Life Insurance for Cancer Patients
Listed as one of the critical illnesses, cancer leads to both physical and emotional stress. As per reports, in India every 1 out of 10 individuals are diagnosed with cancer every year. This indicates how important it is to be prepared against this critical illness in advance. One of the best ways in which you can do so is by buying life insurance plans specifically designed for cancer patients. Read further to understand all about Life Insurance for cancer patients in 2024.
Overview of Life Insurance for Cancer Patients
Life insurance, specifically designed for those with a cancer diagnosis, serves as a crucial tool in providing financial assistance to your family even when you are not around. As cancer patients face financial and emotional turmoil during this, the importance of securing financial stability with life insurance plans cannot be overstated. Now, if you are wondering whether you are eligible to buy life insurance after being diagnosed with cancer or not, then let's walk you through the same in the section below.
Are Cancer Patients Eligible to Buy Life Insurance Plans?
Not sure whether cancer patients can buy life insurance plans? Well the answer is yes. However, it is important to understand that if you have already been diagnosed with cancer, then you need to buy life insurance plans with a critical illness rider. Alternatively, you can also buy life insurance plans for cancer patients, however, you need to remember that these plans are available at higher premiums.
On the other hand, if you are healthy and have not been diagnosed with any kind of critical illness while buying a life insurance plan then the situation is different. This is because if you are healthy then you will be eligible to buy life insurance at affordable premiums. Moreover, if you get diagnosed with cancer later during the policy term, then with your existing life insurance plan, you will still be able to get coverage for cancer.
Benefits of Life Insurance for Cancer Patients
Listed below are some of the benefits of buying life insurance plans for cancer patients:
- Financial Security for Loved Ones: In the unfortunate event of demise due to cancer, financial benefit is paid out to the nominees of the policyholder. This helps them lead an uncompromised life even when you are not around. The nominees can also use these payouts to pay-off any outstanding debts or get rid of other financial constraints.
- Additional Income for Treatment: There are some life insurance policies that offer survival benefits, allowing policyholders to get quality treatment. This supplemental income can be instrumental in covering medical bills, experimental treatments, or maintaining the quality of life during treatment.
- Ensures Peace of Mind: Knowing that your loved ones are financially protected can help you lead a stress-life. This is because it acts like a safety net and lets you focus on your health and well-being without the constant worry about the financial impact of cancer on your family.
- Tax Benefits: You will also be able to enjoy tax benefits under section 80C of the Income Tax Act. This benefit is offered on the premium paid towards life insurance plans.
Tips for Choosing the Best Life Insurance Plan for Cancer Patients
Listed below are some useful tips you need to keep in mind while choosing the best life insurance plan for cancer patients:
- Evaluate Your Well-being: Understand the current status of your health for buying the right life insurance plan. Doing so will help you choose the right plan based on your needs and budget.
- Compare Multiple Life Insurance Quotes: You also need to check the life insurance quotes from different insurance providers to compare premiums and coverage options. This will help you compare the different policies and buy a plan that best aligns with your needs.
- Read the Policy Terms and Conditions: You also need to thoroughly check the terms and conditions of the policy. Do not forget to read the inclusions and exclusions as well while doing so to understand the life insurance coverage you will be getting.
- Consider Riders and Add-Ons: Some insurance policies offer riders or add-ons that can enhance coverage, such as accelerated death benefits or additional coverage for specific medical expenses. So, check the different add-ons available with your life insurance plan and pick the one that you need to enhance the coverage.
- Check the Sum Assured: As the treatment of cancer involves hefty expenses, you need to be wary of the sum assured while choosing the right plan. It is better to opt for a plan that has a higher sum assured.
- Claim Settlement Ratio: Another thing you need to check while buying a life insurance plan for cancer patients is the claim settlement ratio. Always, choose a company that has a higher claim settlement ratio so that your claims are settled on time.
Best Life Insurance Policy for Cancer Patients in 2024
Listed below are some of the best life insurance policies for cancer patients in 2024:
- HDFC Life Cancer Care: The HDFC Life Cancer Care is a non-linked, non-participating protection plan that provides financial assistance to you and your family if you are diagnosed with cancer. This plan is available in Silver, Gold, and Platinum options and has a minimum and maximum entry age of 5 years and 65 years respectively.
- Aegon Life iCancer Insurance Plan: The Aegon Life iCancer Insurance Plan is another life insurance plan that you can consider buying. It has a minimum policy term of 5 years, while the maximum policy term is determined on the entry age of the policyholder. It has a minimum sum assured of Rs. 10 lakhs and maximum sum assured of Rs. 50 lakhs.
- SBI Life Sampoorna Cancer Suraksha: The SBI Life Sampoorna Cancer Suraksha offers a lump-sum amount when diagnosed with cancer. This is available in three different options, Standard, Classic, and Enhanced Plan.
How to Buy Life Insurance with InsuranceDekho?
Listed below are the steps in which you can buy life insurance with InsuranceDekho:
- Go to the life insurance section on InsuranceDekho website
- Enter details such as age, personal details, etc
- Then, you will get an OTP which you need to enter
- Next, you will be able to view life insurance quotes
- Select the right life insurance plan and proceed with premium payment
- Once the payment is completed, you will receive policy details on your registered email id
Take Away
Thus, if you have a family history of cancer, then make sure to buy life insurance plans which specifically provide coverage for cancer. If you face any problem in buying life insurance plans with InsuranceDekho, you can reach out to our team at InsuranceDekho.
FAQs
- What are the popular life insurance plans for cancer patients?
Some of the popular life insurance plans for cancer patients include SBI Life Sampoorna Cancer Suraksha, Aegon Life iCancer Insurance Plan, HDFC Life Cancer plan.
- Can I get tax benefits on life insurance plans for cancer patients?
Yes, you can get tax benefits on life insurance plans for cancer patients.
- Which factors do I need to consider while buying life insurance plan for cancer patients?
Some of the factors that you need to consider while buying life insurance plan for cancer patients are sum assured, premium amount, and claim settlement ratio.
