5 Best Cancer Insurance Plans in India
Cancer is one of the dreadful diseases causing a large number of deaths worldwide. Fighting with a dreadful disease like cancer would not only drain you mentally but also financially. Along with the stress and emotional turmoil, it can cause financial instability in your life as well. So, it is highly essential to be prepared well in advance for handling critical illnesses like cancer.
This preparation can be done with the help of a special health insurance plan known as the Cancer Insurance Plan. With the help of the Cancer Insurance Plan, you would be able to obtain the cover against the high expenses that are incurred during the treatment of cancer. During the procedure of cancer treatment, there are various phases such as diagnosis, hospitalisation, chemotherapy, surgery, etc. These procedures would require a huge amount of money and by cancer insurance plans the money can be obtained in stages. As a result, you would be able to focus on your treatment rather than worrying about the money needed for treatment.
Major Benefits of Purchasing Cancer Insurance Plans
Let us know about the major benefits of buying a Cancer Insurance Plan.
- Cancer Insurance Plans would provide comprehensive insurance related to cancer and would cover multiple stages of cancer
- You can receive a lump sum amount on the diagnosis of the disease
- You can also receive the benefit of a waiver of premium for a certain policy period under some specific circumstances
- If there are no claims made during a policy year then the benefit of an increase in sum insured by a particular % can be availed
- By the premium paid for Cancer Insurance Plans, you can avail of tax benefits under Section 80 D of the Income Tax Act, 1961 up to INR 1.5 lakhs a year.
Top 5 Cancer Insurance Plans in India
The top 5 Cancer Insurance Plans in India can be listed below:-
- Aegon Life iCancer Insurance Plan
The Aegon Life iCancer Insurance Plan would help in providing cover for the illness starting from the time of its diagnosis. This plan is a non-linked and non-participating health insurance plan which would provide stage based benefits.
- The eligibility to purchase the Aegon Life iCancer Insurance Plan is within the age range of 18 years to 65 years.
- The minimum sum insured is INR 10 lakh and the maximum sum insured is INR 50 lakh.
- By this health insurance policy, a lump sum payout is made at any stage of cancer.
- Once the claim for a major stage is approved, then a waiver of any further premium payments in the future is available.
- If you are diagnosed with a minor stage cancer, then you would be able to receive 25% of the sum insured as the payout.
- In case of diagnosis of a major stage cancer, you are eligible to receive 100% of the sum insured in case no claims have been made previously.
- In case of diagnosis of a critical stage cancer, you are eligible to receive 150% of the sum insured in case no claims have been made previously.
- ICICI Pru Cancer Protect
The ICICI Pru Cancer Protect Plan would help in providing coverage from the beginning of diagnosis of the disease. This coverage would include the cost of chemotherapy, cancer screening, medications, PET-CT scans, targeted therapy in addition to the coverage for the hospitalisation expenses and recovery.
- The eligibility to purchase the ICICI Pru Cancer Protect Plan is within the age of 18 years to 65 years
- The tenure of this cancer insurance plan lies between 5 years to 40 years
- The minimum sum insured is INR 2 lakh and the maximum sum insured is INR 50 lakhs
- Under this health insurance plan, you would obtain the payment for the diagnosis of any of the major or minor health conditions
- A 5% loyalty discount can be obtained on the insurance premium of the first year for the existing customers
- A 5% discount can be availed on the premium of the first year if you are purchasing the insurance cover for yourself and your spouse
- On the diagnosis of any minor conditions which are covered, up to 25% of the sum insured can be obtained
- You can also obtain a 10% increase in the insurance coverage for each no-claim policy year.
- Max Life Cancer Insurance Plan
The Max Life Cancer Insurance Plan would offer protection against all the stages of cancer. In the case of early detection of cancer, you would be able to obtain 20% of the insurance cover and waiver of all the future premiums. In case of detection of cancer at the major stage, you would be eligible to obtain the full coverage amount along with an additional 10% of the income for the upcoming 5 years.
- The minimum eligible age for purchasing this health insurance plan is 25 years and the maximum age limit is 65 years
- The minimum sum insured is INR 10 lakhs and the maximum sum insured is INR 50 lakhs
- The policy tenure is 10 years to 40 years
- The coverage is long term and is available up to the age of 75 years
- The Max Life Cancer Insurance Plan would provide coverage against all stages of cancer
- In the case of early detection of cancer, all the future premiums would be waived
- If cancer is diagnosed at a major stage, then 10% of the initial sum insured would be payable for 5 years.
- HDFC Life Cancer Care
The HDFC Life Cancer Care would provide coverage for both the early and major stages of cancer. You can obtain a lump sum payout on the diagnosis of the major and the early stages of cancer. Under the Gold and Platinum option, the sum insured would be increased by 10% each year. This rise in sum insured would continue until it becomes 20% of the initial sum insured.
- The eligible age limit for purchasing the HDFC Life Cancer Care Plan is 18 years to 65 years
- The minimum sum insured is INR 10 lakhs and the maximum sum insured is INR 40 lakhs
- The tenure of the policy is 10-20 years with a maximum maturity age of 75 years
- You can avail the benefit of a waiver of the future premium for the upcoming 3 years after receipt of a valid health insurance claim related to a cancer diagnosis
- The payouts made and benefits obtained are independent of any other health insurance policy.
- Aditya Birla Sun Life Cancer Shield Plan
The Aditya Birla Sun Life Cancer Shield Plan would cover all the stages and forms of cancer which might be early or even the major stages. This cancer insurance plan is a non-participating plan which would help you in avoiding financial instabilities during the treatment procedure.
- The minimum sum insured in the Aditya Birla Sun Life Cancer Shield Plan is INR 10 lakh and the maximum sum insured is INR 50 lakhs
- The eligibility age for purchasing this policy is within the range of 18 years to 65 years
- You can have the option to receive the monthly income for 5 years if there has been a diagnosis of a major stage of cancer
- In case of the diagnosis of early-stage cancer, a waiver of premium for 5 policy years is available
- You can have the option to choose between a level and an increasing cover in the insurance policy.
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There are quite a few popular cancer-specific health insurance plans available in India. These are just some of them. If you have a risk of having cancer or a history in your family, you must opt for one so that you have a clear idea of the best financial support you can have while fighting a dreadful disease like the Big C.