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Life Insurance for Cancer Patients

Cancer is a life-threatening disease that can put families under a large amount of mental, physical, and financial stress. Considering this disease's fierce nature, it is extremely important for a family to purchase a life insurance policy to keep themselves financially secure. So, does life Insurance provide coverage against cancer?

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Let’s study the basic concepts to answer this simple question: 

Can I Buy a Life Insurance for Cancer Patient? 

If you are healthy, you can buy a life plan that offers cover for deaths due to cancer. However, if individuals have already been diagnosed with the disease, it may be difficult or impossible to opt for coverage for the illness. But people who haven’t been diagnosed with cancer can buy life insurance for cancer patients as a precaution and secure financial cover for the family in case of their death due to cancer. You can also opt for life insurance for cancer patients via critical illness rider and get the rider payout on cancer diagnosis of specified severity.

The eligibility to buy life insurance for cancer patients and life insurance for cancer survivors depends on a variety of factors like the type of cancer, the severity of the cancer, and the treatment of cancer. Some types of cancer may reduce your chances of buying life insurance after cancer diagnosis, whereas other types may let you buy life insurance for cancer patients but at a limited sum assured and increased premiums.

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Does Life Insurance Cover Death Due to Cancer? 

Yes, most life insurance policies offer coverage against deaths due to certain diseases such as cancer. However, 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. 

Benefits of Life Insurance for Cancer Patients 

  • Payout on Diagnosis of Cancer
    Some life insurance for cancer patients offers the option of adding critical illness cover that provides cover against cancer diagnosis of specified severiity. With this cover, the insurer will payout the rider sum assured on the diagnosis of cancer and help you cover treatment costs.

  • Waiver of Cancer Insurance Premium
    Various life insurance for cancer patients, you get the option of including a waiver of premiums on the diagnosis of cancer during the policy term. This benefit allows you to stay covered under the plan without having to pay the premiums. 

  • Comprehensive Cover at Low Premium
    With life insurance for cancer patients, you can get large, comprehensive coverage at affordable premiums and ensure the financial stability of your loved ones in the event of your unfortunate demise. 

  • Cancer Screenings
    Some life insurance plans provide free cancer screenings by medical tests performed at medical centres or hospitals. These screenings can be conducted throughout the policy term. 

  • Tax Benefits
    You can claim Life Insurance tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act, 1961.

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Best Life Insurance for Cancer Patients in India 2024

Here is a list of the best life insurance for cancer patients available in India 2024:

Life Insurance for Cancer Patients  Entry Age  Maturity Age  Policy Term  Sum Assured  Premium Payment Mode 
ICICI Pru iProtect Smart 18 to 65 years 99 years 5 to 69 years Rs. 50 Lakhs - Rs. 10 Crores Annual/Half-yearly/Monthly
HDFC Life Cancer Care  5 to 65 years  85 Years  5 to (85-Entry Age) Rs. 10 Lakhs - Rs. 50 Lakhs  Annual/Half-yearly/Quarterly/Monthly 
Aegon Life iCancer Insurance Plan  18 to 65 years  70 years  5 to (70-Entry age) Rs. 10 Lakhs - Rs. 50 Lakhs  Monthly/Annually 
SBI Life- Sampoorna Cancer Suraksha  18 to 65 years  75 years  5 to 30 years  Rs. 10 Lakhs - Rs. 50 Lakhs  Half-yearly/Quarterly/Monthly 

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

How to Choose a Life Insurance Plan for Cancer Patients?

Here is how you can choose the best life insurance for cancer survivors and patients:

  • 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., should be covered through cash payment. 

  • Always check the plan, which should provide coverage for some common cancers like breast, ovarian, lung, etc. 

  • Considering the inflation rate, one should buy a plan with a good amount of sum assured. 

  • Choose life insurance for cancer patients that provides coverage for a long time as it ensures protection for a long duration.

  • 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 health check-ups like cancer screening to ensure early diagnosis in case of an eventuality.

What to Remember When Choosing Life Insurance for Cancer Patients? 

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. 

Wrapping It Up!

Before purchasing life insurance for cancer patients, always make sure that you thoroughly read and understand all the T&Cs present in the policy documents. Moreover, choosing a life insurance for cancer survivors is recommended to suit your requirements.

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