5 Best Cancer Insurance Policy in India 2023 – Types and Benefits
Cancer insurance plans can give individuals and families financial protection from expensive cancer treatments. According to an estimate, approximately 8 Lakh new cancer cases get registered in India every year. Cancer and its treatment can not only put a serious strain on your health, but can also put a strain on your finances. To help mitigate this financial risk, many cancer insurance companies in India offer coverage for cancer. Choosing the best cancer insurance plan – one that fits like a glove – be it from the affordability perspective or the accessibility standpoint – is not easy. Among the many things to consider, sum insured, premium, benefits, and the ease of claims settlement, will probably influence your decision the most. In this blog, we have listed some of the best cancer insurance plans along with details, such as coverage, exclusions, waiting period, and more.
Did You Know?
According to the 2019 National Health profile, the number of new cancer patients increased in India by 324% between 2017 and 2018.
Don’t wait for the worst to happen! Get protection for your hard-earned savings and peace of mind with any of the best cancer policies listed below.
5 Best Cancer Insurance Plans in India
| Sr. No. | Cancer Insurance Plans |
| 1 | Navi Critical Illness Cover |
| 2 | Max Life Cancer Insurance Plan |
| 3 | HDFC Life Cancer Care Plan |
| 4 | ICICI Prudential Heart/Cancer Protect |
| 5 | Aditya Birla Activ Secure Cancer Plan |
Detailed Overview of Best Cancer Insurance Policy in India
Navi Health Insurance offers a cancer insurance plan designed to provide financial protection and support to individuals diagnosed with cancer. In today’s world, where cases of cancer are constantly rising and so are out-of-pocket medical expenses, having one of the best cancer insurance policies will not only make you feel more reassured about your health and financial safety but also offer other benefits, such as tax savings under Section 80D of the I-T Act.
Key Features of Navi Critical Illness Cover
- Age of insured: 91 days to 70 years. The age of a dependent child, insured under the policy, cannot exceed 30 years
- Sum insured: Up to ₹1 crore
- Waiting period: Almost no waiting period from day 31 of the policy
- Minimum premium amount: ₹235 per month
- Benefits:
- Get 100% hospital bill coverage and cashless claim settlement under 20 minutes at more than 11,000 network hospitals across India
- Get comprehensive coverage 90 days before and 180 days after hospitalisation
- Get coverage for hospitalisation at home for 3 days or more, subject to conditions
- Get unlimited online doctor consultations and a complimentary annual health checkup for each insured member, aged 17 years or more
- Under Section 80D of I-T Act, 1961, you can claim tax deduction of up to ₹25,000 for the premium paid, if you are aged below 60 years. Senior citizens can claims tax deductions of up to ₹50,000
To know more about the plan or to check your premium, download the Navi App right now.
2. Max Life Cancer Insurance Plan
When discussing cancer insurance companies and best cancer insurance policies in India, Max Life is a name that usually pops up. Max Life Cancer Insurance Plan is a health insurance policy offering financial assistance to individuals diagnosed with the disease. It provides protection for your savings from expensive cancer treatments. The policy offers comprehensive coverage for all stages of cancer. Additional benefits include income guarantees and tax benefits, among others. The policy is a non-linked, non-participating insurance plan. Overall, Max Life Cancer Insurance Plan provides a reliable and convenient option for individuals and families who want a financial safeguard from expensive cancer care.
Key Features of Max Life Cancer Insurance Plan
- Age: The minimum entry age is 25 years
- Sum insured: Up to ₹1 Crore
- Waiting period: 180 days
- Minimum premium amount: ₹690 per month
- Benefits:
- The policy covers early-stage cancer, carcinoma-in-situ (which is a pre-cancer stage), and major cancer stage
- The premiums paid towards the policy are eligible for deductions under section 80D of the I-T Act
- The policy pays out 100% of the sum insured in case the insured is diagnosed with a severe stage of the disease
- The policy pays 20% of the sum insured as a lump sum in case the insured is diagnosed with an early stage of cancer
- As an income benefit, the policy offers 10% of the sum insured for 5 years, regardless of the policy term or the death of the policyholder
3. HDFC Life Cancer Care Plan
HDFC Life Cancer Care Plan is a comprehensive health insurance policy that offers financial protection to individuals and their families in the event of a cancer diagnosis, offering a lump-sum payout upon diagnosis of early-stage or major cancer. A list of the best cancer insurance plans may not be complete without this cancer insurance plan. Among the many benefits, it offers a waiver on premiums for the next three policy years on early-stage cancer diagnosis. It also comes with a base benefit, including cancer diagnosis benefits for malignant, early-stage, and major cancers. Other benefits include increased sum insured if claims are not made. This is a non-linked, non-participating protection plan that has been designed to help customers cope with the physical, emotional, and financial stress of cancer. It has also an income benefit option.
Key Features of HDFC Life Cancer Care Plan
- Entry age: 5 years to 65 years
- Maturity Age: 15 years to 85 years
- Sum insured: ₹10 lakh to ₹50 lakh
- Waiting period: 180 days from the date of the commencement of the policy
- Approximate premium amount: ₹1,411 for the base plan without taxes (for a male aged 35 years)
- Benefits:
- The policy covers early and major stages of cancer.
- The future premiums for 3 policy years are waived off if the insured is diagnosed with cancer.
- You can choose a premium payment frequency, based on your convenience, from four available options – monthly, quarterly, half-yearly, or yearly.
- The sum insured will be increased by 10% every year under the Gold and Platinum plans, up to a maximum of 200% of the initial sum assured.
4. ICICI Prudential Heart/Cancer Protect
ICICI Prudential Heart/Cancer Protect is a health insurance plan that offers financial protection against heart conditions and cancer. It is designed to provide financial security to individuals who may suffer from these critical illnesses. This best cancer policy covers cancer and major/minor heart diseases and offers a fixed payout based on the severity of the condition.
Key Features of ICICI Prudential Heart/Cancer Protect
- Entry Age: 18 years to 65 years
- Maturity Age: 23 years to 75 years
- Sum insured: ₹2 lakh (minimum) to ₹50 lakh (maximum)
- Waiting period: 180 days from the date of policy commencement. On renewal of a lapsed policy, the waiting period will be 90 days instead of 180
- Minimum premium amount: Starts from less than ₹3 per day for a cover of up to ₹20 Lakh
- Benefits:
- Tax benefits are available under section 80D of the I-T Act, 1961. The policyholder can claim a deduction of ₹25,000 for premiums paid towards the policy.
- You will get 1% of the sum assured as additional income for 5 years on diagnosis of a major medical condition, such as a certain specified severity of cancer.
- A cash amount of ₹5,000 will be paid for continuous hospitalisation for more than 1 day, irrespective of the actual hospitalisation cost. This benefit can be claimed for up to 10 days in a policy year and up to 30 days in a policy term.
- On diagnosis of a minor condition, such as Carcinoma-in-Situ (except for skin) or early stage cancer, you can claim up to 25% of the sum assured. For a major cancer condition, you will be paid 100% of the sum assured.
5. Aditya Birla Activ Secure Cancer Plan
Choosing the best cancer policy is anything but easy. The suitability of a plan depends on a number of factors, such as your age, health condition, sum insured, premium, and many other factors. However, we have tried our best to narrow down the list of the best insurance policies for cancer for you. But, the list may remain incomplete without the Aditya Birla Activ Secure Cancer Plan.
This plan has been designed to provide financial assistance to people diagnosed with cancer for their treatment costs at all stages – early, major, and advanced. The maximum sum insured offered by this policy is ₹1 crore. You can claim up to 50%, 100%, and 150% of the sum insured for early, major, and advanced stages of cancer, respectively. You can get lumpsum payouts for a number of cancer-related treatment procedures, such as chemotherapy, radiation, and surgery.
Key Features of Aditya Birla Activ Secure Cancer Plan
- Age: The minimum age for entry is 18 years, while the maximum age is 65 years.
- Sum insured: Up to ₹1 crore
- Waiting period: 90 days (initial) and 180 days (for early stage)
- Minimum premium amount: ₹428 per annum
- Survival period: 7 days
- Benefits:
- The plan covers the policyholder, their spouse, up to 2 parents and 2 parents-in-law, and up to 4 children.
- The sum insured for an earning member can be up to 12 times of their yearly gross income.
- Get 10% cumulative bonus, up to a maximum of 100% of the sum assured, for every claim-free year.
- You have the option to get your dedicated wellness coach for personalised medical guidance. You also have the option to consult a panel of medical experts online.
Also Read
Types of Cancer Covered by Cancer Insurance Plans in India
The cancer insurance companies in India generally cover the following types of cancers:
- Lung cancer
- Ovarian cancer
- Breast cancer
- Prostate cancer
- Stomach cancer
- Cervical cancer
- Hypolarynx cancer
Best Cancer Insurance Plans – Inclusions
Best cancer policies in India usually cover the following:
- Expenses – Pre- and post-hospitalisation, home hospitalisation, cancer-related medical expenses, ambulance and daycare expenses*
- Most health insurance plans cover Carcinoma in Situ (CIS) i,e, pre cancer stage, early stage, major stage, and even advanced stage.
- Some policies also offer complimentary health checks, online doctor consultations, and even dedicated health coaches
However, please beware that some specific conditions may be excluded from your policy, such as:
- Any congenital disease
- A disease caused by intoxication or drug abuse
- A disease caused by exposure to biological, chemical, or nuclear hazards
- Certain pre-existing conditions
- Intention self-injury
- Sexually transmitted diseases, HIV, or AIDs
*The inclusions may vary depending on the insurer and the particular policy
Benefits of Choosing the Best Cancer Insurance Policy in India
1. Payment of Lumpsum Amount
You can receive a lumpsum payout with a cancer insurance policy if the disease is diagnosed in its early stage. The payment amount is typically 20% to 25% of the sum insured.
If you are diagnosed with severe cancer, you can get up to 100% of the insurance amount. Some insurers also waive off remaining premiums of the policy term.
2. Extensive Coverage
Cancer insurance policies usually cover several types of cancer, except a few, such as skin cancer. These are usually available at a pocket-friendly premium. As a result, you can protect your savings from a wide range of expensive cancer procedures, such as chemotherapy, radiotherapy, surgery, and more.
3. Tax Benefits
As per Section 80D of the Income Tax Act, you are eligible for tax benefits if you are a cancer insurance policyholder. You can avail of a tax deduction of up to Rs.25,000. Senior citizens can avail of tax deductions up to ₹50,000.
4. Income Benefits
Some cancer insurance policies also provide income benefit features. Income benefit can be a substitute for a regular source of income, provided the insured loses their source of earnings or passes away, in which case the family will receive regular payouts. This amount is usually a fixed percentage of the sum insured.
5. Waiver of Premium Benefits
There are quite a few cancer insurance policies in India that, under specific conditions, will provide you with the benefit of waiving premium payments for a certain time duration. Ranging from 3 to 5 years or even during the entire policy duration. However, different companies offer different cancer insurance policy rates. Make sure you assess all options before making the final decision.
Eligibility Criteria for Purchasing a Cancer Insurance Policy
While cancer insurance companies have the freedom to set their own eligibility criteria, here are a few standard ones:
- There could be a waiting period of a minimum of 180 days (could be less for some cancer policies) before the policy benefits get unlocked.
- Usually, the minimum and the maximum age set for insured members are 18 years and 65 years, respectively. However, some insurers cover minors as well. Family floater plans allow you to add your parents, spouse, or children, subject to conditions.
- The minimum sum insured could be as little as ₹2 Lakh or less.
- While you will usually have the flexibility to choose the policy coverage period, in most cases, the maximum age of the policyholder, at the time of policy maturity, cannot exceed 75 years.
Documents Required for Raising a Claim
- Completely filled out and duly signed claims form
- Medical bills and prescriptions
- Investigation reports
- Radiology and chemotherapy reports
- A medical certificate
Cancer Insurance Policy Claims Process
- Inform the insurance provider as soon as possible about the expected medical expenses incurred for hospitalization. Contact them directly or through the Third Party Administrator (TPA)
- Submit a filled out and duly signed claims form stamped by hospital authorities along with other documents to the insurer
- Submit the doctor’s prescriptions, hospitalisation bills, pharmacy bills, and other supporting documents
- The insurance company will appoint a surveyor. He/she will verify the authenticity of the claim
- If the insurer is satisfied with the surveyor’s report, the claim will be approved and the money will be disbursed
Why Get a Cancer Insurance Policy Despite Having a Health Insurance Policy?
Even if you have a health insurance policy, you should consider buying a comprehensive cancer insurance policy for the following reasons:
- The cost of cancer treatment is constantly on the rise.
- General health insurance policies may have more exclusions for major illnesses, such as cancer. Best insurance plans for cancer generally.
- A cancer insurance policy provides coverage for most types of cancers at all stages. However, it is advisable to check specific coverage terms and conditions of a policy before purchasing it.
- A cancer insurance policy can be a supplement to an existing medical insurance policy. One can avail of a large amount of coverage for an affordable premium. For example, for an affordable premium of just ₹235 per month i.e. ₹2,820 per year, Navi Health Insurance gives you a sum insured of ₹2,00,000 – which means you get an 80 times increased cover on what you’re paying. Now, isn’t that fascinating?
Also Read
Critical Insurance Vs Cancer Insurance
| Criteria | Critical Insurance Policy | Cancer Insurance Policy |
| Aim | This insurance policy covers medical expenses for specified critical illnesses | A cancer insurance policy specifically covers medical expenses for cancer |
| Stages of Cancer | Advanced stages of cancer are covered | All stages are covered in this policy |
| Coverage Extent | Provides coverage for a limited number of specified illnesses | Provides coverage for all stages and almost all types of cancer |
| Survival Period | Generally, it’s around 30 days. But it varies from one policy to another | Patients need to survive for 7 days after the diagnosis for their claim to be valid |
| Who is it for | Anyone who wants to protect their savings from a critical health condition they feel they are highly likely to develop | Anyone who wants to protect their savings from the rising cost of cancer care and hospital treatment |
Factors to Consider While Purchasing a Cancer Insurance Policy
1. Coverage for Multiple Stages
Make sure that the insurance policy provides coverage for all the stages of cancer, i.e., early-stage, major-stage and advanced-stage. This will help you cover treatment expenses at different stages of the disease easily.
2. Policy Term
A cancer insurance plan with a longer policy term will allow the insured to enjoy financial benefits for a longer period.
3. Survival Period and Waiting Period
The survival period is the period the insured has to be alive to be eligible to benefit from the policy. A waiting period is a time one has to wait before the policy starts providing coverage benefits.
4. Sum Assured
Choose a plan that offers a high sum assured. This will give a bigger legroom to get quality cancer treatment and care, in case you or an insured member of your family gets diagnosed with the disease.
5. Additional Policy Benefits
Multiple insurance plans offer benefits, such as regular income and waiver of premium during certain stages of cancer. Go through the policy clauses diligently and select a policy that offers maximum coverage and value-for-money.
Tax Exemptions on Cancer Insurance Policy
According to Section 80D of the Income Tax Act, taxpayers can avail of tax exemptions for maintaining medical insurance policies.
This table illustrates the tax exemptions allowed u/s 80D:
| Insured Entity | Deduction Amount for People below 60 years | Deduction Amount for People above 60 years |
| Self, spouse and children | Rs. 25,000 | Rs. 50,000 |
| Parents | Rs. 25,000 | Rs. 50,000 |
| Maximum Deduction | Rs. 50,000 | Rs. 1,00,000 |
For preventive healthcare, a maximum tax exemption of ₹5,000 can be claimed under Section 80D of the I-T Act.\
Final Word
The best cancer insurance plans can help cover for expensive cancer-related treatments and medical procedures. But before you purchase a cancer insurance policy, compare the available plans to find the best cancer insurance policy for you and your loved ones.
If you are looking for an affordable health insurance policy that offers 100% hospital bill coverage and cashless claim settlement within 20 minutes at 11,000+ hospitals in India, then download the Navi App right now to apply for Navi Health Insurance. It’s 100% paperless and completely seamless!
FAQs
If your family has a history of cancer, you should definitely consider the purchase of a cancer insurance policy. If you are the sole earning member of the family or don’t have sufficient savings, purchasing a cancer insurance policy is a good option. However, please note that cancer insurance policies don’t cover existing conditions, so you shouldn’t be diagnosed with cancer at the time of the policy purchase.
Generally, a comprehensive cancer insurance policy provides coverage for both early and advanced stages of cancer. Moreover, it covers expenses related to cancer diagnosis and treatment including radiation, hospitalization, chemotherapy and surgery etc.
Cancer insurance policies are a must for smokers as cigarette smoking can increase the chances of cancer. Moreover, there are certain lifestyle habits that can open people up to the risk of cancer. A cancer insurance policy will prepare one financially to meet treatment expenses for the disease.
There are insurance providers that cover treatment done abroad while others don’t. While buying cancer insurance policies, people should check thoroughly whether the insurer would cover treatment at a foreign destination or not.
In case you stop paying the premiums during the grace period, your policy will enter the lapse stage. Consequently, you will not be eligible for any benefit. To reinstate the policy, you have to follow certain instructions provided by your insurer.
If you are not satisfied with the terms and conditions of the newly purchased cancer insurance policy, you can return it. However, you have to do this within 30 days of buying the plan. After that, the insurer will terminate your policy. They will also return the premium amount you have paid so far.
Yes, it would help if you appeared for a medical examination. Contact your insurer for further details.
Most health insurance plans cover cancer in India. They usually cover hospitalisation expenses incurred during the treatment of the insured. It either forms part of the base policy or be offered as a rider.
Cancer insurance coverage is a specialised health insurance plan that covers all stages of cancer. It is designed to provide financial aid to the insured if diagnosed with cancer, protecting their savings from expensive cancer-related treatments, such as radiation, surgery, chemotherapy, blood transfusions, and other treatments requiring hospitalisation.
A life insurance policy in India covers death caused by certain diseases, and cancer is one of them. However, a life insurance plan may not cover cancer if the policyholder declares it as a pre-existing disease.
Choosing the best cancer insurance policy is never easy. You need to consider a lot of factors before finalising a plan. Some of them are the entry age, sum assured, policy period, premium amount, and other benefits to name a few.
Usually, skin cancer, sexually transmitted disease (STD), AIDS, or HIV are not covered under cancer health insurance plans. Also, pre-existing conditions may not be covered. Health conditions caused by exposure to nuclear, chemical, or biological hazards, are generally not covered.
Before you go…
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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