Health Insurance 443 views November 13, 2019

Cancer Insurance

Cancer Insurance – The Details You Need to Know

Cancer has sadly become a common ailment nowadays. It is a very dangerous and often life-threatening condition that needs aggressive and prolonged treatment. It, therefore, becomes financially taxing for cancer patients and their families to cope up with the costs. Keeping this in mind, the top insurance companies in India have now introduced cancer insurance covers. These insurance plans are specifically designed to help cancer patients to get the required treatment and also to manage their other financial liabilities while affected with the disease. Read on to know more.

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Best cancer insurance plans in India

Take a look at the best cancer insurance plans in India 2020 presently:

1. HDFC Life Cancer Care

The HDFC Life Cancer Care plan is undoubtedly one of the best cancer protection insurance plans in the country. This can be said because the plan offers so many benefits that you gain immensely when you buy this cover. You can get a sum assured of as high as Rs 40 lacs upon the diagnosis of cancer. the other beneficial features of this plan include the waiving off of the insurance premium for three straight years once the ailment is detected in the policyholder. There is a very small survival period of just 7 days, making this plan all the more helpful.

2. Aegon Life I-cancer Insurance Plan

Next, we have the I-cancer Insurance Plan from Aegon Life. This is another excellent option for you to explore. The plan offers many unique features such as the payout of certain percentages of the sum assured depending on the severity of cancer. You get a quarter of the sum assured if you are diagnosed with a minor form of cancer. If the cancer is detected as being major, you get the entire sum assured in one go. You get 150% of the sum assured if you are diagnosed with a critical stage cancer. this is a very helpful and unique feature that Aegon Life offers on its I-cancer Insurance Plan.

3. Coverage for Cancer from Bharti AXA

Coverage for Cancer from Bharti AXA is the next option available to you. Bharti Axa is a very good insurance provider who has some very useful covers on offer. The Cancer Cover is one of them. You get good and comprehensive protection when you are diagnosed with this illness. there is a large cover available which helps you to get the treatment you need and support your family at the challenging time as well.

4. Aditya Birla Sun Life Cancer Shield Plan

Aditya Birla Sun Life Cancer Shield Plan. This plan is featured in this list simply because it offers a whole lot of useful benefits. To start off with, you get compensation as soon as cancer is detected. You get the financial assistance whether you have a minor, major or critical stage cancer. Then, you are given the option to choose between a level sum assured or an increasing sum assured. If you feel the coverage needs to increase as cancer gets more serious, you can opt for the increasing sum assured option. Another very helpful feature is the waiver of the insurance premium for 5 straight years after the detection of the illness. This works very well for the policyholder who may not be able to work when affected by cancer.

5. ICICI Prudential Cancer Protect

The final plan on this list is ICICI Prudential Life Insurance’s Cancer Protect Plan. You get a high sum assured of Rs 20 lacs under this policy. Features such as waiver of premium and discount for family members are the other attractions of this cancer insurance policy. ICICI Prudential is one of the leading insurance providers in India so you never have to worry about claims being held back, etc. If you want a safe and reliable option, you can surely explore the ICICI Prudential Cancer Protect plan.

Features and benefits of a cancer insurance policy

Listed below are some of the most useful features and benefits of a cancer insurance policy:

  1. Waiver of premium – This is an excellent benefit that the insurance providers offer with the cancer insurance policies. The insurance premium is waived off for a few years after the disease is detected. The coverage continues to stay in force and you receive all the benefits of the insurance policy. You are just spared the financial liability till the time you are well enough to resume work and pay your bills.
  2. Regular income – Many of the insurance companies that offer the cancer insurance plans offer a regular income for the policyholder once the cancer is deducted. This is usually a part of the sum insured. It helps the policyholder to get a salary when he is bedridden due to the illness.
  3. Increase in coverage – You can opt for the insurance coverage amount to increase as the policy commences. This, however, needs to be set at the onset of the cancer insurance plan. You need to assess how much insurance coverage you need, what your finances look like and then arrive at this decision. Be careful as you cannot alter this figure too often, so be very sure of it when you do.
  4. Continuation of coverage after detection – Unlike a critical illness insurance plan, the coverage doesn’t end once the ailment is detected. You get to keep your insurance plan and earn the benefits even after the detection. A part of the sum insured, which is usually 25% or 30% is paid at the early detection of cancer. The remaining amount is paid up periodically to help you cope with the illness and its financial attributes.
  5. Financial security – This is the biggest benefit of buying a cancer insurance policy. You get to keep your finances secure. If you do not have such insurance coverage in place, you may end up exhausting your savings, taking loans, etc to bear the costs. Cancer treatment is still very expensive and you need the backing of good cancer insurance cover to help you deal with the costs.
  6. Wholesome coverage – Almost all of the cancer insurance plans offered by the good insurance companies in India are available with wholesome coverage. In other words, you get protection against all types of cancers, with very few exceptions (skin cancer is a major exception in most of the plans). The insurance premium rates for these plans are also very economical, making them suitable for people from all walks of life.
  7. Tax rebate – Like with most other types of insurance plans, you get a tax benefit for the insurance premium you pay for your cancer plan. As per the clauses of Section 80D of the Indian Income Tax Act of 1961, you can claim a tax rebate of up to Rs 25,000 for the cancer insurance plan’s premium payments.

These are some very useful benefits of the cancer insurance plans indeed. If you have a history of cancer in your family or you feel you are susceptible to the illness due to some other reason, definitely consider getting a cancer insurance policy to stay secured yourself and to keep your loved ones financially protected as well.

In conclusion

Go over the clauses, terms, and conditions of all the cancer insurance health plans. You must find a plan that has the covers you need and is available within your budget. Do not be in a hurry when you are looking to buy a cancer insurance policy. This is an extremely important type of insurance that can help you immensely at a tough time in life. So take your time, do some research and get the plan that you feel is best suited for your requirements. Compare insurance quotes to see what your best options are. Then buy a good cancer health insurance cover and stay protected.

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