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Can I Buy Term Insurance for A Cancer Patient?

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.

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Benefits of Term Insurance Plan for Cancer Patients 

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: 

  1. Cancer Insurance Payout At The Time of Diagnosis: 

    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. 

  2. Waiver of Cancer Insurance Premium

    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. 

  3. Cancer Insurance Cover At A Low Premium Rate 

    You can choose a substantial sum assured amount at low premium rates under the cancer insurance plans. 

  4. Cancer Diagnostic Tests 

    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.  

  5. Tax Benefits

    Get tax benefits on premium paid under section 80D of the Income Tax Act, 1961. 

Eligibility Criteria to Buy Term Insurance for Cancer Patient 

For most plans related to cancer treatment, the following eligibility criteria are followed by various insurance companies: 

  • The minimum entry age should be at least 18 years 
  • The maximum entry age should be at least 65 years 
  • The minimum sum assured allowed is Rs.5 Lakhs 
  • The maximum sum assured allowed is Rs.50 Lakhs 
  • Some plans offer the renewability option after attaining the age of 65 years 
  • Term insurance - Cancer policies are relatively pocket-friendly as compared to other health insurance plans

Does Term Insurance Plan Provide Coverage for Death Due to Cancer? 

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. 

How to Buy Term Insurance for Cancer Patients? 

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: 

  • Visit the official website of the insurance company 
  • Choose the term insurance plan as per your requirement from the provided products list 
  • Fill in the application form online. Enter the required information such as address, name, gender, occupation, and age. 
  • After filling the application form, you need to attach various documents such as address proof and identity proof. 
  • Then, apply along with all the documents and proceed with the payment. 
  • Once the insurance company approves this request, you will get a policy document copy through an SMS or email, depending on the company’s communication mode. 

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. 

How to Choose the Right Term Insurance Plan for a Cancer Patient? 

Follow the below-mentioned tips to choose the right term insurance plans for cancer patients: 

  • Compare the plans available in the insurance market for cancer patients 
  • Check all the benefits offered under the plan, depending on the type and severity of cancer
  • Always check the payout options available under the product
  • Type of sum assured provided under the policy, whether the amount of claim paid is fixed or increases with every policy tenure yearly, up to a set limit 
  • Does your policy cover the increasing medical costs for the treatment and diagnosis of cancer patients? 
  • Check if your policy is offering a waiver on all the due premiums in the future, depending on the type and severity of cancer diagnosed.
  • Always ensure if the amount of claim will be provided as a fixed % of the claim amount or as a regular income. 
  • Different options of policy terms are available under the policy. 
  • It is always suggested to go for a term insurance plan that gives a critical illness benefit rider benefit.
Best term Insurance Plans in India Best term Insurance Plans in India

Wrapping It Up! 

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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