Term Insurance For Cancer Patient

Cancer is by far the most deadly disease in the world. Given the health circumstances of the majority of the population, it can strike anyone at any time. You might have seen at least one person suffering from some type of cancer in your family or extended circle. Although most types of cancer are curable; however, the amount of money it requires for treatment leaves people with a big hole in their pocket. The treatment and recovery costs lead to a huge strain on the finances.

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There is one way to fix the financial strain and that is to be prepared for the future. You require a plan that can give you a financial backup in your critical times. A Term Insurance plan can come to your rescue. The traditional plans can help you with the payout of lump-sum amounts whereas the cancer-specific plans can further help you with paying the medical bills, etc.

You can purchase a term insurance plan for a cancer patient at extremely affordable premiums.

In rare cases, where it is next to impossible to get an insurance policy for a person who is diagnosed with severe cancer. One can opt for a traditional term plan and add a rider 'critical illness cover'. This will provide coverage for those who are either diagnosed or yet to be diagnosed against the uncertainty of life.

Eligibility For Term Insurance Plan For Cancer Patients

The following eligibility criteria are required to be met by the customer in order to purchase term insurance for cancer treatment:

  • The minimum and maximum entry age are 18 years and 65 years respectively.
  • The policyholder is allowed for a minimum sum assured of ₹ 5 lakh.
  • The policyholder is allowed for a maximum sum assured of ₹ 50 lakh.
  • If you will attain the age of 65 years during the policy period, some insurance companies provide an option of renewability of the policy.
  • If you will compare other health policies with cancer-specific policies, you will find that cancer-specific policies are cheaper than other health policies.
  • You can avail tax-benefit on premiums paid under cancer-specific policies.

Term Insurance Plans Available For Cancer Patients

  1. Cancer Care Plus by ICICI Prudential Life Insurance:

    This plan offered by ICICI Life is the most affordable term insurance plan which you can find in India. This plan offers a minimum sum assured of ₹ 5 Lakh and a maximum sum assured of ₹25 lakh. The policy term ranges from 10 years to 50 years. The perk of buying this plan is, it offers free cancer screening.

  2. HDFC Life Cancer Care:

    This is popular for providing the option to choose from 3 different types of plans based on your requirements. Under this plan, you can get a cover of up to ₹ 20 lakh. If you will choose to go for a higher sum insured, you can avail discounts on your plan.

  3. AEGON Life iCancer Insurance Plan

    This plan is very specific to the type of cancer. AEGON Life does not offer coverage against skin cancer. Apart from that, it provides coverage against all types of cancer. It also offers payouts to the policyholder at all stages of cancer treatment. 

Types of Cancer covered by Cancer term Insurance Plans (Early and Severe Stages)

  • Lung cancer
  • breast cancer
  • Ovarian cancer
  • Stomach cancer
  • Prostate Cancer
  • Hypolaryxn

Benefits of Term Insurance Plan for Cancer Patients

  • Term Insurance plans for cancer patients provide extensive insurance related to cancer.
  • Many cancer-specific plans provide a waiver of premium benefit for a specific duration. E.g. 35 years for the entire policy term. Some plans provide regular income benefit for a fixed period of up to 5 years. This way a policyholder can cover the daily costs of running a household or even daily medical expenses. The regular income is paid as per the percentage of sum assured decided at the beginning of the policy. 
  • Many Insurance companies offer an option to continue the insurance coverage even after the diagnosis of the early stage of cancer.
  • Under section 80D of Income-tax act 1961, you can avail tax-benefit on premiums paid under term insurance plans for cancer patients.

Final Word

Before you plan to purchase a term insurance plan for a cancer patient, You need to understand all the terms and conditions mentioned in the policy document. It is advisable to choose a term plan that suits your requirements and lifestyle goals.

You need to keep in mind that mostly cancer-specific plans do not offer coverage for 'skin cancer' caused by sexually transmitted infections, pre-existing diseases, nuclear or biological contamination.

Buying a term insurance plan for a cancer patient is the most secure way to safeguard the future against critical situations in life. It is always adviced to choose a cancer-specific policy in case you anticipate suffering from cancer in future. There could be any reason for that anticipation; however, if you do start to develop having the symptoms in your body, you must not delay buying a term insurance plan.

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