insured, providing financial support during challenging times.
Documents Required for Raising a Claim
- A fully filled and signed claims form.
- Medical bills and prescriptions related to the treatment.
- Investigation reports relevant to the diagnosis and treatment.
- Radiology and chemotherapy reports, if applicable.
- A medical certificate providing details about the condition and treatment.
Conclusion
The top cancer insurance plans offer coverage for costly cancer treatments and medical procedures. Before you buy a cancer insurance policy, it’s essential to compare the available plans.
This helps you identify the best cancer insurance policy that suits your needs and provides adequate coverage for you and your loved ones. Taking the time to compare plans ensures that you make an informed decision and choose a policy that aligns with your specific requirements.
