6 Best Cancer Insurance Plans for 2017 in India

Best Cancer Insurance Plans for 2017 in IndiaBest Cancer Insurance Plans for 2017 in India


These days we are hearing Cancer as common disease here and there. However if diagnosed with Cancer, family financial status would get ruined. If there is a family history of cancer, it is better to atleast go for regular medical check-ups and take a good cancer insurance plan which can help in reducing financial impact if diagnosed with cancer. How Cancer would impact your financial Status? Which are the best Cancer Insurance Plans in India which can be considered in 2017? Which are the good Cancer Insurance Plans that comes with more features in India?

Also Read: Best Online Term Insurance Plans for 2017

What is cancer and how it can ruin your family life and financial life?


Cancer is a fatal disease in which abnormal cells divide in an uncontrolled way. There are more than 200 types of cancer that can develop in our body. The severity of the disease is divided into stages. Very few types of cancers are fully curable, otherwise they may be cured at first or second stage but beyond that there is no treatment in medical science that assure you 100% guarantee of the recovery. The detection of cancer can ruin the entire family. The cancer patients are often bed-ridden and one of the family members has to be present all time to take care of him. If the family member is bread-earner, the situation becomes worse. The regular income stops and the expenses involved in the disease of cancer are also very high.  Cancer caused to anybody in the family can lead to arrears, insolvency, and financial ruins in an unimaginable way.

Step-1: If you have family history of Cancer diagnosed earlier among your family members, you should regularly have medical check-up. This way in case even diagnosed with cancer, it would be cured in the initial stage.

Step-2: Consider taking a good insurance plan which covers Cancer which can help you for the cancer treatment and does not ruin your family financial life.

The immense trouble brought by the cancer can be deduced by getting your insured against cancer. Today, all the leading insurance companies are providing lucrative offers to support you financially.

This article discusses the best cancer plans existing in India, their key features and their benefits that allow you to compare policies across various companies.

Best Cancer Insurance Plans for 2017 in India


1) ICICI Pru Heart and Cancer Protect


This plan was launched couple of months back. This plan covers the insured from the beginning of diagnosis like free cancer screening to the cost of chemotherapy, medications, hospitalization etc.  Apart from Cancer, this plan even provides for Heart related problems.

The following are the key features and benefits of this insurance plan:

  • It covers all the stages of cancer under various types except for skin.
  • The eligibility age for this policy is 18-65 years.
  • The minimum sum assured is Rs 2 lakh and maximum is Rs 50 lakh.
  • The policy term ranges between 5 to 40 years.  If you have family history, my suggestion is to consider highest policy tenure.
  • Family floater policy plans are available.
  • The insured can avail the tax benefit u/s 80D.
  • The cover can be increased by 10% every year till the sum doubles.
  • Income benefit of 1% of base amount every month for five year.
  • Hospital daily cash benefit of Rs 5,000 per day.
  • Lump sum payout after the first diagnosis for minor condition is 25% and major at 100%
  • Premium waiver policy if diagnosed even with minor condition or permanently disabled.
  • If a 30 years male takes Rs 20 Lakhs cancer only option (Heart sum assured is zero), then for 20 years the premium works out to be Rs 1476 per year.

How does such Cancer Insurance Plans really work – Illustrated with one example (by taking recent new plan of ICICI Cancer/Heart Care Plan)?


ICICI Pru life cancer and heart protect plan - Ilustration

Also Read: Family Floater Vs Individual Health Plan – Which is better?

2) HDFC Life Cancer Care Insurance Plan


Here are the key features and benefits of this plan.

  • HDFC life cancer care policies are available in silver, gold and platinum plans.
  • The eligibility is 18-65 years.
  • The minimum and maximum sum assured are Rs 10 lakh and Rs 40 lakh respectively.
  • The policy term is 10 to 20 years.
  • The sum assured increases every year by 10% in Gold and Platinum plans until it is 200% of sum assured.
  • Platinum plan offers Income Benefit for 5 years.
  • Premium is waived after the first claim for the next three policy years.
  • Income tax benefit u/s 80D.
  • Lump sum as payout when diagnosed with early cancer to terminal stage.
  • If a 30 years male takes Rs 20 Lakhs then for 20 years the premium works out to be Rs 1,290 per year.

3) AEGON Life iCancer Insurance Plan


Aegon Religare iCancer Insurance Plan comes is a comprehensive cancer plan that covers all the cost of the illness. The payouts are designed to benefit the policy holder at every stage of the disease.

The important features and benefits are:

  • The eligibility is 18-65 years.
  • The minimum sum assured is Rs 10 lakh and maximum is Rs 50 lakh.
  • The policy term is 5 to 70 years.
  • Lump sum payout is 150% of the initial policy sum at a critical stage of the disease.
  • The benefits and payouts are in accordance with the stages of cancer.
  • The benefit at major cancer stage is that all the future premiums are waived off after a claim.
  • If a 30 years male takes Rs 20 Lakhs then for 20 years the premium works out to be Rs 4,000 odd per year.

Also Read: Aegon Life iCancer Insurance Plan – How good is this plan?

4) Max Bupa Critical Illness Plan which covers Cancer Care too


The plan covers cancer as well as its related diseases as a part of its critical illness cover.

Here are the key feature and benfits of this plan:

  • The eligibility is 25-65 years.
  • The minimum and maximum sum assured are Rs 10 lakh and Rs 50 lakh.
  • The policy term is 10 to 40 years.
  • The plan covers all the stages of the disease along with 19 other critical illness diseases.
  • If a 30 years male takes Rs 20 Lakhs then for 20 years the premium works out to be Rs 6,200 odd per year. The premium is high as it covers several other critical illnesses.

5) Bharti Axa Cancer Insurance Plan


Bharti Axa’s Smart Health Critical Illness covers cancer at various stages and in various forms.

Here are the main features and benefits of this plan:

  • There is no medical required for this policy.
  • The eligibility is 18-65 years.
  • The minimum sum assured is Rs 2 lakh and maximum is Rs 30 lakh.
  • The policy term is 10-40 years.
  • 100% of the basic sum assured is payable.
  • Waiver of premium benefit after the first claim
  • Skin cancer other than invasive malignant melanoma are covered
  • You can claim up to 3 times during the policy tenure.

Also Read: Max Online Term Insurance Plan comes with unique Features – Should you opt it?

6) Maxlife Cancer Insurance Plan


This plan offers a comprehensive cancer insurance plan that covers all stages of cancer.

The following are the key features and benefits:

  • The minimum age of entry is 25 years and maximum 65 years. The maximum maturity age is 75 years.
  • The minimum sum insured is Rs 10 lakh and maximum is Rs 50 lakh. It can be chosen only in the intervals of 5 lakh.
  • Lump sum payouts are given to cover medical expenses across all states.
  • All the future premiums are waived for entire policy term in case the insured is diagnosed with Carcinoma in Situ (Pre Cancer) or early stage cancer.
  • The sum assured also increases by 10% (simple rate) for every claim-free year upto a maximum of 150% of base sum insured.
  • There are many tax benefits also that are provided as per the prevailing tax laws.
  • Income benefit for 5 years in case diagnosed with major stage cancer along with lump sum.
  • If a 30 years male takes Rs 20 Lakhs then for 25 years the premium works out to be Rs 3,500 odd per year.

Conclusion: The insurance market is full of policies. All the companies provide different features and benefits in their policies to cater the needs of different people. So, the individuals must compare the various policies available and check all the clauses and consider the cancer insurance plan that meets their need.

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Suresh

Best Cancer Insurance Plans for 2017 in India

4 comments

  • ZUBIN BAISIWALA

    Hi Suresh

    Thank you for this article. If I am going for a policy that covers cancer and other critical illness then should I go for separate policies of cancer and separate policy of critical illness? 

    Secondly, I went through your critical illness article written long ago and I am confused between Apollo Munich optima vital and max bupa critical illness. I have compared both and realised that Apollo is charging 20% more max bupa against which it is covering few more diseases. Wanted your opinion on this! Should I go with Max bupa and save cost considering the fact that all major diseases are covered by both policies and also I got mediclaim for 15 lakh cover. I am 32 and unmarried.

    Regards 

    Zubin

    • Hi Zubin, How are you? After long time. In Critical illness coverage, if cancer is getting covered, you can consider only one plan. Just check the features in such critical illness plans and make a call. 

  • Joseph Mathew

    Dear Sir,

    Is  Expatriate Indian Workers who is working abroad on Work Visa status can apply for any of the above listed plans?

    Please advise….

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