Group Insurance 412 views May 25, 2021

Long treatment of cancer can ruin your hard-earned savings and it could also be tough to repay the loan amount in such a time if you have availed of any. Chola Group Credit Linked Cancer Care Insurance provides a lump sum benefit on diagnosis or treatment of cancer up to the sum insured limit. This plan from Chola MS General Insurance provides distinctive benefits at various stages of cancer to protect policyholders from a financial crisis during treatment or diagnosis of cancer.

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Before discussing this plan further, let’s look at its key features mentioned below.

  1. Cancer diagnosis benefit
  2. Cancer treatment benefit
  3. Cancer therapy benefit
  4. Availability of two plan options
  5. Benefit up to 150% of the sum insured 
  6. Long-term Care of 5 years
  7. No pre-acceptance medical checkup 
  8. Multiple sum insured options
  9. A waiting period of only 120 days
  10. Survival period of only 7 days from the date of diagnosis
  11. A 15-day free look period

Now you would want to know these features of Chola Group Credit Linked Cancer Care Insurance in detail. We will discuss the same on this page. Read on to know more!

Let’s Understand the Features and Benefits of Chola Group Credit Linked Cancer Care Insurance in Detail

We are discussing the key features and benefits of Cancer Care Insurance from Chola MS in detail below. Please check!

Availability of Multiple Plan Options

Chola Group Credit Linked Cancer Care Insurance offers two plan options — Care Plus Plan and Care Plan. The initial waiting period stands at 120 and 180 days (from the inception of the policy) for Care Plus and Care Plan, respectively.

Flexible Sum Insured Options

For both the plans, policyholders can choose a sum insured according to their convenience. The minimum sum insured stands at INR 10,00,000, which can go up to 20,00,000 in the multiples of INR 1,00,0000.

Cancer Diagnosis Benefit

With this benefit, policyholders will get a lump sum benefit of 20% of the chosen sum insured on the diagnosis of Carcinoma-in-situ (CiS) or Malignant Cancer (Early-stage cancer) during the policy term. Policyholders will not get any benefit for the same organ twice during their lifetime, and it is available upon the first occurrence of CiS only.

If a policyholder is diagnosed with Major Stage Cancer during the policy term, the policy will pay a maximum lifetime lump sum benefit of 100% of the sum insured. This benefit will be equal to the sum insured minus any payment made under CiS or early-stage cancer diagnosis benefit.

Note: The policyholder will get this benefit after a survival period of 7 days from the date of diagnosis of a condition. It means an insured person needs to survive for seven days after the ‘full histopathological diagnosis’ of cancer, including staging and grading.

Cancer Surgery Benefit

If an insured person needs to undergo surgery for CiS or Early Stage Cancer, this policy will pay a lump sum benefit of 10% of the sum insured for every surgery as advised by a medical practitioner. The maximum benefit can go up to 30% of the sum insured and it will not be granted for the same organ twice during the lifetime of the policyholder.

The Cancer Surgery benefit will be up to 30% of the sum insured if a policyholder needs to undergo a major stage cancer surgery as advised by the medical practitioner in the specified medical specialty during the policy term.

Note: The surgery benefit will exhaust upon the payment of a maximum lifetime lump sum benefit of 30% of the sum insured. 

Cancer Therapy Benefit

Chola Group Credit Linked Cancer Care Insurance also pays a maximum lifetime lump sum benefit of 20% of the sum insured towards expenses incurred on Chemotherapy/ Radiotherapy during the policy period. Policyholders can get this benefit only once during the lifetime of the insured person. Also, this benefit can be claimed only after the first session of undergoing the advised chemotherapy or radiotherapy by the insured person.

Important Note: The total amount under Cancer Diagnosis, Surgery, and Therapy benefit cannot exceed 150% of the sum insured. 

Who Can Purchase this Policy?

Chola Group Credit Linked Cancer Care Insurance is available to individuals aged between 18 and 65 years at the time of entering into the policy. Such individuals should also have availed of any type of loan from banks or financial institutions.

What is Not Covered Under the Chola Group Credit Linked Cancer Care Insurance plan?

Policyholders will not get benefits in the following situations under the Cancer Care Insurance plan.

  1. Any cancer arising on account of or in connections with Pre-existing Disease /Condition as defined in the policy
  2. Any sexually transmitted diseases
  3. Any congenital external conditions or anomalies
  4. Occupational diseases
  5. Intoxication by alcohol, narcotics, or drugs not prescribed by a Registered Medical Practitioner
  6. Unreasonable failure to seek or follow medical advice
  7. An intentional or self-inflicted act
  8. War, whether war is declared or not, invasion, the act of a foreign enemy, hostilities, civil war, insurrection, terrorism or terrorist acts or activities, rebellion, revolution, mutiny, military or usurped power, riot, strike, lockout, military or popular uprising, civil.
  9. Commotion, martial law or loot, sack or pillage in connection therewith, confiscation or destruction by any government or public authority or any act or condition incidental to any of the above
  10. Naval or military operations of the armed forces or air force and participation in operations requiring the use of arms or which are ordered by military authorities for combat terrorists, rebels, or like
  11. Nuclear fusion, nuclear fission, nuclear waste or any radioactive or ionizing radiation
  12. Nuclear, biological or chemical contamination (NBC)
  13. Any Non-Allopathic or Alternative treatment

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