Cancer Insurance Versus a Critical Illness Plan

A special research paper talking about the incidence of cancer in India was recently published in the Lancet Oncology journal. This research brought forth an alarming statistic, that in India alone, approximately 10 lakh people are diagnosed with cancer each year, of which, almost six-seven lakh people succumb to it. The paper further says that by the year 2035, these numbers may almost double, reaching 17 lakh new cancer patients and about 12 lakh deaths resulting from the disease, each year.

Read More

Get ₹5 Lac Health Insurance starts @ ₹200/month*
Tax Benefitup to Rs.75,000
Save up to 12.5%* on 2 Year Payment Plans
7 Lakh+ Happy Customers

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Get insured from the comfort of your home No medicals required
I am a

My name is

My number is

By clicking on ‘View Plans’ you, agreed to our Privacy Policy and Terms of use
Close
Back
I am a

My name is

My number is

Select Age

City Living in

    Popular Cities

    Do you have an existing illness or medical history?

    This helps us find plans that cover your condition and avoid claim rejection

    Get updates on WhatsApp

    What is your existing illness?

    Select all that apply

    When did you recover from Covid-19?

    Some plans are available only after a certain time

    Along with the growing incidence of the disease, what is also exponentially increasing is the cost of cancer treatment, in India and abroad.Comprehensive medical insurance against cancer has therefore become the need of the hour, to offer some relief at least on the financial front.

     

    Despite the fact that most health insurance policies available today usually cover almost all major critical illnesses, inclusive of cancer, these policies mostly pay only for inpatient hospitalisation and only for treatment in hospitals in India. Further, these policies come with various sub-limits on the payable amount in different situations - they may not cover expenses for the entire treatment and the policy amount may not suffice, since the common person usually does not purchase a health policy for over INR five lakhs.

    Critical Illness Insurance:

    A special kind of insurance plan that helps overcome these limitations and covers arange of medical expenses not covered under normal health insurance.

    Read Also: Quick Guide on Critical Illness Insurance

    Benefits of CI Insurance

    The core purpose of a CI cover is to assist in paying towards expensive medical treatments, particularly required for certain diseases. The policy pays a lump sum on the diagnosis of any of the ailments listed in the policy document. One can use this amount as per his/her requirement, for recuperation aids, expensive medical treatments, etc. Hospital bills are not mandatory to make a claim.Also, CI insurance,despite offering the option of a bigger cover (between INR 15-50 lakhs) works out cheaper than comprehensive medical insurance plans, mainlybecause it covers only specific critical illnesses.

    Disadvantages of CI Insurance

    However, when it comes to assessing how useful critical insurance plans are to specifically cover cancer treatment and related expenses,one major drawback is that such plans cover cancer only at an advanced stage (they come with a 90-day waiting period). Therefore,the plan would pay only if a malignant tumour exhibits uncontrolled growth, with destruction of normal tissues at a very advanced stage.

    Cancer Care Plans

    Some of the shortcomings of critical illness insurance plans are addressed by cancer insurance - a dedicated cancer care product.

    Cancer insurance can be called a special type of critical illness policy. Generally, a cancer-specific insurance policy provides substantial cover for a whole range of costs associated with the diagnosis and treatment of cancer, including hospitalisation, chemotherapy, radiation, surgery, etc.

    Inclusions

    Comprehensive cancer insurance policies cover most types of cancer, at early as well as advanced stages. Some common forms of cancer covered by these insurance plans include:

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

    These plans pay out money at minor as well as major critical stages of the covered types of cancer diagnosis, ongoing treatment, and surgery.

    Exclusions

    Skin cancer is usually excluded. Claims are also not payable if the cancer directly or indirectly results from or is contributed to by STDs, HIV, or AIDS. Claims are also not payable towards any cancer resulting from pre-existing medical conditions, congenital conditions, and biological, nuclear, or chemical contamination.

    How the Plan Works

    If the policyholder gets diagnosed with a cancer of defined severity, a certain percentage of the sum assured is paid out as a lump sum at that time (subject to applicable limits). While disbursing the cancer benefit, the disease is divided into different stages as per severity. The payout varies as per the cancer stage and any claims previously admitted under the same policy. Some insurance policies also offer free regular cancer check-ups through the entire duration of the policy’s term.

    Features and Benefits of Cancer-Specific Insurance Plans

    Feature/Benefit

    Details


    Eligibility


    For most cancer-specific policies, 18 years is the minimum entry age and the maximum is 65 years. Renewability of the policy after the policyholder crosses 65 years varies from policy to policy 


    Sum assured


    Minimum sum assured permitted is INR five lakhs and maximum is INR 50 lakhs

     


    Premium waiver benefit


    Some cancer-focused plans offer a premium waiver benefit in certain cases. Here, after approval of the claim under the major stage cancer benefit clause, all future premiums payable towards the policy are waived off for the rest of the policy term. However, these benefits are receivable only if the policyholder regularly pays all due premiums and the policy is in force

     


    Affordability


    Cancer care plans are reasonably priced when measured against the benefits they offer

     


    Tax benefits


    Premiums paid towards cancer care products qualify for tax benefits under Section 80D of the Income Tax Act.


    On the flipside, cancer care products generally do not offer death, maturity or surrender benefits.

    Concluding

    Although a dedicated cancer-specific insurance product has its own advantages, industry experts opine that such a product is most beneficial for those falling in the high-risk category – i.e. due to family health history, environmental, lifestyle (smoking/tobacco) or other such contributory reasons,he/she is at a greater risk of developing cancer. In such cases, taking a dedicated cancer insurance policy becomes well worth it.

    However, in normal cases, one must remember that cancer is not the only critical and life-threatening disease. Blood pressure, diabetes, heart, liver, lung, kidney-related ailments, etc. are also serious critical illnesses. Therefore, if an individual is not specifically in the high-risk ‘cancer’ category only, it makes sense to purchase a critical illness plan, as it provides broader coverage against a wide range of critical diseases, and at competitive prices.

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

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

    Health insurance articles

    Recent Articles
    Popular Articles
    List of Diseases Covered by Bajaj Allianz Health Insurance Plans

    05 Jul 2022

    Barely any person has remained unaffected due to rising health...
    Read more
    Annual Medical Check-ups in Health Insurance

    05 Jul 2022

    Regular health check-ups are important to keep a track of your...
    Read more
    Advantages and Disadvantages of Buying a Health Insurance Policy

    04 Jul 2022

    In India, healthcare is getting expensive with each passing day...
    Read more
    Does Health Insurance Cover Sports & Gym Injuries?

    27 Jun 2022

    Gone are the days when only athletes and professional sports...
    Read more
    Health Insurance for Rural India

    24 Jun 2022

    Healthcare is expensive in India and is increasing with each...
    Read more
    PMJAY Scheme: Ayushman Bharat Yojana Eligibility & Registration Online
    Prime Minister Shri Narendra Modi announced the launch of (PMJAY) Ayushman Bharat Yojana in his Independence...
    Read more
    Best Health Insurance Plans in India 2022
    Finding the best health insurance plan from so many different health insurance companies can get confusing for many...
    Read more
    Best Maternity Insurance Plans
    Maternity insurance offers comprehensive coverage for medical expenses incurred during pregnancy, including the cost...
    Read more
    How to apply for Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY)
    Ayushman Bharat health insurance is a flagship scheme launched by the Government of India, as per the...
    Read more
    Best Health Insurance Plans for Senior Citizens in 2022
    Considering the increase in medical inflation in India, buying adequate health insurance for your loved ones has...
    Read more
    top
    Close
    Download the Policybazaar app
    to manage all your insurance needs.
    INSTALL