Cancer Insurance Plan Vs Critical Illness Insurance Plan: Which Is Better?
Updated On Oct 21, 2021
Table of Contents
- About Cancer Insurance Plan
- Benefits of Cancer Insurance Plan
- Commonly Bought Cancer Insurance Plans
- About Critical Illness Health Insurance Plans
- Benefits of A Critical Illness Insurance Policy
- Commonly Bought Critical Illness Health Insurance Plans
- Cancer Insurance Plan Vs Critical Illness Insurance Plan: Which Is Better?
- Conclusion
Health insurance providers have rolled out different types of health insurance plans to meet the requirements of the policyholders. Cancer insurance plans and critical illness health insurance plans are commonly considered to get compensation for the treatment of cancer disease. A critical illness plan can include a list of critical diseases including cancer.
About Cancer Insurance Plan
Cancer insurance plans are health insurance plans that offer coverage to the policyholders for different types of cancer. The payouts of this plan depend on the stage of the cancer and it offers a lump sum payment of the claim amount to the policyholders for their high costs of treatment. It covers the expenditures incurred due to hospitalization, treatments, chemotherapy, surgery, etc. It is different from critical illness plans as it offers compensation for the treatment of cancer alone while critical illness plans cover a list of critical diseases under their policy. Some of the common types of cancers that are covered under this plan are:
Must Read: Best Cancer Insurance Plans In India in 2021
- Breast cancer
- Prostate cancer
- Lung cancer
- Stomach cancer
- Ovarian cancer, and much more.
Benefits of Cancer Insurance Plan
Let us look at some of the common benefits of cancer insurance plans that can be availed by the policyholders at the time of the claiming process:
- You can receive a lump sum payment of the claim amount when diagnosed with cancer.
- Premium-waiver benefits are also available in cases like early-stage illnesses.
- It helps you in overcoming the high costs of treatment of cancer in the private hospitals and ensures you quality treatment.
- Tax saving perks are offered to the policyholders who are also taxpayers.
Commonly Bought Cancer Insurance Plans
Following are some of the prominently bought cancer insurance plans in the insurance market:
- Cancer Care gold by Star Health Insurance Company
- Cancer Protect Policy by Future Generali Health Insurance Firm
- iCan Cancer by Apollo Munich Health Insurance Firm
About Critical Illness Health Insurance Plans
Critical illness health insurance plans provide monetary support to the policyholders for their treatment of critical diseases. Unlike cancer insurance plans, it covers a range of critical diseases like diabetes, cancer, sclerosis, Alzheimer's, stroke, and much more. It offers a lump sum payment of the claim amount to the policyholder which can be used to either compensate for the treatment costs or pay for the income loss incurred due to the treatment. Some of the commonly included critical medical conditions under this plan are:
- Heart attack
- Cancer
- Organ transplant
- Kidney failure
- Stroke
- Sclerosis
- Coma, and much more
Benefits of A Critical Illness Insurance Policy
Let us look at some of the commonly provided benefits under a critical illness plan for the policyholders:
- This plan comes with a short waiting period of 3 months, which allows the policyholders to avail the benefits as early as possible.
- Under this plan, the policyholders can receive claims on the basis of their diagnosis report of the critical illness.
- Tax saving benefits under the Section 80D of the Income Tax Act are offered to the policyholders.
- Additional covers are also offered to the people to enhance their existing health insurance plans.
Commonly Bought Critical Illness Health Insurance Plans
Following are some of the widely bought critical illness health insurance covers that are available in the insurance market:
- Future Criticare by Future Generali Health Insurance
- Critical Mediclaim by Religare Health Insurance
- Lifestyle Protection Critical Care Cover by ManipalCigna Health Insurance Company
- Criticare Plus by Star Health Insurance
Cancer Insurance Plan Vs Critical Illness Insurance Plan: Which Is Better?
The choice between a cancer insurance plan and critical illness insurance plan depends mostly on the medical condition of the policyholder. A critical illness health insurance plan covers a wide range of critical diseases while a cancer insurance plan compensates only for the cancer disease. Therefore, if you are looking for an extensive plan that can cover you for different critical diseases then a critical illness plan is a good choice. If you are looking for a cancer specific plan, then cancer insurance covers are a wise choice for you.
Conclusion
You can make a choice depending on your medical conditions, requirements, and financial budget. You must carefully consider the policy terms of both cancer insurance plans and critical illness plans before investing in a particular type of plan.
Also Read: Essential Tips To Buy An Individual Health Insurance Policy
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.
