Cancer is a life-threatening disease that can put families under a large amount of mental, physical, and financial stress. Considering the fierce nature of this disease, it is of extreme importance for a family to purchase a life insurance policy to keep themselves financially secured. So, does life Insurance provide coverage against cancer?Read more
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Let’s study the basic concepts to answer this simple question:
If you are healthy, you can buy a life plan that offers cover for deaths due to cancer. However, if individuals who already have been diagnosed with the disease, it may not be possible to opt for a cover for the illness. So, it is possible to get a critical illness cover with a life insurance plan that provides cover for those who are yet to be diagnosed with the illness and wants to be protected in case of uncertainty that might take place in the long run.
Yes, a life insurance policy offers cover against deaths due to certain diseases such as cancer. Though, a life insurance plan would cover cancer if the policyholder was fit and healthy when he/she purchased the plan and was diagnosed with the illness during the plan tenure. The policyholder must declare his/her medical conditions before buying life insurance plan.
If a person is diagnosed with the illness before buying a life insurance plan, his/her buying application may either be rejected or will be put on hold by the insurer, as that will be the case of a pre-existing illness. Waiting time could be applicable for pre-existing illnesses as per specified T&Cs.
The policyholder receives a lump sum amount when diagnosed with cancer. This amount paid varies as per the type of cancer diagnosed.
Under different plans for cancer, you receive the benefits of a waiver of cancer insurance premiums. This means you don’t have to pay any premium amounts after being diagnosed in certain cases.
You can choose a comprehensive sum assured at affordable premium rates
Some life insurance plans provide free cancer screenings which take place by medical tests performed at medical centers or hospitals. These screenings can be conducted throughout the policy term.
Life Insurance tax benefits are available as per the prevailing income tax law, of 1961
|Life Insurance for Cancer Patients||Entry Age||Maturity Age||Policy Term||Sum Assured||Premium Payment Mode|
|HDFC Life Cancer Care||5 to 65 years||85 Years||5 to (85-Entry Age)||Minimum: Rs. 10 Lakhs Maximum: Rs. 50 Lakhs||Annual/Half-yearly/Quarterly/Monthly|
|Aegon Life iCancer Insurance Plan||18 to 65 years||70 years||5 to (70-Entry age)||Minimum: 10 Lakhs Maximum: 50 Lakhs||Monthly/Annually|
|SBI Life- Sampoorna Cancer Suraksha||18 to 65 years||75 years||5 to 30 years||Minimum: 10 Lakhs Maximum: 50 Lakhs||Half-yearly/Quarterly/Monthly|
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One should always opt for a life insurance plan that covers most forms types of cancer at different stages, be it the initial stage or advanced stages.
Expenses associated with hospitalization, radiation therapy, medical treatment, chemotherapy, etc. through cash payment should be covered.
Always check the plan should provide coverage for some of the common cancers like breast cancer, ovarian cancer, lung cancer, etc.
Considering the inflation rate, one should buy a plan with a good amount of sum assured.
Always choose a plan that can be renewed after reaching 65 years of age or provides coverage beyond that also.
Look out for the plans that offer waiver premium benefits as they can waive off future premium amounts in some cases while the plan remains active.
Check for plans that offer cancer screening
While selecting to purchase a life insurance plan, there are several key factors that one should keep in mind. Here are some:
Check if the term insurance plan covers illnesses such as cancer
It is suggested to buy a term plan that provides a critical illness benefit rider
Check the sum assured amount of the term plan. Always go for a sizable life cover.
Before purchasing a term insurance plan, always make sure that you thoroughly read and understand all the T&Cs present in the policy documents. Moreover, it is recommended to choose a term insurance plan that suits your requirements.
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