Term Insurance Plan for Cancer Patients
Published On Aug 23, 2021 10:00 AM By InsuranceDekho
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Regarded as one of the most deadly diseases in the world, cancer can be a result of a stressful lifestyle, bad eating habits or genetics. Moreover, due to the nature of cancer as an illness, finding an appropriate insurance plan that covers such situations might be challenging. The high costs associated with cancer treatment can place a strain on an individual's and their family's financial resources. While it is quite difficult to obtain an insurance policy that covers someone who has already been diagnosed with cancer, it is possible to obtain a critical illness cover as part of a health or life insurance plan that protects those who have yet to be diagnosed with cancer and want to be protected in the event of a future diagnosis.
What are the General Features of a Term Insurance Plan For Cancer Patients?
While the terms and conditions of a term insurance plan for cancer patients vary according to insurance providers, a few key characteristics are quite common.
1. Coverage - The plan covers cancer in most of its types like lung cancer, breast cancer, ovary cancer etc., whether it is in its early stages or has progressed to a later, more advanced stage.
2. Eligibility - The life assured's minimum entry age should be 18 years old, while the maximum age should be 65 years.
3. Sum Assured - The policy coverage normally runs from Rs.15 Lakhs to Rs.50 Lakhs, although depending on the plan chosen, the coverage can be lower.
4. Payouts - Through cash payouts, these policies let policyholders pay for hospitalisation, radiation, medical treatment, chemotherapy and other expenses.
5. Tax Benefits - According to current Income Tax Laws, policyholders can take advantage of tax benefits under section 80D. Moreover, premiums paid for cancer-specific insurance are also tax-deductible under Section 80C.
6. Policy Renewal - The option of policy renewal is offered by some insurance providers at the age of 65 years.
Also read - Tips to Choose the Right Term Insurance Plan
What are the Benefits of a Term Insurance Plan For Cancer Patients?
Similar to the features, the benefits provided to cancer patients differ from one insurance provider to another. However, some of them provide the advantages listed below.
1. Waiver of Premium - Depending on the situation, some term insurance policies provide cancer patients with waiver benefits. Future premium payments are waived for the remainder of the policy's term in such circumstances.
2. Free Examination - Some term insurance contracts include free cancer screening, performed at hospitals or medical institutions. These examinations can be performed at any time during the policy's term.
What are the Popular Term Insurance Plans For Cancer Patients?
A number of reputable insurers offer life insurance plans tailored specifically for cancer patients; a few of the most prominent plans are listed below.
1. HDFC Life Cancer Care Plan - With an insurance cover of up to Rs 20 Lakhs, this term insurance plan gives customers the choice of choosing from three distinct types of plans based on their unique needs. Policyholders can also get a discount if they insure for a larger amount of money.
2. AEGON Life iCancer Insurance Plan - This term insurance plan pays out at any stage of cancer treatment and protects consumers against all types of cancer, with the exception of skin cancer.
3. Cancer Care Plus by ICICI Prudential Life Insurance Plan - This is a low-cost term insurance policy with a minimum sum assured of Rs 5 Lakhs and a maximum sum assured of Rs 25 Lakhs, with policy lengths ranging from 10 to 50 years.
A cancer patient who purchases term insurance will be able to meet his/her expenses and receive proper care. Before purchasing a plan, it is advisable to evaluate different plans on the market and select one that provides the most benefits at a reasonable price.
You may also like to read - Make the Most of Your Term Insurance Plan with Its Tax Benefits
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.