Health Insurance 2608 views April 21, 2020

HDFC Life Cancer Care Plan

As fighting a disease like cancer is not easy, one should financially be prepared for it. HDFC Life Cancer Care insurance plan helps you with it. It is a non- linked and non- participating cancer protection insurance plan which provides cover for early or any major stage cancer without the requirement of medicals. It pays a lump sum benefit upon diagnosis of early or major stage cancer to the life assured in the plan.

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Features of HDFC Life Cancer Care

Cancer Care is a comprehensive insurance policy which provides financial support against major or early stage cancer to you as well as your family.

Key Features of HDFC Life Cancer Care plan are as follows:

  1. Lump Sum benefit is paid out upon diagnosis of early or major stage of cancer
  2. Under platinum option, the holder of the policy can receive income benefit under the plan for the next five years.
  3. Upon receiving of a valid claim under the insurance plan by the policyholder on diagnosis of cancer, the premiums for the future three years will be waived off by the insurance company
  4. All the pay-outs and the benefits under this insurance plan are independent of other health insurance plans. That is the benefits under this plan are in addition to the benefits provided under a base health insurance plan if you already have purchased any.
  5. The sum assured increases at the rate of 10% in each policy year under the platinum and gold option of the plan. The increase of 10% will continue till the increased amount of sum assured becomes 200% of the base sum assured under the plan
  6. Premiums for the plan can be paid yearly, monthly, half yearly or quarterly as chosen by the holder of the policy. However, an advance of 3 months has to be paid for monthly premium paying frequency options.
  7. Discounts are offered under this plan on higher sum assured or on buying the plan online.
  8. The plan does not have a loan facility and there is no benefit of surrender value available under this insurance plan.
  9. A Waiting period of 180 days is applicable in this insurance plan from the date of the commencement of the plan during which no benefit will be paid.
  10. There is a survival period of 7 days for the benefit to be paid under this plan. The survival period of 7 days between the date of the diagnosis of
  11. major or early stage cancer of the insured and the date of eligibility for the payment of the benefit will be applicable.
    The holder of the policy can nominate a person to whom the benefit under this plan will be payable on the death of the policyholder. The nomination for the plan can be made at any time during the term of the insurance plan and can also be cancelled or changed during the same period.
  12. Tax benefits under the Income Tax Act, 1961 is provided on the amount of premiums paid for the plan upto Rs 55,000 under section 80C.

Eligibility of HDFC Life Cancer Care Plan

Eligibility conditions are required to be fulfilled by the applicant in order to purchase the plan. You are required to ensure the following eligibility criteria before buying HDFC Life Cancer Care Insurance plan:

Entry age18 years65 years
Maturity age-75 years
Policy Term 10 years20 years
Sum insuredRs 10 LakhRs 40 Lakh
Premium Paying FrequencyAnnually, Monthly, Semi- annually and Quarterly

Benefits of HDFC Life Cancer Care Plan

HDFC Life Cancer Care policy is an insurance plan which is specially designed to offer coverage against the dreadful disease Cancer. The benefits offered under HDFC Life Cancer Care plan are as follows:

Lump-sum benefit and Flexibility of Usage -This insurance plan pays the sum assured under the plan to the policyholder upon diagnosis of any early or major stage cancer during the term of the plan. The sum assured is paid as a lump-sum benefit and is flexible to be used for any purpose. If the insured is the breadwinner of the family, the amount received as lump-sum can be used for the family to meet the daily expenses as well.

Death Benefit– There is no death benefit provided under the plan. The plan particularly aims to aid the treatment cost and the expenses in order to survive the dreaded disease like Cancer. Hence the benefit under the plan is paid on diagnosis of the early or major stage of cancer and not on death of the insured.

Maturity Benefit- There is no maturity benefit provided under this plan. The policy will lapse if the insured individual is not diagnosed with early or major stage of cancer during the term of the policy and no benefit will be paid.

Premium Guarantee– Premium guaranteed is offered under this plan as the premium amount for the plan will remain unchanged for three years of the policy from the date of the issue of the policy. Only after the expiry of three years from the date of issue of the plan the premiums rates can be revised.

Discounts– This plan also offers discounts to the policyholder in the form of lower rates of premiums for the plan for incremental sum assured under the plan over and above Rs 10 Lakh. This plan can also be brought online and a discount of 5.5% is offered on the amount of premium if you buy the plan online directly.

Grace Period– A grace period of 30 days is offered to the policyholder to pay all the due premiums of the plan for annually, quarterly and half yearly premium paying frequency mode. For monthly premium paying frequency mode, the grace period is 15 days. Upon expiry of the said period the policy will lapse if the policyholder does not pay the due premiums of the plan. The insurance cover will cease and the insurance company will not pay any benefit in case of lapsed insurance policy.

Renewal of Lapsed Policy– The policyholders have a benefit to renew their lapsed insurance policy within a period of two years from the date of first unpaid premium of the plan. All the premiums that are outstanding should be paid along with interest within the said two years period to restate the plan.

Free Look Period– If you are not satisfied with the insurance plan, then you have an option to cancel the plan within 15 days of its inception with reasons thereof for the cancellation of the plan. The insurance company will refund the premium amount of the plan after deducting the expenses incurred by it.

While striving to meet your goals towards your career and dreams, it is very important to buy a cancer insurance policy to take care of financial security at the time of emergencies. To ensure financial support and security to you and your family against this giant disease, Cancer, you should buy HDFC Life Cancer Care plan. This plan provide complete financial support and security to the holder of the plan against the disease of cancer to help you to receive proper treatment without worrying about the high expenses by paying a lump-sum amount immediately on diagnosis of cancer. The plan also provides flexibility as the lump sum benefit can be used by the insured individual for any purpose in addition or apart from the treatment of cancer. Since cancer has become quite common and the incidence has increased, it is better to be financially prepared against it. The plan lets you be financially prepared and is recommended.

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