5 Best Cancer Insurance Plans in India

Cancer is a distressing disease with over 200 types. One of the leading causes of death worldwide, cancer not only drains one mentally, but financially as well. To help cancer patients fight the dreadful disease while saving themselves from financial instability, health insurance companies in India offer cancer insurance plans. 

Cancer treatment is extremely expensive. Cancer insurance plans play a significant role in coping with the skyrocketing cancer treatment costs that put most patients in massive inconvenience. Cancer insurance is, therefore, a must as it helps cancer patients manage the cost of cancer treatment without losing their peace of mind at a time when the trauma is inevitable. 

Benefits of Buying Cancer Insurance 

Some of the benefits of cancer purchasing cancer insurance plans are as follows:

• Comprehensive insurance related to cancer
• Coverage for multiple stages of cancer
• A lump sum amount on cancer diagnosis
• Waiver of premium benefit for specific period (3 to 5 years or for entire policy duration) under certain conditions
• Continuous insurance coverage even after the diagnosis of early stage of the disease
• In case of no claims during the year, the sum assured increases by a pre-set %
• Tax benefits under Section 80D of the Income Tax Act, etc.

Why is it Important for People to Purchase Cancer Insurance Plans?

Due to the increasing cost of healthcare treatment, an individual who is suffering from cancer would lose all his savings in order to meet his treatment expenses. As per the sources it is said that the diagnosis and treatment cost including hospitalisation, chemotherapy, surgery, etc would cost lakhs to the patient, which is a big deal for any middle class family. Therefore, in order to stay financially protected during the time of emergency, it is extremely important to purchase a good cancer insurance plan, especially for individuals having a history of cancer in the family.
Note: To be eligible for cancer insurance, it is necessary that a person should not be suffering from any pre-existing illness that is associated with cancer.

Top 5 Cancer Insurance Plans in India 

Highlighted below are top 5 cancer insurance plans in India:

1. ICICI Pru Cancer Protect
 
ICICI Pru Cancer Protect provides coverage from the beginning of the diagnosis. It includes free cancer screening, chemotherapy cost, PET-CT scans, targeted therapy, medications, apart from hospitalisation, recovery, and living expenses thereafter. 

Major Features

• Eligibility: 18 - 65 years
• Policy Term: 5 - 40 years
• Min. Sum Assured: Rs. 2Lakh
• Max. Sum Assured: Rs. 50Lakh

Plan Benefits

• 5% discount on first year premium when you buy health cover for yourself and spouse
• Payment for diagnosis of any of the listed minor/major conditions
• 5% loyalty discount on first year premium for all existing customers
• In case of minor/major claim or on diagnosis of permanent disability due to accident
• Up to 25% of the sum assured on diagnosis of any of the covered minor conditions
• 1% of the sum assured as additional income for 5 years on diagnosis of major conditions
• A 10% increase in cover for every no-claim policy year

2. Aegon Life iCancer Insurance Plan

Aegon Life iCancer Insurance Plan is a comprehensive cancer insurance plan that covers all illness expenses from the time of diagnosis. Specifically designed to offer financial stability at every stage of cancer through Stage-based Benefit Payments, iCancer plan is a non-linked non-participating plan. 

Major Features

• Eligibility: 18 - 65 years 
• Policy Term: 5 - 70 years minus entry age
• Min. Sum Assured: Rs. 10Lakh
• Max. Sum Assured: Rs. 50Lakh

Plan Benefits 

• A lump sum pay out at any stage of cancer
• Waiver of any further premium payments once a claim for a major stage is approved
• Enhanced accumulated payout as impairment grows to more severe stages
• 25% of the sum assured if you are diagnosed with minor stage cancer
• 100% of the sum assured if you are diagnosed with major stage cancer, if no previous claim has been made
• 150% of the sum assured if you are diagnosed with critical stage cancer, if no previous claim has been made

3. HDFC Life Cancer Care

The offered plan provides financial security for both, early and major stage of cancer. Under the HDFC Life Cancer Care plan, the patient receives payouts on diagnosis of early as well as as major stages of cancer. Moreover, the premiums for the next 3 policy years on diagnosis of early stage of cancer are waived off. The plan comes in three options, namely Silver, Gold and Platinum, which differ in their benefits.

Major Features

• Eligibility: 18 - 65 years 
• Policy Term: 10 - 20 years, subject to maximum maturity age of 75 years
• Min. Sum Assured: Rs. 10Lakh
• Max. Sum Assured: Rs. 40Lakh

Plan Benefits

• Financial protection to you and your family against early or major stages of cancer
• Lump sum payout on diagnosis of major and early stages of cancer
• Future premiums for next 3 policy years waived off on receiving a valid claim of cancer diagnosis
• Income benefit for next 5 years, under Platinum option
• Under Gold and Platinum option, the sum insured is increased by 10% every year. This continues till the increased sum insured becomes 200% of the initial sum insured
• All benefits as well as payouts are independent of any other health insurance plan
• Tax benefits on premiums paid up to Rs.55,000 under Sec 80D of the Income-Tax Act, 1961

4. Max Life Cancer Insurance Plan

Max Life Cancer Insurance Plan offers comprehensive protection against all cancer stages. In case, cancer is detected at an early stage, the patient gets 20% of the cover and all future premiums are waved off. If cancer is detected at a major stage, the full coverage amount is paid with additional 10% income for next 5 years. 

Major Features

• Eligibility: 25 - 65 years 
• Policy Term: 10 - 40 years
• Min. Sum Assured: Rs. 10Lakh
• Max. Sum Assured: Rs. 50Lakh

Plan Benefits

• Coverage against all stages of cancer
• Long term coverage, up to age 75 years
• 10% of the initial sum insured is payable for 5 years, if cancer is diagnosed at a major stage
• Cover increases by 10% for first 5 years, enhancing the total cover to 150% of the original cover without any extra cost
• All future premiums waved off if cancer is detected at an early stage
• Tax benefits on the premiums paid under Section 80D of the Income Tax Act, 1961

5. Aditya Birla Sun Life Cancer Shield Plan

Cancer Shield Plan by Aditya Birla Sun Life Insurance Company is a cancer insurance policy that provides coverage for all stages of cancer. A great means to keep the family financially secured, Aditya Birla Sun Life Cancer Plan is a traditional non-participating plan helps cancer patients prevent themselves from the financial problems while fighting the diseases with a troubled mind. 

Major Features

• Eligibility: 18 - 65 years 
• Policy Term: 5 - 20 years
• Min. Sum Assured: Rs. 10Lakh
• Max. Sum Assured: Rs. 50Lakh

Plan Benefits

• Covers all stages of cancer, be it early or major
• Option to choose a level or increasing cover
• Option to receive monthly income for 5 policy years on diagnosis of major stage of cancer
• Waiver of premium for 5 years on diagnosis of early stage of cancer
• Tax benefits as per Section 80D of the Income Tax Act, 1961 as per current tax laws

Also Read

Some Unknown Facts to Reduce Cancer Treatment Costs in India

Cancer Insurance Policy Vs. A Critical illness Plan: Find Differences

Common Exclusions under Cancer Insurance Plan

Some of the general exclusions applicable to most of the cancer insurance plans are as follows:

In case the diagnosed cancer is due to any of the below mentioned conditions, then the insurance company would not pay any expenses to the policyholder:

• Congenital conditions
• Sexually transmitted diseases like AIDS OR HIV
• Intoxication by alcohol or drug
• Nuclear, biological or chemical contamination
• Organ donation
• Suicide, attempt to suicide or any self inflicted injury
• Pre-existing illnesses

Conclusion

Cancer patients in search of the best health insurance plans, consider cancer insurance as the much-desired financial support. Investing in the best cancer insurance plan in India is significant so that neither you nor your family is physically, emotionally, and financially drained. Remember, even the best health insurance policy won’t help you get coverage for all cancer-related costs and if it does, there would be numerous conditions for coverage at various stages.