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Best Cancer Insurance Plans in India

Inderpal Ahluwalia 01 February 2018
4.5 (8 votes)

Choosing a good cancer insurance plan in India is as important as getting one. You need to buy a plan that will serve you well if ever a need arises. Cancer treatment is expensive and it can burn all you’re saving if you don’t have a right cancer insurance plan. Let’s explore this topic in a bit detail.

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Cancer can result in death and put your family in a huge debt, so consider the below points before planning to buy one.

Why must you buy cancer insurance

In today’s day and age, humans are getting prone to contracting critical illnesses due to the mixture of harmful chemicals getting mixed in our bio system. There is an alarming increase in cancer cases in India and around the world and they are expected to rise. Today cancer can happen to anyone irrespective of age, genetics, health condition, etc. and it can instil fear in the toughest of individuals. It is a disease which requires a lengthy period of treatment and more often the cost of medical care is very expensive. The cancer treatment cost can put a huge financial burden on the family and will sweep all the years of savings in a matter of months of the treatment. A comprehensive cancer insurance plan will not only protect you financially but will also ensure you get a good treatment for this life threatening disease.

Essentials for choosing a cancer insurance plan

Below are some of the points that need to be considered before making a decision to go for a specific cancer insurance plan

  • Robust Sum Assured : We all know medical expenses have risen over the years. It is often estimated that cost of medical expenses rises by 15% every year. Cancer treatment lasts for a longer duration so it is advisable to opt for a cancer insurance plan with the high sum assured. This will provide you sufficient funds during the time of crises.

  • Longer Duration of Cover : Alongside good coverage, it is also necessary to have a protection of the policy over a longer duration and if possible with the same premium. Cancer can strike at any age so more the amount of coverage the better for peace of mind and financial protection.

  • All Stages of Cancer Covered in the Plan : It is crucial that your insurance policy covers you at different stages of cancer. Go for a plan which offers stage-based claim payout, normally the cancer plans provide a percentage of sum assured at different stages of cancer. Ideally, a good plan should offer coverage for all stages of cancer. Such policies will provide for expenses for early stage 30% and remaining 70% on major stage.

  • Waiver of Premium and Income Benefit Feature in the Plan : When someone gets diagnosed with cancer their health gets deteriorated due to the disease and the intense treatment. A person won’t be able to work during this time and inevitably the source of income will take a hit and the family will struggle to pay the premium or manage daily expenses. Hence select a cancer insurance plan which has a solution for these situations and can also offer the much needed financial assistance. Waiver of premiums will keep the policy active and regular income feature will keep the dependents in the family protected from loss of income.

  • Terms and Conditions of Waiting and Survival Period in the Plan : It is always important to read the fine print in the policy. Check on the waiting period which is the amount of time you will have to wait before the policy will start coverage. Also crucial is survival period which is the amount of time after cancer diagnosis the policyholder has to be alive in order to claim benefits of the policy.

Let’s have a look at the 5 best cancer insurance plans in India

  • ICICI Pru Cancer Protect : ICICI Pru Cancer Protect plan offers coverage for minor and major stages of cancer along with additional benefits like Hospital benefit, increasing cover benefit, income benefit.

  • AEGON Religare iCancer Insurance : AEGON Religare iCancer Insurance offers comprehensive cancer insurance plan that covers all expenses of the illness from the time of the diagnosis. The payouts are planned to benefit the policyholder at every stage of the disease.

  • ABSLI Cancer Shield Plan : ABSLI Cancer Shield Plan offers cancer insurance that covers all stages of cancer, early stage and major stage. It also has a level and increasing cover option for sufficient coverage at all times.

  • Max Life Cancer Insurance Plan : Max Life Cancer Insurance plan offers comprehensive protection against all stages of Cancer. If financial benefit and pay out has been designed to ensure sufficient financial cover at all times for the policy holder.

  • HDFC Life Cancer Care : The HDFC Life, Cancer Care policies, have silver, gold and platinum plans. This plan to covers all types of cancer from diagnosis until recovery.

There are also plans that cover cancer as part of critical illness.

Below are a couple of those plans

  • Max Bupa : Max Life Bupa covers cancer and its associated illnesses as a part of its critical illness cover. This insurance plan also covers heart diseases, bone marrow transplant, and end-stage liver disease as well.

  • Bharti AXA Cancer Insurance : Bharti AXA’s Smart Health Critical Illness covers cancer at various stages and in various forms. You get a coverage of up to INR 5 lakhs under this plan. The plan does not require any medicals for this policy.

If you are taking a cancer insurance, please take into consideration the above-mentioned points to ensure you get a comprehensive cancer insurance plan as per your requirements. A little time in research can help you in getting a good treatment for cancer and at the same time protect you and your family financially.

Recommended Read :Health Insurance Can Save you from Cancer Expenses

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4.5 (8 votes)