What is Cancer Insurance?
Cancer insurance is a health insurance plan which is specifically designed for cancer disease. This plan was developed to make the costing less severe as the cost for treatment of Cancer is much high. Through this plan, the policyholder would be given financial support. Depending upon the risk incurred with disease coverage, the premium amount of Cancer Insurance plan could vary.
Features and Benefits of Cancer Insurance
• Cancer Insurance provides financial protection to the policyholder for Cancer disease.
• Cancer insurance provides a wide range of coverage at an affordable premium
• Few insurance companies offer a source of income to the policyholder in case of loss of job due to cancer.
• The lumpsum benefit is provided to the policyholder if there is an early diagnosis of illness.
• Waiver of premium benefit is provided to policyholders who opt for it on top of the base plan
• Tax benefits under Section 80D of Income Tax Act, 1961
Cancer Insurance Plans in India
List of Cancer Insurance Plans in India are:
1) HDFC Life Cancer Insurance Plan
2) Aegon Life iCancer Insurance Plan
3) Future Generali Cancer Protect Insurance Plan
4) ICICI Prudential Cancer Insurance Plan
5) PNB MetLife Cancer Insurance Plan
Different types of cancer covered by Cancer Insurance Plan
Depending upon the stages of cancer from early stages to advanced stages, below is a list of cancer covered by Cancer Insurance Plan:
• Lung Cancer
• Breast Cancer
• Stomach Cancer
• Prostate Cancer
• Ovarian Cancer
• Hypopharynx Cancer
Benefits of Cancer Insurance Plan
• The cancer insurance plan covers various stages of cancer from early stages to advanced stages (depending upon the plan)
• A lumpsum amount is given at an affordable premium
• Waiver of premium option is available at an early stage of cancer
• No-claim bonus benefits
• Monthly income is provided if it is the case of major cancer diagnosis
• Insurance cover resumes even after the first diagnosis
• Tax benefit provided under the Income Tax Act, 1960
Eligibility Criteria for Cancer Insurance
• Minimum entry age of 18 years (Depends upon insurance company)
• Maximum entry age of 65 years (Depends upon insurance company)
• No pre-existing disease
• No family history of cancer (Depends upon the insurance company. Few companies offer but with higher premium)
• Good LifeStyle
• Passing Medical tests
Cancer Insurance offers a minimum sum assured of 5 lakhs which goes up to 50 lakhs.
Why should you buy a Cancer Insurance Plan?
We live in an environment where we daily get contacted with pollution, harmful radiations can affect us in various ways like heat from microwave, sunlight, factories, etc. These harmful radiations and many other factors lead to cancer. So people are more prone to the disease. Also, treatment of Cancer is very costly and a health insurance plan would not be enough and sometimes it doesn’t cover cancer. So it is always better to have a Cancer Insurance plan.
What should be considered before purchasing the Cancer Insurance Plan?
• Make sure that you opt for enough sum assured
• Check for which stages of cancer are covered
• Premium paying method could vary either annually, half-yearly, quarterly or monthly
• Check for waiting and survival period
• Check for additional policy benefits like waiver of premium or regular income.
Documents required for Cancer Insurance Plan
• Identity Proof
• Age Proof
• Medical Reports
• Diagnostic Test Reports which shows various stages of Cancer
Most frequent questions and answers about cancer insurance plan
1. At what age should you apply for Cancer Insurance policy?
You are eligible to apply for the Cancer Insurance policy at the age of 18 years.
2. Is money received from Cancer Insurance taxable?
The money received from the Cancer Insurance plan is not taxable. Cancer Insurance plans are eligible for tax deductions under Section 80D of Income Tax Act, 1961. Senior citizens could also be eligible for higher tax benefits.
3. What is the survival period in Cancer Insurance policy?
Survival period is the period for which a policyholder must survive after they are diagnosed with Cancer. After the policyholder passes the survival period, the insurance benefit will be passed onto them. Generally, the survival period is 30 days.
4. Does Cancer Insurance cover pre-existing diseases?
The pre-existing disease is not covered under the Cancer Insurance Plan.
5. Can you take health insurance after you are diagnosed with Cancer?
Unfortunately, you are not eligible to take health insurance after you are diagnosed with Cancer disease
6. Is cancer covered under Health Insurance?
Depending upon the insurance company, cancer can be covered under Health Insurance. There is a list of cancer which are covered. Read the clause properly before going for purchasing the insurance plan.
7. Can cigarette smokers apply for Cancer Insurance?
Yes, cigarette smokers are eligible to apply for Cancer Insurance. However, they would be charged a comparatively higher premium amount.