Cancer Insurance Request a Quote Now
We offer a variety of Cancer insurance covers that can suit your requirements. Request a quote now and get all the necessary details and start insuring.
Vehicle IDV Customization
Lightning Speed Claims
Best Premium Packages
Cancer Insurance serves as a distinct form of coverage tailored to provide financial support to individuals who receive a cancer diagnosis following the expiration of the free look-up period outlined in the policy’s terms and conditions. This specialized policy encompasses expenses related to cancer detection and treatment, encompassing hospital stays, chemotherapy, radiation therapy, surgical procedures, and related costs.
How Does Cancer Insurance Work?
Once an individual receives a cancer diagnosis, their cancer insurance policy becomes active. Upon diagnosis, the insurance company disburses a lump sum payment equal to the insured amount. This sum can be utilized to offset cancer treatment expenses. Typically, claim funds are disbursed at different diagnosis stages such as minor, major, and critical stages, granted the diagnosis occurs within the policy year. Nonetheless, cancer insurance policies do not provide benefits for death, maturity, or surrender.
What are the types of cancer covered by Cancer Insurance Plans in India?
Look at the different kinds of cancer that are included in insurance plans. These plans cover cancer in its early stages as well as when it’s more advanced. Such as
- Ovarian cancer
- Lung cancer
- Cervical cancer
- Breast cancer
- Stomach cancer
- Prostate cancer
- Hypolarynx cancer
What are the Benefits of Cancer Insurance Plans?
Here are some important reasons to buy a cancer insurance plan:
Lump Sum Payout
A lump sum is given to the insured when they are diagnosed with cancer.
Premium Waiver
The premium waiver benefit is accessible under specific circumstances, such as an early-stage cancer diagnosis.
Multiple Cancer Stages
It includes various stages of cancer.
Monthly Payout
Monthly income is disbursed for a designated period, contingent on certain conditions, like in the event of a significant cancer diagnosis.
Sum Insured Enhancement
If no claims are made throughout the year, the insured amount rises by a predetermined percentage.
Tax Benefits
Tax benefits under section 80D of the Income Tax Act are accessible on premiums paid.
Continuum of Coverage
Cancer insurance coverage in several plans does not end after the initial diagnosis of the illness.
What is the Need for a Cancer Insurance Plan?
Buying a cancer insurance policy is important due to the significant expenses associated with cancer treatment, which often extends over a prolonged period. This illness can impact families in various ways, including physically, emotionally, and financially. Additionally, even the most comprehensive health insurance policy might not cover all the costs related to cancer treatment, and if it does, coverage may be subject to conditions at different stages of the disease.
What is excluded from the Cancer Insurance Plan?
The following diseases or medical conditions are typically not included in a cancer insurance plan:
- Any type of cancer directly or indirectly caused by or contributed to by sexually transmitted diseases, HIV, or AIDS is not covered.
- Skin Cancer
- Cancer resulting from biological, nuclear, or chemical contamination is not covered.
- Cancer resulting from any congenital condition and pre-existing conditions is not covered.
- Any cancer caused by contact with radiation or radioactivity from any non-diagnostic or therapeutic source is not covered.
Note: These exclusions are general. Specific exclusions may vary among insurers.
How does Cancer Insurance is different from a Critical Illness Insurance Plan?
Unlike cancer insurance plans, critical illness insurance plans cover the costly treatments for a variety of listed critical diseases such as stroke, major organ transplant, paralysis, cardiac arrest, multiple sclerosis, kidney failure, total blindness, deafness, and certain life-threatening cancers.
A regular critical illness plan also provides a lump sum benefit to the insured following the diagnosis of a covered critical illness. However, the majority of critical illness insurance plans only include cancer at an advanced stage. For example, a critical illness plan will provide coverage for cancer when a malignant tumor shows uncontrolled growth, invading and destroying normal tissues at an advanced stage. Additionally, it does not cover any complications arising from cancer.
Also, it does not waive future premiums or increase the sum insured for each claim-free year. Additionally, if the policyholder exhibits cancer symptoms within the initial 90 days (typically the specified waiting period in most policies), the plan terminates.
When is the Right Time to buy Cancer Insurance?
Consider buying a cancer insurance plan if:
- You believe you have a higher risk of developing cancer due to environmental or other factors.
- You do not have enough savings to pay large hospital bills.
- Your regular health insurance policy lacks adequate coverage.
- You are the only person in the house who is earnings
- If there is a history of cancer in your family
Key points before buying a cancer insurance plan
Before purchasing a cancer insurance plan, you should consider the following:
Two Policies Do Not Mean Double Coverage
Having both a comprehensive health insurance policy and a separate cancer insurance plan doesn't automatically mean you'll receive double benefits. Many insurance policies include a "coordination of benefits" clause, ensuring that expenses covered by one plan won't be covered by the other.
Family History of Cancer
For individuals with a significant family history of cancer, it is advisable to consider purchasing cancer insurance. These individuals should evaluate how cancer insurance will complement their existing health policy.
How can MyPolicyExpress help in selecting the right Cancer Insurance Plan?
MyPolicyExpress can compare and analyze different cancer insurance plans provided by the best insurance companies in India. This service can aid you in making an informed decision and selecting the most suitable plan based on your individual requirements. To begin, simply input a few details such as your name, date of birth, email address, and mobile number.