A Detailed Guide On Cancer Health Insurance

Mr. Das lives in Kolkata with his wife and is enjoying his post-retirement life. But suddenly, Mr. Das was diagnosed with pancreatic cancer just four months ago. Life brought a big shock to Mr. & Mrs. Das that has shaken their existence. Though the cancer was at the first stage, still, the treatment demands a humongous amount. But being a meticulous person, Mr. Das had purchased health insurance that offered a lump sum amount once he was diagnosed with cancer. This hefty amount helps them in various treatments, including chemotherapy, radiotherapy, medications, and other expenses. Since Mr. Das purchased health insurance plans, thus he didn’t need to depend on others financially.

The word cancer is synonymous with stress, agony, and anxiety. These days, due to advanced treatment, mortality has decreased. Cancer treatment is expensive and most people are financially drained out to meet up these healthcare expenses. Most critical health insurance plans offer coverage for cancer treatment. If a person is suffering from cancer as a pre-existing disease (PED), then he is denied coverage from the insurer for being a cancer patient.

What is Cancer Insurance?

A cancer health insurance plan is a specific plan that offers financial support to the policyholder on being diagnosed with cancer. Health insurance for cancer patients covers all expenses related to diagnosis, treatment, hospitalization, chemotherapy, radiation, and surgery. A cancer insurance policy offers comprehensive coverage to insured policyholders.

Health insurance for cancer patients also offers a waiver of premium depending on the various stages of cancer. A cancer insurance plan satisfactorily addresses all minor, major, and critical stages of cancer, and completely take care of the financial condition of the insured person.

The best health insurance with cancer cover will give you coverage for all types of cancer including:

• Breast Cancer
• Lung Cancer
• Liver Cancer
• Stomach Cancer
• Colorectal Cancer
• Ovarian Cancer
• Fallopian Tube Cancer

Cancer health insurance offers coverage for every stage of cancer. But critical illness plans only cover a particular stage of the disease.

Best Health Insurance Cancer Plans:

Let’s take a look at some prominent health insurance policies that are ideal for cancer patients.

LIC Cancer Cover

This cancer insurance plan offers you the utmost financial protection if you are diagnosed with a specified early or major stage cancer within the policy period.

Some of its features are:

• You are free to choose the sum assured amount (ranging from Rs. 10 – Rs. 50 lakh). You can also increase the sum assured as per your requirements
• As an add-on benefit, the policyholder receives 25% of the sum assured as a lump sum payout amount
• If your cancer is in the initial stage, then you will enjoy the premium waiver benefit
• If your cancer reaches an advanced stage, then you get 100% of the sum assured as a lump sum along with an income benefit of 1% of the sum assured

Max Life Cancer Insurance Plan

This plan covers your cancer treatment costs and lessens your financial burden.

Some of its features are:

• It covers all three stages of cancer, such as early, major and critical
• After diagnosing, the policyholder receives an immediate lump sum payout, irrespective of the stage of cancer.
• The plan comes with a sum assured ranging from Rs. 10 – Rs. 50 lakh.
• The minimum entry age is 25 years and the maximum age is 65 years
•  This cancer insurance policy promises you financial support to cover all untoward expenditures of cancer treatment across all stages

HDFC Life Cancer Care Plan

This plan is prudently designed to offer a lump sum benefit to the policyholder once he/she is diagnosed with cancer. By offering additional coverage, this plan also protects the savings of the policyholder.

Some of its features are:

• This plan has three variants (Silver, Golden, and Platinum). A policyholder can choose any of them as per his/her requirements
• These plans offer the flexibility of paying the premium at your convenience (annual, half-yearly quarterly, or monthly installments)
• After being diagnosed with cancer, the policyholder can get a premium waiver benefit for a specified period of years
• Its minimum and maximum sum assured amounts are Rs. 10 Lakh and Rs. 50 Lakh, respectively
• Since the policy has a broad age bracket of 5 years to 65 years, thus, it is advantageous and comprehensive

SBI Life Sampoorna Cancer Suraksha Plan

This policy plan is offered by one of the eminent and trusted financial institutions. It is an individual, non-participating, and non-linked health insurance plan that offers financial assistance to policyholders so that they don’t face any difficulty while dealing with cancer.

Some features of this insurance for cancer patients are:

• The policyholder is free to choose 1.20% of the sum assured amount as a regular monthly income for 3 years or he/she can receive 40% of the same amount as a lump sum payout once diagnosed with cancer
• With this plan, you can seek a second opinion from panel experts
• If you purchase this plan online, you will get a 5 % discount on your premiums
• The range of sum assured is between Rs. 10 lakh – Rs. 50 lakh

ICICI Prudential Heart and Cancer Protect Plan

This policy plan compensates for your entire cancer treatment.

Some of its features are:

• The plan offers you a lump sum payout amount, without any proof of medical bills
• If you purchase the policy online jointly for yourself and your spouse, then you can get a 5% discount on premiums for the first year of your policy
• You may also get a 5% loyalty discount on the first year if you are an existing customer and possess another policy under the same insurer
• Once diagnosed with cancer, the policy offers a waiver of the premium option
•  For heart coverage, this policy offers Rs. 25 lakh and for cancer, it offers Rs. 50 lakh
• The minimum age is 18 years and the maximum age is 60 years

The Bottom Line

Life is uncertain and life-threatening diseases like cancer can knock you down without prior warning. We just enlightened you with the features of the top 5 health insurance for cancer patients. If you purchase any of the above plans, you don’t need to worry about your finances during your cancer treatment. Always choose the best plan that goes well with your healthcare requirements after comparing all plans.