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Health Insurance 720 views March 1, 2021
Cancer is a health issue that can not only damage you physically but financially as well. According to news reports, the cost of cancer treatment has increased 3-4 times since 2000. Currently, the cost of cancer treatment is as follows – INR 4.6 lakh for Lung Cancer, INR 4.3 Lakh for Oral Cavity Cancer, INR 5 Lakh for Cervix Cancer, INR 5 Lakh for Colorectal Cancer and INR 6 Lakh for Breast Cancer. These are approximate figures.
The expenses seem massive, but there are two insurance plans – Cancer Care Plan and Critical Illness Plan – that can protect your finances in such a situation. Using these insurance policies, you can cover your hospitalization expenses for cancer treatment if you are diagnosed with it. But which one should you choose? For this, you need to compare Cancer Care Plans vs Critical Illness Plans. But before that, have a brief of these two cancer cover plans. We will tell you all these in this post. Let’s begin!
Table of Contents
Cancer Care Plans
A cancer care insurance plan will provide you financial coverage against all stages of cancer. The cancer care insurance plans cover cancer stages like Early Stage Cancer or Carcinoma-in-Situ (CiS), Major Stage Cancer and Advance Stage Cancer. These plans are designed to cover your medical expenses related to cancer treatment/surgeries.
Critical Illness Plans
Under a critical illness insurance plan, a cancer of specified severity shall be covered up to the sum assured plus you will get coverage for other critical illnesses such as the first heart attack – of specified severity, heart valve surgery, surgery to the aorta, cardiomyopathy, etc.
Compare Cancer Care vs Critical Illness Based on the Sum Assured
A sum assured is the total life coverage amount that the insured has in his/her insurance plan. So, in case a cancer risk arises, the company will pay you the policy sum assured in case of hospitalization. Let’s check out some of the cancer care and critical illness plan sum assured options.
| Insurance Company | Type of Insurance Plan | Policy Name | Sum Insured (In INR) |
|---|---|---|---|
| Max Life | Cancer Care | Max Life Cancer Insurance Plan |
|
| SBI Life | Cancer Care | SBI Sampoorn Cancer Suraksha | 10 Lakh to INR 50 Lakh |
| ICICI Prudential Life | Critical Illness | ICICI Pru iProtect Smart | Up to 1 Crore |
| Edelweiss Tokio | Critical Illness | Edelweiss Tokio CritiCare+ | 5 Lakh to 5 Crore |
| Aditya Birla Sun Life | Cancer Care | Aditya Birla Sun Life Cancer Shield Plan | 10 Lakh to 50 Lakh |
| ICICI Prudential Life | Cancer Care | ICICI Pru Heart/Cancer Protect Plan | 2 Lakh to 50 Lakh |
| ManipalCigna | Critical Illness | ManipalCigna Lifestyle Protection Critical Care Plan | 1 Lakh to 25 Crore |
Compare Cancer Care vs Critical Illness Basis Premium Payments
You can choose between cancer care vs critical illness plans by comparing their premium offers. Because an insurance plan will be suitable for your cancer cover only if it provides a large sum assured at an affordable premium payment. Check out the premium payment offers of top cancer care plans and critical illness plans.
| Cancer Care Plan | Premium Amount (In INR) | Critical Illness Plan | Premium Amount (In INR) |
|---|---|---|---|
| Max Life Cancer Insurance Plan |
| ICICI Pru iProtect Smart | Minimum - 2,400 |
| Aegon Life iCancer Insurance Plan | As specified by the insurer | Edelweiss Tokio CritiCare+ | Minimum - 2,000 |
| HDFC Life Cancer Care | 1,411 for male aged 35 years for a policy term of 10 years under Silver option | ManipalCigna Lifestyle Protection Critical Care Plan | As specified by the insurer |
| SBI Sampoorn Cancer Suraksha | The minimum premium amount is as follows:- Yearly - 600
The maximum premium based on the sum assured | ||
| Aditya Birla Sun Life Cancer Shield Plan | 1,950 - 14,825 for a male aged 35 years with a policy sum assured of 25 lakh | HDFC Life Critical Illness Plus Rider | As specified by the insurer |
| ICICI Pru Heart/Cancer Protect Plan | As specified by the insurer | Bharti AXA Life Triple Health Insurance Plan | 2,440 per annum for a 30- year old male opting for a Sum Assured of INR 5,00,000 |
Compare the Benefits of Cancer Care vs Critical Illness Plans
After knowing about the cancer care and critical illness sum assured and premium amount, let’s check when the following benefits will be paid under these two plans.
| Benefits | Cancer Care | Critical Illness |
|---|---|---|
| Lump Sum Payment of the Sum Assured |
| Upon the diagnosis of any of the covered critical illnesses. |
| Survival Period | Not Available | The survival period is 30 days from the date of diagnosis of Critical Illness |
| Waiver of Premium | When cancer is diagnosed to the insured, all future premiums shall be waived and the policy will continue. | Not Available |
| Tax Benefits Under Section 80D | Available | Available |
Note – Treatment expenses of cancer are sourced from Economic Times