Health insurance plans cover the costs of hospitalization. But what happens for cancer patients when expenses run beyond the sum insured? This is where cancer insurance plans comes handy!
Health Insurance plans are incredibly important, owing to the ever-increasing medical expenses. Health is an aspect of each one’s life that can take a sudden turn at any point of time. A Health Insurance Plan helps you stay prepared for such unforeseen situations and backs you up financially. Along with being tremendously advantageous, Health Insurance plans aim as well as succeed at giving you a happy and peaceful future. There are many types of insurance policies offered by many different insurance companies. One such type is a Cancer Insurance Policy.
As the name itself suggests, Cancer Insurance plans are a type of Health Insurance plan that offer financial coverage to the insured, if he or she is diagnosed with cancer. The plan focuses on abating the costs of cancer treatment incurred by the insured. Cancer Insurance plans make sure to provide monetary protection is such times of great distress and need. Thus, it reduces the financial tautness on the policy holder.
Many leading insurance companies have started offering Cancer Insurance Plans, since cancer can strike anybody, regardless of their lifestyle and eating habits. Hence, it is sagacious to purchase a Cancer Insurance policy and safeguard yourself by not being financially drained on its incidence. Since this is a fixed benefit plan, a standalone Cancer insurance coverage is usually offered, even by life insurance companies.
Reasons to buy a Cancer Insurance Plan
A Cancer Insurance plan is extremely useful, given the increasing costs of hospitalization and other medical care. Keeping this in mind, a Cancer Insurance plan will protect you from the burden of expenses that can completely drain you of your finances. You will receive a lumpsum amount which provides financial assistance in paying your medical bills as well as obtain standard treatment and care to overcome the illness. A Cancer Insurance plan offers coverage for various stages of cancer. People who do not have cancer can purchase a Cancer Insurance plan, as they do not offer coverage to people already suffering from cancer. Buying a Cancer Insurance plan will definitely shield your family by helping them be strong emotionally, financially and mentally as well. Most importantly, if you have a medical history of cancer in your family or you do not have sufficient savings for the future, you must certainly purchase a Cancer Insurance plan.
Characteristics of Cancer Insurance Plans
Here are a few salient characteristics of Cancer Insurance Plans:
Cancer Insurance plans provide coverage for almost all types and stages of cancers.
Policy holders can avail of tax benefits under Section 80 D of the Income Tax Act, 1961.
The Cancer Insurance will continue even after the diagnosis and payout of minor stage of cancer.
A lump sum amount is paid to the policy holder, in case he or she is diagnosed with cancer during the policy term.
Policy holders can avail a waiver of premiums under specific conditions, if cancer is diagnosed at an early stage.
The sum assured will be increased by a certain pre-decided percentage, if there are no claims made during the entire year and if the same has been opted for.
Policy holders will receive a monthly income for a particular period of time depending on specific conditions, if cancer is diagnosed in the later stages if the same has been opted for.
Some of Types of Cancer that are covered by Cancer Insurance Plans
Stomach cancer
Lung cancer
Prostate cancer
Ovarian cancer
Cervical cancer
Blood cancer
Hypolarynx cancer
Cancer Insurance Policies in India
Various insurance companies offer many types of Cancer Insurance plans. Below are some of the best Cancer Insurance plans in India.
Nivabupa Life Cancer Insurance Plan
Age: 25 years to 65 years of age
Policy term: Minimum 10 years and maximum 40 years
Sum assured: 10 lakh INR to 50 lakh INR
Features:
Early stage cancer, Major stage cancer and Carcinoma in Situ (CIS) are covered under this plan.
Until no claim is made, the sum assured rises automatically by 10% each year, up to a maximum of 150% of the sum assured.
Survival period is 7 days.
Waiting period is 180 days.
LIC’s Cancer Cover Plan
Age: 20 years to 65 years of age
Policy term: Minimum 10 years and maximum 30 years
Sum assured: 10 lakh INR to 50 lakh INR
Features:
This plan can be bought online and offline as well.
Consists of a premium waiver benefit for Early stage as well as Major stage cancer covers.
On diagnosis of Early stage cancer, 25% of the sum assured is paid as a lump sum. On diagnosis of Major stage cancer, 100% of the sum assured is paid as lump sum and the insured also receives an income benefit for the next 10 years.
The survival period is 7 days.
Waiting period if 180 days.
Tax benefits
ICICI Pru Heart/ Cancer Protect plan
Age: 18 years to 65 years of age
Policy term: 5 years to 40 years
Sum assured: According to the policy guidelines
Features:
After the disease is diagnosed, the policy will still remain in-effect, but all future premiums are waived off.
Irrespective of how much is spent on the treatment, a lump sum will be paid to the insurer on the very first diagnosis of the disease.
To replace the loss of the insured’s income, the insured will receive a monthly benefit of 1% of the sum assured.
Tax benefits
HDFC Life Cancer Care Plan
Age: 5 year to 65 years of age
Policy term: 10 years to 85 yrs - Entry Age
Sum assured: 10 lakh INR to 50 lakh INR
Features:
Premiums can be paid annually, bi-annually, monthly and quarterly.
Three plan options- Gold, Silver and Platinum. All provide a slightly varied coverage.
Survival period of 7 days.
In case the insured is diagnosed with Early stage cancer, all future premiums are waived off. The policy continues and the insured receives all the benefits applicable.
- Tax benefits
Exide Life Sanjeevani Plan
Age: 18 years to 65 years of age
Policy term: Minimum 5 and maximum 35 years
Sum assured: 5 lakh INR to 25 lakh INR
Features:
Based on the grievousness of the condition, a payout is made by the insurance company.
5 years of premiums will be waived off upon diagnosis of cancer related conditions that are severe.
No survival period
Premiums have to be paid annually.
Tax benefits
Conclusion
Cancer Insurance plans are proven to be advantageous when bought at a young age, since the premiums are low and affordable. It may not be completely possible to avoid or prevent cancer from occurring; however it is absolutely possible to take the necessary steps and be monetarily prepared for any such happening. This peculiar type of health insurance plan help you fight against cancer, and it is your responsibility to make full use of this service.
