Cancer is a life-threatening disease/ ailment that can put your loved ones under tremendous mental, physical, financial, and mental stress. If you are a healthy person, you can certainly buy a term plan that provides coverage for deaths because of cancer. However, in the case of an individual who has already been diagnosed with this critical illness, it might be possible to get a term insurance cover for this illness. Considering the fierce nature of this illness, it’s of extreme importance for a family to purchase a term insurance plan to keep themselves financially secured.Read more
Cancer is one of the deadliest diseases in the world. Unfortunately, its treatment is one of the most expensive ones. However, can I buy a term insurance plan for a cancer patient is one is the most asked questions? The answer is yes, it is possible. It depends on the type and severity of cancer. It is very much important to buy term insurance to protect your family and to keep them financially protected. Below benefits can be availed by a cancer patient while buying a term insurance plan:
Based on policy terms of cancer cover, you get a lump sum amount when you are diagnosed with cancer. This money paid under the selected cancer cover policy also varies as per the stage of cancer that one is diagnosed with.
You receive the benefit of a waiver of cancer premiums under various cancer plans. This simply means that you are not required to pay premiums after being diagnosed with cancer under certain terms and conditions. Read the information carefully in the policy documents.
You can choose a substantial sum assured amount at low premium rates under the cancer insurance plans.
Some insurance companies offer facilities for getting cancer diagnostic tests at medical centers or hospitals i.e., free of cost. You can avail of these tests anytime during the policy term.
Get tax benefits on premium paid under section 80D of the Income Tax Act, 1961.
For most plans related to cancer treatment, the following eligibility criteria are followed by various insurance companies:
Yes, a term plan with cancer cover provides coverage for death because of cancer. Though, a term insurance plan would cover disease like cancer only in cases if the life assured was healthy at the time he/she purchased the policy and was diagnosed with cancer during the plan term. Policyholders should always inform the insurer about his/her medical conditions before buying the term plan.
In case an individual is suffering from the ailment before buying a term plan, his/her claim may either be disallowed or kept on hold by the insurer. In this, the waiting period might be applicable in the case of pre-existing illnesses according to the policy’s T&Cs. Moreover, various term insurance plans offer the rider benefits like critical illness rider to the existing policy.
Most insurers do not provide term plans for people who are already analyzed with cancer. If the individual is suffering from the illness, he/she needs to inform the insurer while purchasing a term plan. If the insurer becomes aware of this non-intimation of information further, all claims might get rejected as per the T&Cs of the insurer.
On the other hand, if you are a hale and hearty person having no such pre-existing diseases/illnesses, you can go for a term plan that includes critical illnesses such as cancer. Here is a step-to-step guide to buying term insurance:
If you want to buy a term insurance plan via offline mode, then you are required to visit the nearest home branch of an insurance company.
Follow the below-mentioned tips to choose the right term insurance plans for cancer patients:
Cancer is considered one of the deadliest diseases in the world. It is a necessity these days to buy a term insurance plan that provides coverage to a cancer patient. A healthy individual can buy a term plan that provides coverage for deaths due to cancer. Always read the T&Cs of the policy thoroughly. It is suggested to choose a term insurance plan that caters to all your requirements.
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