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HEALTH INSURANCE

Top Cancer Insurance Policies

Jagrity Sharma Jagrity Sharma 09 August 2019

Cancer insurance is an individual policy that provides a lumpsum amount which can be used for the expensive treatment of cancer. Here is a comprehensive list of top five cancer insurance policies that can help you fight with the bills of cancer treatment.

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Cancer is one of the fastest spreading critical diseases in India. While this should be concern enough to make changes in your lifestyle to keep cancer away, you should also worry about the likely cost of its treatment. As cancer requires extensive medical care and treatment, the cost can outstrip your savings quickly. In case you don’t have contingency fund or cancer insurance, you might have an even harder time paying those bills out of your pocket.

Usually, cancer treatment is an ongoing process, and there are chances of relapse. Depending on the stage and type of treatment, the cost can go up to Rs. 50 lakhs. Moreover, the disease impacts and weakens the working and earning capabilities of a person. Hence, an insurance plan that works as financial support and income supplement could be a great relief.

Below is the list of top five cancer insurance plans in India.

ICICI Pru Heart/Cancer Protect

Features and eligibility

Eligibility: 18 to 65 years of age

  • Minimum sum assured: Rs. 2 lakhs
  • Maximum sum assured: Rs. 50 lakhs
  • Policy term: 5 years to 40 years
  • It is an affordable health insurance plan with a cover of up to Rs.50 lakhs for health and cancer insurance.
  • The company offers 5% discount on the premium for the first policy year on health insurance that covers the policyholder and his/her spouse.
  • The company offers a loyalty discount of 5% to all existing customers on the premium paid for the first policy year.
  • The policy includes the diagnosis of all major and minor illness as specified in the policy document.
  • Hospital daily cash benefit is given up to Rs. 5000 per day.
  • The plan offers coverage from the beginning of the diagnosis, including free cancer screening, the cost of targeted therapy, chemotherapy, PET-CT scans, hospitalisation, medications, and recovery expenses.
  • The cover can be increased by 10% each year until the sum insured doubles. The policy offers 1% of the total sum insured as an additional income from next five years of diagnosis of major illness, as mentioned in the policy document. ##HDFC Life Cancer Care

Features and eligibility

Eligibility: 5 to 65 years of age

  • Minimum sum assured: Rs. 10 lakhs
  • Maximum sum assured: Rs. 50 lakhs
  • Policy term: 10 years to 85 years - Entry Age
  • The HDFC Life Cancer Care policy comes with three different plan options – Silver, Gold and Platinum plan.
  • It is a comprehensive cancer insurance policy which covers you and your family.
  • A lump sum payout is offered when the person is diagnosed with early cancer to the terminal stage.
  • The plan offers waiver of premium option after the first claim for the next 3 policy years.
  • The platinum plan offers income benefit for 5 years as monthly income which is 1% of applicable Sum Insured.
  • Tax benefit can be availed up to Rs. 55,000 for premiums paid towards this policy.
  • 10% of the sum insured is increased every year under the platinum and gold plan until the sum insured is doubled.

Aegon Life iCancer Insurance Plan

It is a comprehensive cancer insurance policy which covers all prevalent types of cancer even in the initial stage of cancer. The payout is designed to benefit the policyholder at every stage of the disease.

Features and eligibility

Eligibility: 18 to 65 years of age

  • Minimum sum assured: Rs. 10 lakhs
  • Maximum sum assured: Rs. 50 lakhs
  • Policy term: 5 years to 70 years
  • The policy covers all types of cancer and the various stages of it.
  • The policy provides a lump sum payout of 150% of the initial policy sum assured at a critical stage of cancer.
  • The benefits and payouts are provided following the stage of the disease.
  • All future premiums will be waived off at major stage of cancer.
  • Tax benefits can be obtained for premiums paid towards this cancer insurance plan under Section 80D of the Income Tax Act, 1961.

Max Life Cancer Insurance Plan

Features and eligibility

Eligibility: 25 to 65 years of age

  • Minimum sum assured: Rs. 10 lakhs
  • Maximum sum assured: Rs. 50 lakhs
  • Policy term: 10 years to 40 years
  • Max Life Cancer insurance plan covers cancer and all related stages of cancer.
  • In early-stage cancer, up to 20% of the initial the sum assured is given as the payout. The plan also offers future premium waiver off.
  • Up to 100% of the basic sum assured is given as a lump sum payout in the major stage of cancer from diagnosis till recovery.
  • Claim received for an early stage of cancer is eligible for income benefit for a period up to 5 years from policy anniversary.
  • The cover can be increased by 10% each year until the sum insured reaches 150% of the initial sum assured.
  • The premiums paid towards the policy are eligible for tax benefits under Section 80D of the Income Tax Act, 1961.

ABSLI Cancer Shield Plan

Features and eligibility

Eligibility: 18 to 65 years of age

  • Minimum sum assured: Rs. 10 lakhs
  • Maximum sum assured: Rs. 50 lakhs
  • Policy term: 5 years to 20 years
  • ABSLI Cancer shield insurance plan covers cancer of various types and at multiple stages.
  • Early Stage of Cancer - On diagnosis of Early Stage of Cancer, 30% of the Sum Assured on Illness will be paid.
  • Major Stage of Cancer - At the Major Stage of Cancer, 100% of the Sum Assured on Illness less any previously paid claim for Early Stage of Cancer under the policy will be paid.
  • The policy offers waiver of premium benefits after the Early Stage of Cancer Benefit is approved.
  • Income Benefit Option offers a monthly income of 1% of the Sum Assured for a fixed period of next 5 years even beyond the policy expiry date.
  • The premiums paid towards the policy are eligible for tax benefits under Section 80D of the Income Tax Act.

Having a proper cancer insurance plan as a backup not only covers the cost of the treatment but also makes you financial stable.

Cancer insurance policies essentially, must offer coverage from cancer diagnosis till recovery stage. Cancer Insurance Plans are fixed benefit plans under which, on diagnosis of cancer and its relevant stage, a pre-decided amount is paid to the insured.

Having financial backup makes a huge difference in case of medical emergencies. A deadly disease like cancer can eat up all your savings and may leave you bankrupt. Cancer insurance is therefore, the most secure option for financial coverage while facing such a critical health condition.

Jagrity Sharma
Written by Jagrity Sharma
A bibliophile who hates alliterations, but loves cream, comics and content immensely! On another note, a content marketer who leverages the power of words to explain...almost anything!