Cancer Insurance is a special type of a policy designed to offer financial assistance to those diagnosed with the disease after the free look up period mentioned in the purchased cancer insurance policy’s terms and conditions. A cancer-specific policy offers cover for various costs associated with cancer diagnosis and treatment, including hospitalization, chemotherapy, radiation, surgery, etc. The money is usually payable at various stages of diagnosis including minor, major and critical stages. However, cancer insurance policies generally do not offer death, maturity or surrender benefits.In fact, it is also not limited to the actual expense in hospitalization for treatment..
To qualify for cancer insurance, the insured cannot be suffering from pre-existing cancer conditions. Also, those previously diagnosed and treated for cancer are ineligible for cancer insurance.
|
Eligibility Criteria |
Entry Age (Minimum-Maximum) |
Sum Assured (Minimum-Maximum) |
Policy Term (Minimum-Maximum) |
Survival Period |
Premium Payment frequency |
|
HDFC Life Cancer Insurance |
18 – 65 Years |
10-40 Lakhs |
10-20 years |
7 days |
Annual, Half-yearly, Quarterly or Monthly |
|
Aegon Life iCancer Insurance |
18 – 65 Years |
10-50 Lakhs |
5-70 years minus entry age |
NA |
Annual or Monthly |
|
Future Generali Cancer Protect |
Major Lives - 18 – 65 & Minor Lives – 1-17 Years |
Major lives – 10-40 Lakhs & Minor Lives – 10 Lakhs |
Major lives – 10-80 years minus age at entry. Minor Lives - 18 minus entry age or 10 years, whichever is higher (Regular Premium); 5 Years (Single Premium) |
NA |
Annual and Monthly (Regular Premium); One Time Lump Sum (Single Premium) |
|
ICICI Prudential Cancer Insurance |
20-60 Years |
5- 25 Lakhs |
10-70 years |
NA |
Annual, Half-yearly, or Monthly |
|
PNB Metlife Cancer Insurance |
18 – 65 Years |
5- 40 Lakhs |
10-20 Years |
NA |
Annual, Half-yearly, or Monthly |
A critical illness (CI) cover pays for expensive treatments for a range of specific critical diseases like stroke, major organ transplant, paralysis, cardiac arrest, multiple sclerosis, kidney failure, total blindness, deafness etc. Some life-threatening cancers are also included. A regular CI plan pays a lump sum benefit after the policyholder is diagnosed with a covered critical illness, and this amount can be used for deductibles, treatments, co-pays, therapy, or any other related expenses. CI insurance is cheaper than comprehensive medical insurance plans, because it covers specified critical illnesses only. Critical illness covers can be purchased as individual policies or as riders with an existing life or health insurance policy.
However, a major drawback is that such plans cover cancer only at an advanced stage. For instance, a critical illness plan will pay for cancer if a malignant tumour exhibits uncontrolled growth, with invasion and destruction of normal tissues at an advanced stage. Also, a CI plan does not waive off future premiums and also the feature is of increased sum insured is not there.The cover ceases on detection of any one covered illnesses.
Cancer insurance is important because of the domino effect this disease can have on families physically, emotionally, and financially. Also, even the best health insurance policy may not cover all cancer-related costs and if it does, there are conditions for coverage at different stages.
Cancer insurance is worth considering if:
Exclusions in a Cancer Insurance Plan
Note: These are general exclusions. Specific exclusions may vary between insurers.
Weigh risk factor due to family health history: For those with a strong family history of cancer, purchasing cancer insurance makes a lot of sense. These individuals must revisit their current health insurance plan and analyse how a cancer insurance policy will compliment this current health policy. It is also important to remember that cancer insurance only kicks in if the policyholder is diagnosed with cancer, and will not offer coverage for any other chronic disease.
Two policies do not mean double coverage: Having a comprehensive health insurance policy plus a separate cancer insurance plan does not necessarily mean that one gets double the benefits. Most insurance policies come with a ‘coordination of benefits’ clause, stating that one plan will not cover expenses that the other plan does.
After careful analysis if you decide to go ahead and buy cancer insurance, check and compare as many plans as possible.
You can sign upon https://www.policybazaar.com by entering a few details like name, date of birth, email address, and mobile number. On the website, you can compare and analyse various cancer insurance plans offered by some of the leading insurance companies in India. Detailed plan comparisons help you pick a product most suitable to your specific needs.
You can also log in at https://cancerinsurance.policybazaar.com/ci and get a fully customised cancer care plan based on age, lifestyle,sum assured/coverage desired, and the policy term most comfortable for you.
Should you require further guidance, you may call on the toll-free or landline number listed on the website. Phone support is available for NRIs too.
For live support, you could chat with our executives via the Whatsapp number listed on the website, or have your queries addressed online at https://ask.policybazaar.com/
The Policy Bazaar mobile app can be downloaded for Apple and Android, to help you compare, purchase and manage your policies on the go.
Will I be eligible for a discount on renewal if I do not make any claim during the year?
Currently, there will be no discount however it varies from company to company.
Yes, in some of the variants, the sum insured increased by a certain percentage for every claim free year.
Is oral cancer covered?
Yes, its covered.
What documents are to be submitted at the time of claim?
Inform your insurance company in writing/email, submit the claim form, certificate from specialist confirming cancer diagnosis and all other related investigation reports. The insurance company may ask for additional documents as per their company policy.
What are the rules regarding medical tests?
Insured less than 41 years are accepted based on self-declaration in the proposal form. Insured above 41 (from specific Sum insured) are accepted only after a thorough medical examination.
HDFC Life offers policy without any medical examination. However, in Aegon Life, the insured for a specific sum insured and at a specific age will have to go through some medical tests.
At what age can individuals take a cancer insurance policy?
18 years onwards.
Can cancer insurance be purchased with an existing health insurance policy?
Yes – The objective of cancer insurance is to supplement medical coverage one already has.
Are requests accepted from insured having a family history of cancer?
Such requests are usually accepted after a detailed description of the insured’s immediate family member’s cancer history is furnished. Depends on under writing.
Is the policy term for a cancer care plan changeable?
No. A new plan has to be bought once the term for the current policy is completed.
What benefits are available to the life assured if he/she passes away within the survival period i.e. 7 days?
No benefits are paid.
What is the entry age for cancer-specific policies?
The minimum entry age is 18 years and the maximum entry age is 65 years. Renewability after 65 years of age varies from policy to policy.