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CANCER INSURANCE





In India as well, the number of people suffering from cancer is increasing day by day. Yet, one believes that this life threatening disease will not be able to touch them and their loved ones. But, one must take Cancer Insurance in addition to the normal comprehensive health Insurance policy.  Because it is not only the patient who goes through a tough phase but the entire family has to deal with emotional & financial crises.

Cancer Insurance policy provides medical cover to people who gets diagnosed with Cancer of the Initial stage or higher stages.

On the basis of stage of Cancer the benefits of the policy are divided. The diagnosed Cancer stage serves as the foundation. Based on stage the benefits of insurance are provided. Benefits are as follows:

Cancer Care Policy is divided into three categories on the basis of stage of Cancer. The company has different benefits for different stages of Cancer:

  • Early Stage Cancer

Percentage of Sum assured is paid to the insured. Cancer Care Policy will continue in future and future premium is waived off. Some companies also provide income benefit in case of the early stage of cancer.

  • Advanced Stage Cancer

100% Sum assured is paid to the person and the policy will terminate.

HOW CANCER CARE POLICY IS DIFFERENT FROM NORMAL HEALTH INSURANCE?

POINT OF DIFFERENCE CANCER CARE INSURANCE NORMAL HEATH INSURANCE
AGE Entry age is somewhere between 18- 65 years Entry age is below 60 years
SUM ASSURED Starts from INR 5 Lac and goes up to 50Lac Starts from 1Lac & goes up to 1Crore
MEDICAL CHECK-UP Compulsory for all age groups Compulsory after 45years
PREMIUM Low High
INCOME BENEFIT Few companies provide regular monthly income Regular monthly income benefit is not available
Survival Period 7 days No such period




WHAT ARE THE OTHER BENEFITSOF CANCER CARE INSURANCE?

Before buying the Cancer Care Insurance one should go through following benefits:

  • Premium for Cancer Care Insurance policy is relatively low as compared to normal plan
  • In Cancer Care policy you can focus on bigger sum assured (INR 5-50 Lac) due to cheaper premium, unlike other policies that cover almost all diseases but charges high rate
  • Portability option is available in the policy of similar nature. One cannot port Cancer Care Policy into a comprehensive health insurance plan and vice-versa
  • No Claim Bonus of 10% is provided for each claim free year for a maximum of 150%
  • Cancer care Policy is independent of any other policy which you have taken. It acts as a supplement policy. It means if you have taken hospitalisation cover from comprehensive insurance then also the company will provide you with the benefits of Cancer Care Insurance policy
  • Sum assured can be increased on company’s approval on claim-free history

POINT TO REMEMBER

  • If policy holder has not paid the renewal premium before the due date. Then the policy will not lapse as you have 30 days grace period option. But, coverage is not provided during this grace period
  • There is no maturity and death benefit in Cancer Care Policy
  • Pre-existing disease in Cancer Care policy is subject to underwriter’s decision. Underwriter Decision means whether Cancer care policy will be issued or not?
  • A person is eligible to take Cancer Care policy from multiple companies and can take the claim from more than 1 Company. (Provided you have disclosed to the company that you are holding a cancer care policy of other company(s) as well

WHAT IS THE TAX BENEFIT OF TAKING CANCER CARE MEDICAL INSURANCE?

The tax benefit is provided under Section 80(d). Limit for tax benefit is as follows:

  • If you take Cancer insurance policy for yourself. Then, the premium amount will be treated as saving up to INR 25000. But, if you are a senior citizen then the rebate is INR 30000
  • Also, if you take this policy for your parents then you can take rebate of INR 25000. However, if your parents are senior citizen then limit of the rebate is INR 30000 separately
  • However, if you take the policy for yourself and your parents (who are also senior citizens). Then total maximum rebate available under this section is INR 55000.

WHAT ARE THE EXCLUSIONS OF CANCER CARE POLICY?

  • Sexually Transmitted Diseases AIDS or HIV.
  • Congenital conditions
  • Pre-existing condition
  • If symptoms (related to the diagnosed cancer) first occurred during the waiting period. Then, the policy will get terminated.

WHAT IS THE LIST OF THE COMPANIES OFFERING CANCER CARE POLICY?

Following companies offer Cancer Insurance:

  • AEGON Life
  • HDFC Life
  • Max Life
  • New India Insurance

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