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No Room Rent Capping | No Medical Check-up up to 55yrs | Tax Benefit up to 75k | Buy Health Insurance starting @ ₹244 pm

What is Cancer Insurance?

Cancer is a type of disease where some of the body’s cells grow abnormally. This abnormal growth of cancer cells can rapidly spread to other organs, causing damage to the body. The treatment costs for most types of cancer are also generally very high, going into tens of lakhs in case of good private hospitals. However, cancer insurance can help you take care of these expenses.

Cancer insurance is a type of insurance plan that is built to specifically provide coverage for medical treatments related to cancer. Cancer insurance is highly beneficial because it pays out a large lump sum of money when the policyholder/ the insured gets diagnosed with the disease. Some cancer insurance plans also provide coverage for associated costs such as hospitalisation, radiation, chemotherapy, surgeries, etc.

Types of Cancer Covered by Cancer Insurance Policy

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 a small 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:

  • A cancer insurance plan will provide financial coverage through various stages of cancer treatment.

  • The policyholder/the insured will receive a lump sum amount from the insurer when cancer has been diagnosed.

  • If there are no claims made in a policy term, the sum insured will increase as part of the No Claim Bonus.

  • The 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, the policyholder may receive a monthly amount as income in case of a serious cancer diagnosis.

  • Policyholders are eligible for a tax deduction on the premiums paid for cancer insurance as per Section 80D of the Income Tax Act, 1961.

How to Buy Cancer Insurance Online

If you are looking to keep yourself covered against various types of dangerous cancers, you can follow the given steps to buy cancer insurance:

Step 1: Visit your preferred health insurance provider’s website.

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

Step 3: Select the 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 will be activated.

How Does Cancer Insurance Work?

When you buy cancer insurance, you get a set 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. In the future, if your medical condition transforms into late-stage cancer, you will receive the remaining 75% of the insured amount in 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.

How Does Cancer Insurance Differ From a Critical Illness Plan?

A critical illness plan is a type of health that offers a large lump sum payout in case the policyholder or the insured is diagnosed with a serious medical illness such as heart attack, kidney failure, paralysis, late-stage cancer, organ failure, etc. It should be noted 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 set lump sum amount of money for any stage of cancer diagnosis, even early stage.

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, with advancements in healthcare technology and modern medicine, treatment of even advanced cancers has become possible. However, the cost of these treatments can go into tens of lakhs and can empty the savings of an average citizen or even put them into debt. However, cancer insurance can help provide a lump sum amount which the patient can then utilise for the expensive treatment costs.

Exclusions Under a Cancer Insurance Plan

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

  • The policy does not cover skin cancer.

  • Any cancer developed directly or indirectly due to sexually transmitted diseases.

  • Cancer due to any pre-existing health condition.

  • Cancer developed due to biological, nuclear contamination, or contact with 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:

  • Opt for the Best Cancer Insurance Available

You will find a lot of cancer insurance options offered by different insurers. Make sure you choose a 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.

  • High Sum Insured

The medical costs in India are going up exponentially. And when it comes to cancer treatments, the costs are through the roof. It can easily burn a hole in your savings. Moreover, cancer treatments go on for a longer time, 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.

  • Longer Coverage Duration

As cancer treatments can last for years sometimes, it is necessary that you look for a cancer insurance plan that offers coverage for a long period of time. As mentioned earlier, cancer-related treatment usually takes time. Hence, a longer policy tenor will ensure that you are well protected for a longer duration.

  • Covers All Stages of Cancer

Make sure that the cancer insurance plan you are buying covers all the stages of different types of cancers to get the most comprehensive cancer coverage.

To Sum it Up!

Many people are unaware that cancer-specific insurance plans are available in the market. With this article, we believe that you now have a detailed overview of the policy. Based on this information, you can further decide whether you want a standalone cancer insurance plan or would consider buying term insurance with critical illness benefits. No matter what you decide, know that this is not a replacement for a health insurance plan. But when dealing with cancer-related expenses in the future, it surely comes in handy. You can check out the best health insurance plans available at Bajaj MARKETS and choose one that suits your needs. 

Term Insurance Covers and Requirements

Read More About Term Insurance

Government Life Insurance Schemes

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 and basic health coverage, consider buying an adequate health insurance plan.

✔️How long does it take to get the reimbursement?

Since the 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 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 your death.

✔️Can I buy cancer insurance online?

Yes, you can buy cancer insurance online but make sure you only buy it from reputed insurance companies or aggregator websites like Bajaj MARKETS.