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Insights On Cancer Insurance

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Insights On Cancer Insurance

cancer insurance plans

Insights On Cancer Insurance

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Table Of Contents

1. Overview of Cancer Insurance
2. Best Cancer Insurance Plans In India

  1. Aditya Birla Sun Life Insurance Plan
  2. DHFL Heart Shield plan + Pramerica Life Cancer
  3. Exide Life Sanjeevani Plan
  4. ICICI PrU Heart and Cancer Plan
  5. HDFC Life Cancer Care Plan
  6. Table of Comparison Between Different Companies

3. Types Of Cancer Covered Under Cancer Insurance Plans

  1. Names of different types of Cancer which are covered under the Cancer Insurance Policies
  2. Types of cancer not covered under the policies
  3. Misconception and the necessity of 2 policies

4. Factors to be Considered for Buying Cancer Insurance Policy

  1. Waiting period and Survival period
  2. Check the Exclusions
  3. Track Record of Insurance Company

5. Benefits of Cancer Insurance Policies
6. Documents Required during Claim Processing
7. Why Critical Illness or Mediclaim may not be Sufficient
8. FAQ’s on Cancer Insurance Policy
9. Conclusion

1. Cancer Insurance

In recent times our lifestyle has become full of stress which makes us even more prone to have several types of acute diseases. Cancer has become one such disease that has become rampant and the cost of its treatment is significantly high that can erode your savings if unfortunately someone is diagnosed with it. Just the name of it can bring out fear even in a resilient person.

Is it curable? Well, yes and no. But, can you get covered? Yes, for sure.

A cancer insurance policy can cover hefty medical expenses and will save you from selling all that you possess to cover the charges of treatment.
The good news is’ in cancer insurance policy is that you can get cover at all the stages of cancer’.

There are other expenses too that the cancer insurance policy covers under the major medical plan, such as lost wages, cost of traveling when you visit for medical purposes, surgery, lab tests, chemotherapy, etc. Thus, cancer insurance covers what our basic insurance does not cover. But always remember that most cancer insurance policies do not cover any expenses related to non-melanoma skin cancer.

In most of the cancer insurance plans, you get a lump sum amount that you can use for both medical and normal living. There are 4 stages of cancer in which, the payout of the first two stages are made in the same way, which is comparatively less as compared to the payout made for the last two stages. Usually, people who have early cancer like carcinoma in situ, get a reduced payout, approximately half of the amount that you would get if the cancer is diagnosed as you do not get paid much for pre-existing cancer symptoms.

2. Best Cancer Insurance Plans in India

Aditya Birla Sun Life Insurance Plan

  • They provide cancer insurance for all the stages
  • Policy buyers have the flexibility to choose between increasing and level cover
  • The premium for 5 years is waived off, in case the policyholder is diagnosed with early cancer
  • If the policyholder is diagnosed with the major stage cancer, then he gets monthly income for the next 5 years
  • You can also avail tax rebate for the premium you pay under Section 80D of the Income Tax Act, 1961

DHFL Heart Shield plan + Pramerica Life Cancer

  • In this policy, if you are diagnosed with any of the diseases you are paid a fixed amount
  • You would also get income benefits and in-built premium waiver in this policy
  • Maturity age in this policy is 75 years and people between the age of 18 to 65 years can purchase this policy
  • There are 2 types of benefits payouts in this policy which are care benefits and care + benefits

Exide Life Sanjeevani Plan-

  • In this policy, the payout is done according to the stage and severity
  • In case of moderate severity, the premium is waived off for the next 5 years
  • Maximum maturity age in this policy is fixed at 70 years
  • There is no survival time for cancer patients but for heart-related conditions, it is 28 days

ICICI PrU Heart and Cancer Plan-

  • You are given an additional Rs. 5000 if you get hospitalized
  • You can avail an extra 5% discount on the premium for the first policy year if you are an existing customer
  • In this policy, you would get a lump sum amount when you are diagnosed with cancer, irrespective of how much you spend on treatment
  • In case you are diagnosed with a major illness you would get 1% of the sum assured as extra income for next years

ICICI PrU Heart and Cancer Plan-

  • You are given an additional Rs. 5000 if you get hospitalized
  • You can avail an extra 5% discount on the premium for the first policy year if you are an existing customer
  • In this policy, you would get a lump sum amount when you are diagnosed with cancer, irrespective of how much you spend on treatment
  • In case you are diagnosed with a major illness you would get 1% of the sum assured as extra income for next years

This table would help you further to make a comparison between different companies who are providing the Cancer insurance policies-

Plan Names Age Limits Sum Assured Limit Policy Tenure Limit Premium Payment Frequency
ABSLI Cancer Shield Plan 18- 65 years 10- 50 Lakhs 5 to 20 years Monthly, Quarterly, Semi-Annually and Annually
DHFL Heart Shield plan + Peamerica Life Cancer 18-65 years 5-50 lakhs 10 to 40 years Monthly and Annually
Exide Life Sanjeevani Plan 18-65 years 5-25 Lakhs 5 to 35 years Annually
ICICI PrU Heart/Cancer Protect 18 – 65 years 2 – 50 lakh 5 – 40 years Monthly or half-yearly
HDFC Life Cancer Care Plan 18 – 65 years 10 – 40 lakh 10 – 20 years Monthly, quarterly, half-yearly or annually
Aegon Life Cancer Plan 18 – 65 years 10 – 50 lakh 5 – 70 years minus entry age Monthly or annually
LIC’s Cancer Cover 25-65 years 10- 50 Lakhs 10-40 years Monthly and Annually
Max Bupa Health Assurance Critical Illness Insurance Policy 18 – 65 years 3 – 10 lakh 1 year and 2 years Monthly or annually
Max Life Cancer Insurance Plan 25 – 65 years 10 – 50 lakh 10- 40 years Monthly, half-yearly, quarterly or annually
SBI Life- Sampoorn Cancer Suraksha Plan 6 to 65 years 10- 50 Lakhs 5-30 years Monthly or annually
Bharti AXA Smart Health Critical Illness Insurance Plan 18 – 55 years 2 – 60 lakh 18 – 75 years Monthly or annually
Birla Sun Life Insurance Cancer Shield Plan 18 – 65 years 10 – 50 lakh 5 – 20 years Monthly, half-yearly, annually or quarterly

3. Types of Cancer Covered under Cancer Insurance Policies

Types of cancers which covers all the expenses against these cancer treatments

Not only these cancer insurance policies cover against all stages of cancer, but they also cover the expenses of all these types of cancer including-

● Lung Cancer
● Blood Cancer
● Breast Cancer
● Stomach Cancer
● Prostate Cancer
● Bone Cancer
● Cervical Cancer
● Ovarian Cancer
● Hypopharynx cancer

Cancer which is not covered under the Cancer Insurance Policies

Some types of cancer may not be included in the policies such as Skin Cancer, cancer resulting through STD’s (Sexually transmitted diseases) like HIV, Leukemias, Papillary micro-carcinoma of the thyroid, and cancer that is caused from any conditions be it pre-existing, biological, nuclear, congenital, or by chemical contamination.

Understanding the concept of 2 polices and resolving the misconception

A public misconception among the policyholders is that they believe it would double their benefit if they buy a cancer insurance policy along with a health insurance plan. But this is not true as most of the policies are based on a clause which is ‘coordination of benefits’ affirming that one plan will not offer to cover the expenses under the same situation that the other plan providers. Understanding the concept of two policies is imperative, that’s why we have brought this crucial point to help people who are misguided by policy agents. So, if you are opting for the cancer insurance policy, never buy it to double your benefit as it won’t.

4. Factors to be Considered for Buying Cancer Insurance Policy

If cancer runs strongly in your family history, it could solely be the reason for buying a cancer insurance policy. Also, for those people having a risk factor in their family for cancer, should always analyze if they are even buying health insurance policy which in future could compliment the cancer insurance policy.

It is always suggested to scrutinize all the policies before choosing one. Once you decide to go ahead with a specific cancer policy, compare and check as many as possible. Many aspects should be taken care of before signing the cancer insurance policy agreement. Some of the common elements that are usually considered while buying a cancer insurance policy are eligibility, the sum assured, payment schedule under a cancer plan, premium payment options, and duration of your Cancer insurance policy. Some people may not pay heed to certain aspects which could be-

Waiting period and Survival period-

Once you have decided to buy a policy, you should not ignore these two crucial aspects that are waiting period and survival period. The waiting period is the amount of time you need to wait before the policy would start coverage and survival period is the time after the diagnosis of cancer the insured has to be alive to claim benefits of the policy.

Check the exclusions-

Before signing any policy or agreement always read their terms and conditions. Apart from the T&C, make sure what are the aspects that are not covered under your policy payment. For example- Many cancer insurance companies restrict the coverage to 25% of your cover amount if it is diagnosed at an early stage. Certain policies may not cover some types of cancer. Hence, it is recommended to ensure the coverage under your policy before you sign any policy agreement in order to avoid any claim related hassle in the future.

Track record of the Insurance company-

It is one of the most crucial and points that you must consider especially before buying any cancer insurance policy from whom you are purchasing the policy. Checking the claim settlement ratio is the best way to get acquainted with the companies goodwill. This will assure you that if companies settlement ratio is superlative, you will not be facing any issue in getting the claim amount for your expenses incurred. Tracking or checking their record will also inform you about the time taken by the company to settle down the claim.

5. Benefits of Cancer Insurance Plans

It is not a hidden truth that Cancer is extensively becoming epidemic. And the worst part is that cancer treatments are way too expensive as compared to other treatments which can lead to horrendous experience (predominantly if we talk financially, and mentally) for the whole family. It can cause a major dent in our savings. Hence, it is always advisable to buy a cancer insurance policy to secure you before reaching that troublesome situation.

Have you ever diagnosed with cancer? What if you were ever diagnosed with cancer? Although, no one would want to be in that situation, woefully you can never predict it, coming. There are numerous benefits of cancer insurance policies seeing today’s scenario as our lifestyle and stress-related issues have made us prone to many censorious diseases predominantly cancer.

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  • These policies cover all cancer treatments at different stages
  • In case anyone is diagnosed with cancer, the insurer is liable to pay a lump sum benefit to the insured
  • The insurance policies provide premium waiver benefits even at the initial stage of its diagnosis. Most companies offer waiver benefit ranging from 3 to 5 years for the entire policy duration. Whereas, some policies offer a regular income benefit for a specified period for up to 5 years to cover the cost of meeting household expenses. The amount that is given is a percentage of the sum assured (Around 1% of the sum assured monthly)
  • Just like the other policies, the sum assured increases (usually by 10%), depending upon policy type, if no claims have been made during the year
  • In case of a higher sum insured, the insurer offers a massive discount to the insured.
  • The cancer insurance policy coverage continues even after the cancer is diagnosed at an early stage
  • These plans also provide tax exemption benefit under section 80D of the Income Tax Act

6. Documents Required during Claim Processing

  • Proof of age
  • Proof of Identity
  • Medical tests and Diagnosis reports that indicate the stage of the disease, if any and the treatment required for it

As per the companies norms, it may ask for an additional document for processing and settling the claim amount against the treatment.

Benefits of Cancer Insurance Plans

7. Why Critical illness or Mediclaim may Not be Sufficient

Health insurance policies, be it a medical claim or policy which offer coverage to any other critical illness, it pays only for inpatient hospitalization. Whereas, these policies may not prove out to be beneficial for you as you may not be hospitalized for a long time but still a lot of money would be spent on your treatment. This is the best part of the in cancer-related policies as they offer the full coverage of all the expenditures incurred on this disease be it any stage and any type (excluding skin cancer). You also get lump-sum payouts depending upon the diagnosed stage of this disease.

One of the other reasons that critical illness policies may manifest a vexatious situation for you. It could create such a situation where you are detected with some cancer-specific problem like non-invasive cancer (cancer in situ), pre-malignant tumor, pro-state cancer stage (1st, 2nd, or 3rd) and your policy shall exclude all these diseases to provide the claim. Hence, cancer insurance policies appear to be more inclusive than other health insurance plans.

8. FAQ’s on Cancer Insurance Policy

Q.1) Can I buy the Cancer insurance policy if I previously had cancer or if I am a cancer patient at present?

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Ans:  You will not be eligible to buy cancer insurance policy if you were or are a cancer patient. You will even not be able to buy this policy if you ever had organ transplantation or have a precancerous condition.

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Q.2) How does a Cancer policy work?

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Cancer insurance policies are sometimes purchased as a supplement with your health insurance. The cancer policy pays the lump sum amount at the time you are found to be diagnosed with cancer. The policy pays off certain treatment and medical expenditures as per the agreement between the company and the policyholder. If you buy a policy with a higher sum assured amount, you would have to pay higher premium rates and vice versa. Moreover, buying a cancer insurance policy for the whole family would have higher premium rates as compared to the policy bought for an individual.

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Q.3) At what age can I buy this Cancer insurance?

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Ans: More or less, it depends varies from company to company. But usually, you can buy this insurance between 5 to 65 years of age.

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Q.4) Does this plan cover all stages of cancer?

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Ans: Yes, it covers all stages of cancer be it the first or the last stage.

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Q.5) Is oral cancer covered under the Cancer Insurance policy?

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Ans: Although, it is covered under the policy, but is always suggested to clarify this with the company before buying any cancer-related policy.

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Q.6) Can I purchase the Cancer insurance policy with an existing health insurance policy?

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Ans: Yes, absolutely! You can supplement your current health insurance policy with a separate cancer insurance plan which is specifically designed to cover all the expenses incurred on this disease.

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Q.7) If I get diagnosed with cancer, how will I be paid out?

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Ans: It generally depends on the stage of the policyholder that he or she is diagnosed with. As it could be diagnosed with an early stage, the second stage, and the major stage cancer. Once the stage is determined, a lumpsum amount is paid by the company to the policyholder along with an additional benefit (If policy consists of any additional benefit- ‘Always check with the company at the time of purchasing the policy, whether they are providing any additional benefit or not’) of paying the expenses along with the monthly income, etc.

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Q.8) What is the minimum waiting period under the cancer insurance plans?

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Ans: The minimum waiting period can range from 30 days to 120 days, depending upon the company whom you have bought the insurance from. Check the same with your cancer insurance company before buying any policy.

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Q.9) Can Cancer be covered under the normal health insurance plan?

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Ans: Yes, certainly. Your existing health insurance may also provide coverage for cancer and its treatment expenses. But most likely, the health policies who offer the cancer coverage have a comparatively higher amount of premium as compared to the general health insurance policy.

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Q.10) Is cancer insurance worth getting?

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Ans Checking out today’s lifecycle, many people are dying due to cancer, every day. The cost of the treatment has been significantly escalated from the past decade. It has become much more sense and need of an hour to go for your security after buying a cancer insurance policy.

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9. Final Verdict / Conclusion

Opting a cancer insurance policy is a prudent option to ensure that you are covered and protected financially, contingent to any critical condition due to this disease in the future. Besides, all industry experts advise going for a cancer-specific policy in case you get prone to this fatal disease be it any reason, genetic, environmental, or natural. As it is always said, precaution is better than cure, so why not opt it to feel secure.

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