Top 5 Cancer Insurance Plans You can Buy in India

Find the best cancer insurance policy for you out of the top 5 policies given and get the best treatment.

Cancer is a disturbing disease with over 200 types. One of the leading causes of death worldwide, cancer causes trouble not only mentally, but also financially. To help cancer patients fight the dreaded disease while protecting themselves from financial instability, health insurance companies in India offer cancer insurance plans.

Best 5 Cancer Insurance Plans You can Buy in India

Cancer treatment is very expensive. Cancer insurance plans play an important role in mimicking the cost of cancer treatment in the sky which puts most patients at a huge inconvenience. Therefore, cancer insurance is a time when cancer patients are helped to manage the cost of treatment of cancer, when there is no peace of mind.

Benefits of buying cancer insurance

 

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Comprehensive insurance related to cancer
Coverage for multiple stages of cancer
A lump sum on cancer diagnosis
Exemption of premium benefits for specific period (3 to 5 years or for the entire policy term) under certain conditions
Continuous insurance coverage even after diagnosis of early stage of illness
In case of no claims during the year, the sum insured increases by a pre-determined%
Tax benefits, etc. under Section 80D of the Income Tax Act.
Top 5 Cancer Insurance Plans in India

1. ICICI Pru Cancer Protect

ICICI Pru Cancer Protect provides coverage from the beginning of diagnosis. This includes free cancer screening, chemotherapy costs, PET-CT scans, targeted therapies, medications, recovery in addition to hospitalization, and living expenses thereafter.

major features

Qualification: 18 – 65 years
Policy term: 5 – 40 years
Min. Sum Assured: Rs. 2Lakh
Max. Sum Assured: Rs. 50Lakh
Benefits of the scheme

5% discount on first year premium when you buy health cover for you and your husband
Payment for diagnosis of any of the listed small / large conditions
5% loyalty rebate on first year premium for all existing customers
In case of minor / major claim or on diagnosis of permanent disability due to accident
Assured up to 25% diagnosis on any of the minor conditions covered
1% of sum insured as additional income for 5 years upon diagnosis of major conditions
10% increase in cover for each no claim policy year

2. Aegon Life iCancer Insurance Plan

Aegon Life iCancer Insurance Scheme is a comprehensive cancer insurance plan that covers the expenses of all diseases from the time of diagnosis. Specifically designed to provide financial stability at every stage of cancer through stage-based benefit payments, the iCancer scheme is a non-linked non-participation plan.

major features

  • Qualification: 18 – 65 years
  • Policy term: Minimum entry age of 5 – 70 years
  • Min. Sum Assured: Rs. 10Lakh
  • Max. Sum Assured: Rs. 50Lakh

 

  • Benefits of the scheme

Lump sum payment at any stage of cancer
Waiver of any further premium payment after the claim has been approved for a major phase
Loss increases in more severe stages as increased payoff
25% of the sum assured if you are diagnosed with minor stage cancer
If you have not had any prior claims, then 100% of the amount is assured when you are diagnosed with major stage cancer.
If you have not made a serious claim, an amount of 150% is assured.

3. HDFC Life Cancer Care

The plan presented provides financial security for both the early and major stages of cancer. Under the HDFC Life Cancer Care Scheme, the patient receives payment for major stages of cancer as well as early diagnosis. In addition, premiums are waived for the next 3 policy years upon early stage diagnosis of cancer. The scheme comes in three options, namely Silver, Gold and Platinum, which differ in their benefits.

major features

  • Qualification: 18 – 65 years
  • Policy term: 10 – 20 years, subject to a maximum maturity age of 75 years
  • Min. Sum Assured: Rs. 10Lakh
  • Max. Sum Assured: Rs. 40Lakh

 

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  • Benefits of the scheme

Financial protection to you and your family against early or major stages of cancer
One time payment for diagnosis of major and early stages of cancer
Future premiums for the next 3 policy years are waived upon obtaining a valid claim for cancer diagnosis
Income benefit for next 5 years under Platinum Option
Under the Gold and Platinum option, the sum insured is increased by 10% every year. This continues until the increased sum assured is 200% of the initial sum insured.
All benefits plus payments are independent of any other health insurance plan
Tax benefit on premium up to Rs. 5,000 under section 80D of Income Tax Act, 1961

4. Max Life Cancer Insurance Plan

Max Life Cancer Insurance Plan provides comprehensive protection against all cancer stages. If the cancer is detected in the early stage, the patient gets 20% cover and all future premiums are discontinued. If the cancer is found to be in a major stage, the full coverage amount is paid for the next 5 years with an additional 10% of income.

major features

  • Qualification: 25 – 65 years
  • Policy term: 10 – 40 years
  • Min. Sum Assured: Rs. 10Lakh
  • Max. Sum Assured: Rs. 50Lakh

Benefits of the scheme

Coverage against all stages of cancer
Long term coverage, up to age 75
If the cancer is diagnosed at an early stage, then 10% of the sum assured is payable for 5 years.
Cover increased by 10% for the first 5 years, 150% of the total cover was increased at no additional cost
If the cancer is detected in the initial stage, then all future premiums cease.
Tax benefit on premium paid under section 80D of Income Tax Act, 1961

5. Aditya Birla Sun Life Cancer Shield Plan

The Cancer Shield Scheme by Aditya Birla Sun Life Insurance Company is a cancer insurance policy that provides coverage for all stages of cancer. A great tool to keep the family financially secure, the Aditya Birla Sun Life Cancer Scheme is a traditional non-participation scheme, which helps cancer patients prevent themselves from financial problems while fighting diseases with troubled minds.

major features

Qualification: 18 – 65 years
Policy term: 5 – 20 years
Min. Sum Assured: Rs. 10Lakh
Max. Sum Assured: Rs. 50Lakh
Benefits of the scheme

Covers all stages of cancer, be it early or major
Option to choose a level or mounting cover
Option to receive monthly income for 5 policy years on diagnosis of major stage of cancer
Premium waiver for 5 years on early stage diagnosis of cancer
Tax benefits as per Section 80D of Income Tax Act, 1961 as per the current tax laws.
The conclusion

Cancer patients, in search of the best health insurance plans, consider cancer insurance as the most awaited financial aid. It is important to invest in the best cancer insurance plan in India so that neither you nor your family is physically, emotionally and financially drained. Remember, even the best health insurance policy has not helped you get coverage for all costs related to cancer and if it does, there will be many conditions for coverage at different stages.