A large number of people die from cancer every year around the world. Cancer is a terrible disease that drains you financially as well as mentally. Financial instability can accompany stress and emotional turmoil. The preparation of managing critical illnesses like cancer well in advance is essential.
An insurance plan called the Cancer Insurance Plan can assist in this process. An insurance plan covering cancer would help you cover the high cost of treatment when you are ill. During cancer treatment, there are various phases outlined in terms of diagnostics, treatment using chemotherapy, surgery, etc. Cancer insurance plans can provide the funds in stages to cover these procedures, which require a massive amount of money. In this way, you can be less worried about the money needed for treatment and concentrate on your treatment.
Insurance plans for cancer provide the following benefits.
We’ll walk you through a few of the most important benefits of buying an insurance plan for cancer.
- An insurance plan covering cancer would cover multiple stages of the disease and provide comprehensive coverage.
- The diagnosis of the disease can result in a lump sum payment.
- If certain requirements are met, you may also be eligible for a premium waiver for the duration of your policy.
- The sum insured can increase by a certain percentage if no claims are filed during the policy year.
- According to Section 80 D of the Income Tax Act, 1961, you can claim tax benefits for premiums paid for Cancer Insurance Plans up to Rs. 1.5 lakhs per year.
India’s top 5 cancer insurance plans
Following is a list of the top 5 cancer insurance plans in India:-
- cancer Plan at Aegon Life
In addition, Aegon Life’s cancer Insurance Plan would provide coverage for the disease as soon as it is diagnosed. The Plan would provide benefits based on a staging system that is non-linked and non-participating.
- Among the age range of 18 years to 65 years, Aegon Life’s cancer Plan is eligible for purchase.
- In India, a minimum of 10 lakh rupees is required to obtain insurance cover, and a maximum of 50 lakh rupees is required.
- Whenever cancer is diagnosed, the insurer will pay a lump sum.
- A waiver of future premium payments is available once a claim for a significant stage is approved.
- In the event of a minor cancer diagnosis, 25% of the policy’s premium would be payable to you.
- A diagnosis of a significant stage cancer will entitle you to 100% of the sum insured if you have never claimed it before.
- If you’ve never filed a claim before, you’re eligible for 150% of the sum insured in case of a critical stage cancer diagnosis.
- ICICI Pru Cancer Protect
The ICICI Pru Cancer Protect Plan reduces the financial burden caused by cancer by providing coverage from the moment the disease is diagnosed. Chemotherapy, cancer screening, medications, PET-CT scans, targeted therapy, and hospitalisation costs will be covered along with recovery and hospitalisation expenses.
- Your age must be between 18 and 65 to Buy the ICICI Pru Cancer Protect Plan.
- Cancer insurance plans are available for a period of five to forty years.
- Sums insured range from INR 2 lakh to INR 50 lakh with a minimum of INR 2 lakh and a maximum of INR 50 lakh.
- Be would reimburse you if you were diagnosed with any serious or minor health condition under this Plan.
- Customers who have been with the company for at least a year will receive a loyalty discount of 5% on the first year’s insurance premium.
- If you and your spouse purchase the insurance policy together, you will receive a 5% discount on the premium for the first year.
- A minor condition can be claimed for up to 25% of the premium if diagnosed under the Plan.
- Moreover, every year of no-claim insurance coverage can lead to an increase of 10% in range.
- Max Life Cancer Insurance Plan
Max Life Cancer Insurance Plan covers all types of cancer. The full coverage amount and 10% of the income for the next five years would be available in case of cancer detection at the significant stage. You would be able to receive a waiver of all future premiums if you were diagnosed with cancer early.
- A buyer of this health insurance plan must be at least 25 years of age and have a maximum age limit of 65 years old
- Complete insurance coverage is INR 50 lakhs; minimum coverage is INR 10 lakhs
- 10 to 40 years is the policy tenure
- It can obtain it for an extended period and up to 75 years of age
- This would cover all stages of cancer under the Max Life Cancer Insurance Plan
- Should you be diagnosed with cancer at an early stage, you would be exempt from paying future premiums
- The insured will receive 10% of the sum insured for 5 years if cancer is detected at a significant stage.
- HDFC Life Cancer Care
HDFC Life Cancer Care will cover both early and significant cancer stages. Cancer patients diagnosed with the substantial and early stages can receive a lump sum payout. Gold and Platinum options would increase your policy sum insured by 10% each year. Up to 20% of the initial sum insured, the sum insured would continue to rise.
- HDFC Life Cancer Care Plan is available to consumers between the ages of 18 and 65
- It is possible to insure up to INR 40 lakhs for a minimum of INR 10 lakhs.
- A maturity age of 75 years is the maximum age at which the policy matures after 10-20 years of service.
- After receiving a valid health insurance claim related to a cancer diagnosis, you will accept a waiver of future premiums for the following 3 years.
- Regardless of the health insurance policy, the payouts and benefits are unrelated.
- Aditya Birla Sun Life Cancer Shield Plan
It would cover both early and significant stages of cancer under the Aditya Birla Sun Life Cancer Shield Plan. If you do not participate, this cancer insurance plan will help you avoid financial instability during the treatment procedure.
- Aditya Birla Sun Life Cancer Shield Plan’s minimum and maximum insured sum amounts are 10 lakh and 50 lakh, respectively
- You must be between the ages of 18 and 65 to purchase this policy
- If you are diagnosed with a significant stage of cancer, you have the option of receiving the income for five years
- When diagnosed with early-stage cancer, the policyholder is eligible for a 5-year waiver of premiums
- Insurance policies can be purchased either with a level coverage or increasing coverage.
There are numerous options available. It is possible to select from several cancer-specific health insurance plans in India. If you are at risk of cancer or if the disease runs in your family, you should opt for one. That way, you will know what financial support you can expect when fighting a devastating disease like cancer.