Cancer insurance is a type of insurance plan that is designed specifically to provide coverage for medical treatments related to cancer. Cancer insurance is highly beneficial because it provides financial assistance when you are diagnosed with cancer.
Some cancer insurance plans also provide extensive coverage for associated costs such as hospitalisation, radiation, chemotherapy, surgeries, etc. The treatment costs for most types of cancer are also generally very high, costing you tens of lakhs in case of good private hospitals. However, availing a cancer insurance policy can help you take care of these expenses.
Name of the plan
Features of the plan
Premiums starting at
BAJAJ Allianz Criti Care Insurance Plan
Claim ratio of 98.61%
Provides a 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
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 a comprehensive health coverage of up to ₹5 Lakhs-₹1 Crore
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
Disclaimer: The prices are indicative and subject to change as per the discretion of the insurer.
Here is a list of the common types of cancers that are covered under a cancer insurance plan at early and advanced stages:
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.
Here are the main benefits of buying a cancer insurance plan:
A cancer insurance plan will provide financial coverage through various stages of cancer treatment.
You will receive financial assistance from the insurer if cancer is diagnosed.
If there are no claims made in a policy term, the sum insured will increase as part of the No Claim Bonus.
The cancer insurance coverage does not stop after the initial diagnosis and will continue till the sum insured is exhausted.
Under certain types of cancer insurance plans, you may also receive a monthly amount as income in case of a serious cancer diagnosis.
You are eligible for a tax deduction on the premiums paid for cancer insurance as per Section 80D of the Income Tax Act, 1961.
If you want a health cover against various types of dangerous cancers, you can follow the given steps to buy cancer insurance:
Step 1: Go to the ‘Health Insurance Premium Calculator’ page.
Step 2: Look specifically for cancer insurance plans available on the website and then compare and analyse the cancer insurance plans offered by other insurers.
Step 3: Select the cancer insurance plan that is the right choice for you and upload the necessary documents.
Step 4: Make the online premium payment for your chosen cancer insurance plan.
Step 5: Upon successful payment, your cancer insurance policy will be activated.
When you buy cancer insurance, you get a predetermined amount as the maximum sum insured. This is the total coverage you can get in case you are diagnosed with cancer. However, the sum insured amount may not be paid out all at once.
In case of an early-stage cancer diagnosis, you may receive 25% of the total sum insured as per the cancer insurance policy. In the future, if your medical condition transforms into advanced cancer stages, you will receive the remaining 75% of the insured amount as a lump sum.
If you are directly diagnosed with late-stage cancer, you may be eligible to receive the full 100% of the sum insured as a lump sum.
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 payout a fixed lump sum for any stage of cancer diagnosis, even for the early stage.
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, with advancements in healthcare technology and modern medicine, treatment of advanced cancers has become possible. The treatment costs of cancer can empty your savings or get you into debt. With a comprehensive cancer insurance plan, you can get the required funds and utilise them for your expensive treatment costs.
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 contact with radiation.
Here are a few pointers that you can consider when looking for the right cancer insurance plan:
You will find a lot of cancer insurance options offered by different insurers. Make sure you choose a health plan that offers you the best benefits and coverage, even if the cost is on the higher side. This ensures that you will get the best possible coverage in case of a cancer diagnosis.
The medical costs in India are increasing exponentially. And when it comes to cancer treatments, the costs can easily burn a hole in your savings. Moreover, cancer treatments go on for a longer period, and it will require large amounts of money. Opting for cancer insurance that provides a high sum insured can help you manage the situation financially.
As cancer treatments can last for years in some cases, it is necessary that you select a cancer insurance plan offering coverage for a long period of time. As mentioned earlier, cancer-related treatment usually takes time. Hence, a longer policy tenure will ensure that you are well protected for a longer duration.
Make sure that the cancer insurance plan you are buying covers all stages of different types of cancers to get the most comprehensive cancer coverage.
Now that you are familiar with the cancer insurance plans available in the market and have a comprehensive understanding of the same, you can decide if you want a standalone cancer insurance plan. Alternatively, you may also consider buying term insurance with critical illness benefits.
No matter what you decide, understand that getting a health insurance cover is equally important too. For comprehensive health insurance available at nominal premiums, browse for plans on Bajaj Markets and choose the one that suits your needs.
No. A cancer insurance plan only offers coverage when you are first diagnosed with the illness. To get coverage for other critical ailments and basic health coverage, consider buying an adequate health insurance plan.
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.
No. A cancer insurance plan will only provide coverage to the policyholder.
The sum insured amount is received once you are diagnosed with the illness and is paid irrespective of your death.
Yes, you can buy cancer insurance online but make sure you only buy it from reputed insurance companies or trusted websites like Bajaj Markets.
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.
No. You cannot avail cancer insurance if you have cancer while buying the plan.
Yes, there are tax benefits in accordance with Section 80D of the Income Tax Act. 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.
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.
You receive the payout based on the stage of cancer. During the initial stage, you get a 25% amount as the cover that continues till the end of policy term. However, in case the cancer progresses to an advanced stage, you get the remaining 75% amount. This results in termination of the cancer insurance policy.