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Cancer insurance provides specialized coverage for medical expenses related to the disease. This type of insurance is invaluable as it provides crucial financial support precisely when it's needed most. Beyond covering medical treatments, many plans also address associated expenses. These can be hospitalisation, radiation, chemotherapy, and surgeries. Due to the costs associated with cancer care, having such an insurance policy provides financial security.

Important Update (Dated May 30, 2024) – Good news for Health Insurance policyholders! According to the Master Circular on Health Insurance Business 29052024 rolled out on May 29, 2024 by IRDAI, insurers are to decide on the request for cashless claims within 1 hour of receiving the request. Also, the final claim is to be granted within 3 hours after the policyholder’s discharge from the hospital. Insurers have been directed by IRDAI to establish necessary systems and procedures for this process by July 31, 2024.

 

The Master Circular on Health Insurance Business 29052024 circular is available here - https://irdai.gov.in/document-detail?documentId=4942918

Cancer Insurance Plans Available at Bajaj Markets

Name of the plan

Features

Premiums starting at

BAJAJ Allianz Criti Care Insurance Plan

  • Claim ratio of 98.61%
  • Provides comprehensive health coverage of up to ₹1 Lakh-₹2 Crore
  • Waiting period of 120/180 days
  • Entry and exit age of 91 days to 65 years

₹2,194

Aditya Birla Activ Cancer Secure Plan

  • Claim ratio of 99.36%
  • Waiting period of 90 days and 180 days in case of early cancer stage
  • Provides comprehensive health coverage of up to ₹5 Lakhs-₹1 Crore

₹3,887

Care Cancer Mediclaim Plan

  • Claim ratio of 100%
  • Entry and exit age of 5-50 years
  • Maximum sum insured of ₹10 Lakhs-₹2 Crores 
  • Waiting period of 90 days

₹5,277

 

Disclaimer: The prices are indicative and subject to change at the discretion of the insurer.

Why Do You Need A Cancer Insurance Plan?

Cancer is one of the most dangerous diseases known to mankind. There are multiple types of cancers and most of them are very painful and difficult to deal with. However, the financial impact of cancer treatment can be burdensome. Treatment costs can swiftly deplete savings or lead to high debt. Opting for a comprehensive cancer insurance plan ensures access to necessary funds, alleviating the financial strain associated with expensive treatments.

Types of Cancer Covered by Cancer Insurance Plans in India

Here is a list of the common types of cancers that are covered under a cancer insurance plan at early and advanced stages:

  • Stomach cancer

  • Lung cancer

  • Prostate cancer

  • Ovarian cancer

  • Breast cancer

  • Hypopharynx cancer
     

Note: This is just an indicative list of the types of cancer covered. To know the full coverage details, it is recommended to read the complete policy document before buying cancer insurance.

Benefits of Cancer Insurance Plans

Here are the main benefits of buying a cancer insurance plan:

  • Financial Security: Cancer insurance plans provide financial support throughout various stages of cancer treatment, offering a safety net in times of need

  • Coverage Flexibility: These plans offer coverage for a wide range of expenses related to cancer diagnosis and treatment, including hospitalisation, surgery, chemotherapy, radiation therapy, and more

  • Lump Sum Payouts: Depending on the policy terms, policyholders may receive a lump sum payout upon diagnosis, which can help cover immediate expenses

  • No Claim Bonus: Some plans offer a No Claim Bonus, where the sum insured increases if no claims are made during the policy term, providing additional financial benefits

  • Continued Coverage: Coverage persists beyond the initial diagnosis and continues until the sum insured is exhausted, ensuring ongoing support throughout the treatment journey

  • Tax Benefits: Premiums paid for cancer insurance are often eligible for tax deductions under Section 80D of the Income Tax Act, 1961, providing additional financial relief

  • Peace of Mind: Having a cancer insurance plan in place offers peace of mind, knowing that financial assistance is available to handle the high costs associated with cancer care

How to Buy Cancer Insurance Online

If you require health coverage against various types of dangerous cancers, you can follow the given steps to buy cancer insurance:

  1. Go to the ‘Health Insurance Premium Calculator’ page

  2. Look specifically for health insurance plans available on the website and then compare and analyse the insurance plans offered by other insurers

  3. Select the cancer insurance plan that is the right choice for you and upload the necessary documents

  4. Make the online premium payment for your chosen cancer insurance plan

  5. Upon successful payment, your cancer insurance policy will be activated

How Does Cancer Insurance Work?

When purchasing cancer insurance, you are provided with a predetermined maximum sum insured, representing the total coverage in case of a cancer diagnosis. However, this amount may not be disbursed all at once. For instance, in the event of an early-stage cancer diagnosis, you may receive 25% of the total sum insured according to the policy terms. 

 

Subsequently, if your condition progresses to advanced stages, the remaining 75% will be paid out as a lump sum. In cases of direct late-stage cancer diagnosis, you may be entitled to receive the full 100% of the sum insured as a lump sum.

How Does Cancer Insurance Differ From a Critical Illness Plan?

A critical illness plan is a type of health plan that offers a lump sum payout in case you are diagnosed with a serious medical illness such as heart attack, kidney failure, paralysis, late-stage cancer, organ failure, etc. 

 

Note that a critical illness plan will not pay out any amount in case of an early-stage cancer diagnosis as it would not be classified as a ‘critical illness’. On the other hand, cancer insurance will pay a fixed lump sum for any stage of cancer diagnosis, even for the early stage.

Exclusions Under a Cancer Insurance Plan

The following are some of the common exclusions under a cancer insurance plan:

  • The cancer insurance policy does not cover skin cancer

  • It also does not include any cancer developed directly or indirectly due to sexually transmitted diseases

  • A cancer insurance plan excludes cancer due to any pre-existing health condition

  • It does not cover cancer developed due to biological changes, nuclear contamination, or radiation

Things to Consider Before Buying a Cancer Insurance Plan

Here are a few pointers that you can consider when looking for the right cancer insurance plan:

  • Comprehensive Coverage: Select a health plan that offers extensive benefits and coverage. It is recommended to prioritise quality over cost. This ensures optimal coverage in the event of a cancer diagnosis.

  • High Sum Insured: Given the escalating medical costs in India, especially for cancer treatments, opt for a plan with a high sum insured. This helps you manage the financial burden associated with prolonged treatment.

  • Longer Coverage Duration: As such treatments can extend over several years, opt for a plan with a longer coverage duration. This ensures continuous protection throughout the treatment journey.

  • All-Stage Coverage: Ensure that the chosen plan covers all stages of various types of cancers. This includes coverage for early, advanced, and late stages. Such plans must provide comprehensive protection against the disease.

 

You may now be familiar with cancer insurance plans and have a comprehensive understanding of them. With this, you can decide if you want a standalone cancer insurance plan. Alternatively, you may also consider buying term insurance with critical illness benefits. 

 

Regardless of your choice, remember that having health insurance coverage is crucial. For comprehensive health insurance options at affordable premiums, explore plans on Bajaj Markets. Select the one that aligns with your specific needs and offers the coverage you require.

 

Health Insurance Plans Available at Bajaj Markets

FAQs on Cancer Insurance

Can my cancer insurance plan be a replacement for a health insurance plan?

No. A cancer insurance plan only offers coverage when you are first diagnosed with the illness. To get coverage for other critical ailments, consider buying an adequate health insurance plan.

How long does it take to get the reimbursement?

Since the cancer insurance plan offers a payout when you are diagnosed with the illness, you necessarily do not have to pay the bills to claim. All you have to submit is the medical certificate or diagnosis report to receive the payout amount.

Is my spouse covered under the same cancer insurance plan?

No. A cancer insurance plan will only provide coverage to the policyholder.

Will my family receive the death benefit upon my death due to cancer?

The sum insured amount is received once you are diagnosed with the illness and is paid irrespective of death.

What is the maturity age of a cancer insurance policy?

As per the cancer insurance policy, the maximum age for getting the cover is 75 years. However, some insurance companies may set an exit age of 60-65 years. Read the terms of your policy before availing the cancer insurance.

Is there any tax exemption for premiums paid on cancer insurance plans?

Yes, there are tax benefits in accordance with Section 80D of the Income Tax Act, 1961. You can avail tax exemptions for premium amounts up to ₹25,000 if you are a non-senior citizen. However, senior citizens can avail deductions up to ₹50,000.

How much time does it take to get the reimbursement for cancer insurance?

Since the cancer insurance plan pays you a lump sum on cancer diagnosis, all you have to do is produce a doctor’s certificate stating your condition. There is no need to produce bills to claim the amount.

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