It sounds terrifying to live your life not knowing what will happen next. The worldwide coronavirus epidemic showed us all just how susceptible we are to potentially fatal environmental factors. Additionally, it emphasised the significance of health insurance, particularly in India.
It is difficult to consider that your loved ones might have a medical emergency. But regardless of your age, life may be harsh and unpredictable. That is precisely the reason why it is crucial to recognize the significance of health insurance.
Let’s discuss two popular plans from different companies, namely LIC Cancer Cover and HDFC Ergo iCan.
What is a LIC Cancer Cover Policy?
LIC Cancer Cover Plan is a non-linked, non-participating health insurance plan. The LIC Cancer Cover is a regular premium payment plan that offers financial protection if the policyholder develops cancer in the early or advanced stages at any point throughout the plan’s duration. On the LIC’s official website or through offline sources, you can purchase the policy. When acquiring the cancer cover plan, the policyholder has a choice between two benefit alternatives. Depending on the plan that the applicant chooses, the premium rate will change.
The normal premium LIC Cancer Cover Plan has a policy term of 10 to 30 years, and premiums can be paid annually or biannually. Both offline and online purchases of the policy are possible.
Eligibility Criteria of LIC Cancer Cover Plan
Here are the eligibility criteria for the LIC Cancer Cover Plan.
|Minimum age at entry:||20 years (completed)|
|) Maximum age at entry:||65 years (last birthday)|
|Minimum Policy Term:||10 years|
|Maximum Policy Term:||30 years|
|) Minimum age at maturity||50 years|
|Maximum age at maturity:||75 years|
|Minimum Premium:||Rs. 5000/- p.a. for all modes|
|Minimum Basic Sum Insured|
· Rs. 35,00,000 for ages 20 years
to 34 years
· Rs. 25,00,000 for ages 35 years
to 40 years
· Rs. 15,00,000 for ages 41 years
to 65 years
|Maximum Basic Sum Insured:||Rs. 50,00,000|
What is HDFC Ergo Health iCan Cancer Insurance Plan?
iCan Cancer Insurance plan designed by HDFC ERGO General Insurance is a cancer-specific medical insurance plan. On an indemnity basis, the plan covers medical expenses brought on by cancer. This indicates that the plan covers actual treatment and hospital expenses. The plan is offered in two variations: Enhance and Essential. A lump sum portion of the sum insured is paid under two extra coverage options in the Enhance version if the insured is given a cancer diagnosis.
In addition to the normal coverage provided by the plan, an advanced plan is also an option. The Advanced Plan offers the insured additional coverage for costs related to cancer treatment. When an insured person is initially given a cancer diagnosis within the term of the policy, the plan additionally provides for a medical second opinion. The range of sums insured is from Rs. 5 Lakh to Rs. 50 Lakh.
Eligibility Criteria of HDFC Ergo iCan Plan
Here are the eligibility criteria for HDFC Ergo iCan Plan.
|Minimum Entry Age||18 Years|
|Maximum Entry Age||65 Years|
|Waiting Period||120 Days|
|Sum Insured Options (Rs.)||5,10,15,20,25,50 lacs|
|Pre-Post Hospitalization||30 & 60 days|
|Emergency Ambulance||Upto Rs.2000 per hospitalization|
|Follow Up care Post-treatment||Upto Rs.3000 twice a year|
|Advanced treatments (Optional benefit)||Available|
What Are The Key Benefits of The LIC Cancer Cover Plan?
Early Stage Cancer:
The following benefits are paid upon the initial diagnosis of any of the above early-stage cancers, assuming that the diagnosis is admissible.
(a) Lump sum benefit-25% of Applicable Sum Insured shall be payable.
(b) Premium Waiver Benefit– From the policy anniversary coincident with or following the date of diagnosis, premiums for the next three policy years, or the remaining term of the policy, whichever is lower, shall be waived.
c) After three years of premium waiver, the insured must pay the premium on time for the duration of the insurance.
A single Early Stage Cancer Benefit payment will be made for the first-ever occurrence, and Life Assured will not be permitted to submit a second Early Stage Cancer claim for same cancer or any other cancer. However, until the policy expires, the Major Stage Cancer coverage under the policy will remain in effect.
Major Stage Cancer:
Benefits that are paid upon the initial diagnosis of the listed Major Stage Cancer, assuming that the diagnosis is admissible, include:
(a) Lump Sum-In the case of Early Stage Cancer, 100% of the Applicable Sum Insured will be paid, less any prior claims that have already been compensated.
(b) Income Benefit– In addition to the aforementioned lump sum benefit, an income benefit of 1% of the applicable sum insured will be paid every month starting after the lump sum payment for a fixed period of ten years, regardless of whether the life insured survives or not, even if this period of ten years extends past the policy term. The residual payouts, if any, will be given to the Life Assured’s nominee in the event of his or her passing while receiving this Income Benefit.
(c) Premium Waiver Benefit– From the next policy anniversary forwards, all future premiums will be waived, and the policy will be free of all obligations save for the extent of the Income Benefit as described above.
Section 80D of the Income Tax Act permits tax deductions for LIC Cancer Cover premiums up to a maximum of INR 50,000.
What are the Key Benefits of the HDFC Ergo iCan Plan?
Listed below are the benefits of the HDFC Ergo iCan Plan
- Lifelong Coverage
In the first five years following therapy, there is a substantial risk of cancer recurrence. The plan continues to provide coverage to the insured for the rest of their lives, regardless of age or medical condition. This is especially advantageous in the case of cancer insurance for women because as women age, the likelihood that they will develop cancer increases. As women get older, cases of breast cancer, ovarian cancer, etc. are discovered in them.
- CritiCare Benefit
If the insured is found to have cancer, then 60% of the insured amount is paid out in a lump sum. This also applies to women’s cancer insurance. This means that if the insured total is set at Rs. 20 lakhs, the insured will receive Rs. 12 lakhs as a lump sum and can still utilise the remaining Rs. 20 lakhs to pay for medical bills.
- Family Care Benefit
The policyholder receives a 100% lump sum payment of the money insured upon a diagnosis of stage IV cancer or a cancer recurrence. The insured will receive a lump sum payment of Rs. 20 lakhs in this situation, but the policyholder is still entitled to the base amount of Rs. 20 lakhs to cover treatment costs.
- MyCare Benefit
Standard Plan: The business will pay for the costs of cancer patients’ inpatient, daycare, and outpatient hospital stays as well as their medical treatment. Conventional treatment:
- The use of organ transplantation in the treatment of cancer
- Operations for the removal of organs or tissues or the excision of malignant tissue (once-surgery)
Differences Between LIC Cancer Cover Plan & HDFC Ergo iCan Plan
Here are some of the main factors that set them apart from one another:
|Plan Name||HDFC Ergo iCan||LIC Cancer Cover|
Minimum Entry Age- 18 Years
Maximum Age- 65 Years
Minimum Entry Age- 20 Years
Maximum Age- 65 Years
|Sum Insured||5,10,15,20,25,50 lacs|
Minimum Sum Insured:
Maximum Sum Insured
|Policy Period||1 Year|
Minimum Policy Term:
Maximum Policy Term:
|My Care Benefit||From chemotherapy to stem cell transplantation, iCan offers complete cover for conventional and advanced treatments as well as your in-patient and outpatient treatment costs.||No|
|Follow-Up Post-Care Treatment||HDFC iCan policy covers expenses incurred on medical examinations up to ₹3000, twice a year, after treatment for Cancer has been discontinued, based on recommendations from Medical practitioners for at least six months with “No evidence of disease (NED)”.||No|
|Income Benefit||No||Regardless of the survival of the Life Insured and even if this period of ten years extends past the policy term, the Income Benefit of 1% of the Applicable Sum Insured shall be paid on each policy month following the payment of the Lump Sum. The remaining installments, if any, will continue to be paid to the Life Assured’s nominee in the event of his or her passing while receiving this Income Benefit.|
Which is Better LIC Cancer Cover Plan vs. HDFC Ergo iCan Plan?
To properly address all aspects of medical emergencies and to protect our loved ones, ICICI and HDFC health insurance policies are both essential. So, before selecting the best coverage for your needs, take into account all the features, advantages, etc. You must be informed of the differences between health insurance providers before selecting the proper insurance coverage.