Health Insurance for Cancer Patients in India
Published On Mar 09, 2021, Updated On Oct 14, 2022
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Cancer is a deadly disease where the body suffers from an unprecedented rate of cell division and growth. Cancer medical costs and treatments are exorbitant when compared to the disease's high mortality rate. Cancer is an extremely expensive disease, whether it be the diagnosis or the expenditures of radiation, chemotherapy, and surgery. Hence, many people struggle financially in order to cover medical expenses incurred during the treatment.
Most critical illness insurance policies cover cancer but if a policyholder has cancer as a pre-existing condition, then they are often denied the insurance cover , but, in light of the various complications arising out of the disease. In such a scenario, the best option is to have health insurance specifically designed for cancer patients.
A cancer health insurance plan is created to specifically address the needs of a person with cancer while also ensuring your financial security. It provides comprehensive insurance coverage by covering the expense of diagnosis, treatment, hospitalisation, chemotherapy, radiation, and surgery.
In light of this, let's examine the best 5 cancer patient health insurance policies in India
Cancer Health Insurance Plans in India
Here is a list of India's top 5 cancer patients' health insurance plans.
1. LIC Cancer Cover
One of the oldest and most reputable life insurance companies in India offers coverage for critical diseases like cancer. LIC Cancer Cover concentrates to provide financial protection in case the policyholder is diagnosed with a specified early or major stage cancer within the tenure of the plan. In this policy, the policyholder has the flexibility to choose between the level sum assured and the increasing sum assured, ranging from INR 10 Lakh to INR 50 Lakh. As an added benefit, the policyholder receives 25% of the applicable sum assured as a lump sum payout amount and a premium waiver benefit upon the early diagnosis of cancer. If cancer progresses to a major stage, the policyholder can receive 100 per cent of the sum assured as a lump sum, a 1 percent income benefit, and a premium waiver benefit
2. Max Life Cancer Insurance Plan
The Max Life Cancer Insurance Plan fully covers the medical costs of your cancer treatment while also intending to reduce the financial burden on your family members. It effectively addresses all three stages of cancer: early, major, and critical. Upon the diagnosis of the disease, the policyholder receives an immediate payout, irrespective of the stage of cancer. It promises an impressive sum assured amount that ranges from INR 10 Lakh to INR 50 Lakh and with a minimum age of entry at 25 years and a maximum limit of 65 years; this policy seeks to ensure the unforeseen expenses of cancer treatment across all ages.
3. HDFC Life Cancer Care Plan
The HDFC Life Cancer Care insurance plan is fundamentally designed to provide the policyholder with a lump sum benefit upon cancer diagnosis and to protect long-term savings and investments from being completely depleted by providing additional financial coverage. The 3 options available among which an individual can choose as per their medical and fiscal needs are Silver, Golden, and Platinum.
These plans come with varying benefits but offer the flexibility of paying the premium at your convenience in annual, half-yearly quarterly, or monthly installments. The policyholder can also avail of a premium waiver benefit for a specified period of years upon the early diagnosis of cancer. Its minimum and maximum sum assured amounts of INR 10 Lakh and INR 50 Lakh respectively and the broad age bracket of 5 years to 65 years makes it an attractive and comprehensive policy.
4. SBI Life Sampoorna Cancer Suraksha Plan
One of the oldest and most trusted financial institutions offers SBI Life Sampoorna Cancer Suraksha Plan to cover patients with cancer. It is an individual, non-participating, and non-linked health insurance plan that helps the policyholder to prepare themselves financially in order to tackle the diagnosis and treatment costs of cancer. The policyholder has the flexibility of choosing 1.20% of the sum assured amount as a regular monthly income for 3 years instead of receiving 40% of the same amount as a lump sum payout upon the diagnosis of major stage cancer. It also includes the option of obtaining a second medical opinion from a panel of medical practitioners, as specified in the policy. If you decide to buy it online, you will receive a 5% discount on your premiums. This plan has a minimum and maximum sum insured amount of INR 10 Lakh and INR 50 Lakh respectively and comes with an age bracket of 6 years to 65 years for all-around protection.
5. ICICI Prudential Heart and Cancer Protect Plan
The ICICI Prudential Heart and Cancer Protect Plan differs from traditional health insurance plans. It pays for your entire cancer treatment and provides you with a lump sum payout benefit without requiring any proof of medical bills. In addition, if you purchase the policy jointly for yourself and your spouse, you will receive a 5% discount on premiums for the first year. Furthermore, if you are an existing customer with another policy with the company, you can receive a 5% loyalty discount in the first year.
The plan also allows the policyholder to waiver of premium upon the diagnosis of cancer. It comes with a heart coverage amount of INR 25 Lakh and a cancer coverage amount of INR 50 Lakh. With the minimum and maximum ages of entry at 18 years and 60 years respectively, it ensures the availability of funds for all.
Due to modern lifestyle changes, the positive rate of cancer is continuously increasing. Above discussed are the top 5 health insurance plans for cancer patients in India. By investing in or purchasing any one of these, you may ensure a stress-free recovery period and put all of your attention into the many forms of medical care you will require rather than stressing out about your and your family's financial stability.
However, this is only a suggestive list and you can browse other plan options for cancer patients as well, and select the one best suited to your personal needs and requirements.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.