Cancer treatments and medicines are expensive. But, a cancer insurance policy could help reduce financial stress and help manage the cost of the treatment comfortably. The best cancer insurance policies provide all-encompassing financial coverage against cancer-related expenses. However, before buying such a policy, check out the top insurance plans, what they cover, exclusions, claims process and more.
Read on to get a list of the 4 best cancer insurance policies in India (2023) and their details.
4 Best Cancer Insurance Policies in India
Here’s a list of 4 leading cancer insurance policies in India:
1. Navi Critical Illness Cover
The Critical Illness Cover from Navi offers financial protection against over 40 critical ailments, including cancer of specific severity. Your doctor consultations, medicines, and other necessary treatments would be covered in this plan. With Navi Critical Illness Cover you can settle a cashless claim in 20 minutes from over 10,000+ network hospitals in more than 400 locations all over India.Affordable premiums of just Rs.235 per month and cover up to Rs.1 crore make it ideal for cancer-related treatments. Just download the Navi App and apply now!
2. Max Life Cancer Insurance Plan
This plan includes benefits for all types of cancer in the early, major as well as advanced stages. In addition, you can get an immediate payout upon diagnosis, regardless of the cancer stage. The minimum and the maximum sum insured are Rs.10 lakh and Rs.50 lakh, respectively.
The minimum annual premium is as low as Rs.1,490. Also, this plan comes with a minimum term of 10 years with a waiting period of 180 days from the date of initiation of the insurance policy.
3. HDFC Life Cancer Care Plan
You can choose between any of the 3 plans under this cancer insurance policy: Silver, Gold and Platinum. Each cancer care plan comes with varying features and benefits. You are free to pay the premium in any following frequencies: yearly, half-yearly, monthly or quarterly. The policy term ranges between 10 years and 20 years.
4. ICICI Prudential Heart/Cancer Protect
The sum insured stands between a minimum of Rs. 2 lakh and a maximum of Rs. 50 lakh and will increase by 10% in coverage for every ‘no-claim’ year. In addition, you can enjoy tax deduction benefits and also benefits from the waiver of premium. The policy term extends between 5 years and 40 years, while the waiting period is 6 months from the date of commencement.
Best Cancer Insurance Policies Inclusions
Cancer insurance policies usually cover the following:
Type of cancers – Ovarian, lung, stomach, breast, prostate and hypopharynx cancers
Expenses – Pre and post-hospitalisation, home hospitalisation, cancer-related medical expenses, ambulance and daycare expenses*
*The inclusions may vary depending on the insurance company
Benefits of Choosing the Best Cancer Insurance Policy
The bestcancer insurance policies come with a host of benefits. Here are some of the most significant advantages that you can enjoy with a standalone cancer insurance policy:
1. Payment of Lump-sum Amount
You can receive a lump sum payout with a cancer insurance policy if the disease is diagnosed in its early stage. The payment amount typically stands at 20% to 25% of the pre-decided sum insured.
You will get the remaining portion of the sum insured during the final or advanced stage of the disease. Certain cancer insurance policy providers also provide check-ups devoid of additional expenses throughout the policy.
2. Extensive Financial 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 expect financial coverage against a wide range of expensive cancer treatments 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. However, senior citizens are allowed to avail of higher tax deductions.
4. Stable Source of Income
Some cancer insurance policies also provide income benefit features if one loses employment due to diagnosis. The income benefit feature acts as a fixed and reliable source of income. Notably, this amount will be a fixed percentage of the sum insured.
5. Waiver of Premium Benefit
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.
Eligibility Criteria for Purchasing a Cancer Insurance Policy
You need to fulfil the following criteria to be eligible for cancer insurance policies available today:
A waiting period of a minimum of 180 days needs to be fulfilled before your policy gets activated.
Usually, the insurance company offers a cancer insurance policy to individuals between 18 years and 65 years. However, some companies might provide such insurance covers for minors as well. In that case, any of the parents has to be under the same policy cover.
The minimum sum insured under any cancer insurance plan has to be Rs. 5 lakh.
You can choose a policy term of up to 20 years. However, the maximum maturity age should not ideally exceed 75 years.
A waiting period of a minimum of 180 days needs to be fulfilled before your policy gets activated
Cancer Insurance Policy Claims Process
The claim procedure for cancer insurance policies is as follows:
Step 1: 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)
Step 2: Submit a filled out and duly signed claims form stamped by hospital authorities along with other documents to the insurer
Step 3: Submit the doctor’s consultation bills, hospitalization bills, pharmacy bills and all the other necessary documents
Step 4: The insurance company will appoint a surveyor. He/she will verify the authenticity of the claim and hospitalization
Step 5: If the insurer is satisfied with the surveyor’s report, the claim will be approved. Otherwise, a claim rejection will take place
Documents Required for Raising a Claim
Completely filled out and duly signed claims form
Medical bills and prescriptions
Radiology and chemotherapy reports
A medical certificate
Exclusions Under Cancer Insurance Policy
Here are some of the exclusions that can prevent you from successfully raising a claim:
Pre-existing illness, attempted suicide or self-inflicted harm
You cannot claim benefits if the diagnosed cancer happens due to any of the following reasons: organ donation, sexually transmitted diseases like HIV, biological, nuclear, chemical contamination, etc.
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:
Deduction Amount for People below 60 years
Deduction Amount for People above 60 years
Self, spouse and children
One should note that taxpayers can avail of tax exemptions of a maximum of Rs.5000 for preventive healthcare under Section 80D of the Income Tax Act.
How to Choose the Best Cancer Insurance Plan in India?
Given below are the steps to choosing the best cancer insurance policy in India:
Step 1: Check the coverage
Choose a comprehensive cancer insurance policy that covers medical procedures, medications, radiation therapy, chemotherapy and hospitalisation
Step 2: Check the terms and conditions
Check the waiting period of a cancer insurance policy. Cancer insurance policies are accompanied by a clause on the survival period. It stipulates the number of days the policyholder has to remain alive from the time of the diagnosis
Step 3: Check the duration of the insurance coverage
It is important to choose a cancer insurance policy with coverage for a long period of time
Step 4: Check the payouts of the insurance policy
This is important as the payouts are different for early-stage diagnosis and advanced-stage diagnosis. The chosen cancer insurance policy should cover and provide benefits for even minor conditions
While buying a cancer insurance policy, one should opt for a policy with a high claim settlement ratio
Step 6: Check the premiums
Choose a policy that comes with high coverage at an affordable premium amount
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 various reasons:
Over the past few years, the cost of cancer treatment has risen substantially. The cost of cancer treatment abroad has risen as well.
Many health insurance policies cover major critical illnesses but they cover inpatient hospitalization and treatment costs in India only.
One needs to note that health insurance policies don’t cover the entire medical expenses. Moreover, a general health insurance policy doesn’t exceed Rs.5 lakh. This can prove detrimental for cancer patients
A cancer insurance policy provides coverage for all types of cancers at all stages. Still, it is advisable for people to check the types of cancers covered by the insurance policy
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.
Critical Insurance vs Cancer Insurance
The table below enumerates the differences between critical insurance and cancer medical insurance policies:
Critical Insurance Policy
Cancer Insurance Policy
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
Provides coverage for a limited number of specified illnesses
Provides coverage for all stages of all types of cancer
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
Ideal for people who show signs of developing a critical illness, know the risks and associated costs
Ideal for people who know the risks and costs associated to cancer treatment
Points to Remember While Purchasing a Cancer Insurance Policy
Consider the following points before 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 to cover treatment expenses of different stages 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. Robust Sum Assured
Opt for a cancer insurance plan with a high sum assured to have some financial relief during such testing times. This can be your safety net, providing you with some financial support during a cancer diagnosis.
5. Additional Policy Benefits
Multiple insurance plans offer regular income benefits and waiver of premium benefits during certain stages of cancer. Go through the clauses about the said benefits and select the policy that offers maximum coverage and proves to be the most economical choice for you.
The best cancer insurance policy can help cover massive financial expenses accompanying advanced cancer treatments. 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 with over 10,000 network hospitals across the country, download the Navi App for a hassle-free process.
FAQs on the Best Cancer Insurance Policy
Q1. Is it possible to apply for a cancer insurance policy if I have a family history of cancer?
Ans: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.
Q2. Do all cancer insurance policies provide health benefits at all stages of cancer?
Ans: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.
Q3. Can someone with a cigarette smoking habit apply for a cancer insurance policy?
Ans: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.
Q4. Do cancer insurance policies cover treatment done abroad?
Ans: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.
Q5. What will happen if I stop paying cancer insurance policy premiums?
Ans: 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.
Q6. Can I return a cancer policy if I’m not satisfied with it?
Ans: 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.
Q7. Do I need to take a medical examination for taking up a cancer policy?
Ans: Yes, it would help if you appeared for a medical examination. Contact your insurer for further details.
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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