Cancer Insurance

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.

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    Some plans are available only after a certain time

    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.

    List of Cancer Insurance Plans in 2021

    The table below mentions the Cancer health insurance plans that you consider this year

    Health Plans with Critical Illness

    Suitability

    Entry-Exit Age

    Sum Insured

    ( Rs.)

    Survival/Waiting Period

    Aditya Birla Activ Cancer Secure Plan

    Family Cover 

    Adults- 18 years 

    Children 6 years 

    50% of SI for early stage

    100% for major

    150% for advanced stage

    Survival Period-7 days 

    View Plan

    Bajaj Allianz Critical Illness Insurance Plan

    10 Critical Illnesses Covered 

    91 days to 80 years

    1 lakh -50 lakh

    Survival Period- 30 days

    View Plan

    Bharti AXA Critical Illness Insurance Plan

    N/A

    3 months-55 years

    N/A

    Waiting Period- 30 days 

    Survival Period- 30 days 

    View Plan

    Chola MS Critical Healthline Plan

    N/A

    18-65 years

    3 lakh,5 lakh, & 10 lakh

    90 days

    View Plan

    Digit Cancer Health Insurance Plan

    N/A

    20-65 years

    10 lakh-50 lakh

    Waiting period: 60 to 180 days

    Survival period:7-30 days

    View Plan

    Edelweiss Platinum Health Insurance Plan

    Standalone plan

    N/A

    Up to 1 Crore

    N/A

    View Plan

    Future Generali Cancer Protect Plan

    Family Cover

    Adult:18- 65 years

    Children 1-17 years

    Adult:10 lakh- 40 lakh

    Children 10 lakh

    Waiting Period- 180 days 

    Survival Period- 7 days

    View Plan

    Iffco Tokio Family Health Protector Policy

    11 Critical Illnesses

    18-65 years

    1.5 lakh- 5 lakh

    N/A

    View Plan

    Kotak Critical Illness Plus Rider Benefit Plan

    Rider plan

    18-65 years

    Up to 5 lakh

    N/A

    View Plan

    Liberty Health Insurance Plan

    N/A

    N/A

    N/A

    N/A

    View Plan

    Max Bupa Criticare Health Insurance Plan

    Individual cover 

    N/A

    3 lakh to 2 Crore

    48 months

    View Plan

    Manipal Lifestyle Protection - Critical Care Health Plan

    up to 30 Critical Illnesses

    N/A

    Up to 25 Crores

    N/A

    View Plan

    National Critical Illness Policy

    Family Cover

    18 -65 years

    1 lakh- 75 lakh

    Survival Period- 30 days

    View Plan

    New India Assurance Cancer Medical Expn-Individual Plan

    Provided to members of Indian Cancer Society only

    Up to 70 years

    50,000 - 2 lakh

    N/A

    View Plan

    Oriental Happy Family Floater Policy

    N/A

    Up to 65 years

    N/A

    N/A

    View Plan

    Religare Cancer Insurance Policy

    International second opinion cover

    5-50 years

    10 lakh- 2 Crores

    Waiting Period PED- 48 months

    Initial: 90 days

    View Plan

    Raheja Cancer Insurance Plan 

    Self-declaration of good health required

    1-70 years

    1 lakh- 10 lakh

    48 months

    View Plan

    Royal Lifeline Elite Health Insurance Plan

    Worldwide emergency hospitalization

    18 years above

    25 lakh-1 Crore

    90 days

    View Plan

    Reliance Critical Illness Plan

    10 major critical illnesses 

    18- 65 years

    5 lakh, 7 lakh, & 10 lakh

    3 months

    View Plan

    Star Cancer Care Gold Insurance Plan

    Individual coverage 

    5 months- 65 years

    3 lakh-5 lakh

    48 months

    View Plan

    SBI Critical Illness Insurance Policy

    N/A

    Up to 65 years

    Up to 50 lakh

    N/A

    View Plan

    Tata AIG Critical Illness Health Insurance Plan

    N/A

    18-65 years

    2.5 lakh-15 lakh

    90 days

    View Plan

    United India UNI Criticare Health Insurance Plan

    11 Critical illnesses

    21- 65 years

    1 lakh, 3 lakh, 5 lakh & 10 lakh

    90 days

    View Plan

    Universal Sompo Critical Illness Health Insurance Plan

    N/A

    5-65 years

    2.5 lakh-20 lakh

    48 months

    View Plan
    See More Plans

    Disclaimer: *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer. 

    Types of Cancer Covered by Cancer Insurance Plans (at early and advanced stages):

    • Lung cancer
    • Breast cancer
    • Ovarian cancer
    • Stomach cancer
    • Hypolarynx cancer
    • Prostate cancer

    Benefits of Cancer Insurance Plans

    • Covers multiple stages of cancer
    • Lumpsum is paid out on cancer diagnosis
    • Premium waiver is available under certain conditions like early stage cancer diagnosis
    • If there are no claims during the year, the sum assured increases by a pre-specified percentage
    • Monthly income is paid out for a specified number of years subject to certain conditions, such as in case of major cancer diagnosis
    • Premium discounts are available for policies over a certain amount
    • Insurance cover is not ceased after first diagnosis
    • Tax benefits under section 80D of the Income Tax Act
    • How Does Cancer Insurance Differ From a Critical Illness Plan

      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.

    • Downsides of a CI plan that make standalone Cancer policies a better safeguard against cancer:

      • Does not cover complications arising from cancer
      • If the policyholder shows cancer symptoms within the first 90 days (usually the stipulated waiting period in most policies), the plan ceases to exist
      • No critical illness plan covers early stage cancer. Those diagnosed with cancer after the waiting period is over cannot make claims until the cancer reaches an advanced stage

    Why You Need a Cancer Insurance Plan

    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:

    • You have a family history of cancer
    • If you believe that due to environmental or other reasons you have a higher risk of developing cancer
    • You do not have adequate savings to pay large medical bills
    • Your regular health insurance policy does not have sufficient coverage
    • You are the only earning member

    Exclusions in a Cancer Insurance Plan

    • Skin cancer
    • Any kind of cancer directly or indirectly caused by or contributed to by sexually transmitted diseases, HIV, or AIDS
    • Cancer resulting from any congenital condition, pre-existing condition; biological, nuclear, or chemical contamination; contact with radiation or radioactivity from any non-diagnostic or therapeutic source

    Note: These are general exclusions. Specific exclusions may vary between insurers.

    Things to Consider Before Buying a Cancer Insurance Plan

    • 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.

    How Can a Person Make an Informed Decision Using Policybazaar

    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

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