10 min read
Updated on Jan 30, 2023
Globally, cancer has been a major cause of concern for patients as well as medical practitioners due to its fatality ratio. There are more than 200 different kinds of cancer that a patient can fall prey to. The body of a cancer patient goes through the uncontrolled growth of cells, which requires expensive treatment including diagnosis.
Further, be it any treatment – chemotherapy, surgery or radiation etc., the amount of money required for it is enough to make a family go through financial crisis. To make things worse, it is also important to know that a person cannot purchase a health insurance policy if they are already suffering from cancer. So, if one shows cancer as a pre-existing symptom, then it is never easy for him/her to get insured.
However, with the advancement in medical technology, the rate of recovery of cancer patients has gone high, which is great news. Also, with a good health insurance plan access to advanced treatment is feasible; as a result recovery for cancer patients is possible and it is evident from the story of many cancer survivors.
Cancer is covered in many health insurance policies offering coverage for critical illnesses. However, you will get coverage under fatal illnesses if you are not yet diagnosed with cancer or any such critical diseases at the time of buying a policy. If a person is already diagnosed with cancer, he/she is deprived of coverage against the disease as well as against the different medical situations arising out of the disease. Thus, there are not many companies offering insurance policies for existing cancer patients.
Additionally, if the policy owner shows any signs of the disease within 90 days of getting the policy, the insurance company terminates the policy for the insured person. In case the insured person is diagnosed with cancer after the period of waiting, they still cannot claim for the disease unless it is in the later stages. This is because even in the case of policies offering critical illness coverage, cancer patients can claim compensation if their disease is at an advanced stage.
Most critical illness plans are available for purchase either as an individual plan or as a support with your health insurance or life insurance policies.
From the above information, it can be noted that even a critical illness cover doesn’t meet the specific needs of a patient suffering from cancer. And since for insurance companies offering coverage for fatal diseases like cancer is not a win-win situation, so they tend to pull their hands away from such coverage. Thus, there are limited options available in terms of buying health insurance for cancer patients in India, and so the only option they have is to buy a cancer specialist health policy, which is intended to meet the specific needs of a patient diagnosed with cancer.
However, even in this situation, the precondition for getting the cover remains the same as stated earlier, which means health insurance for existing cancer patients or people already showing conditions of cancer are not getting the coverage under this policy.
But if you buy such a policy for future sake, it will cover you against early and advanced stages of cancer. But sadly there are not many insurance companies that offer cancer coverage policies.
The utmost reason to buy a cancer insurance plan is that it is spreading widely all across the globe and is regarded as one of the deadliest diseases worldwide. The changing lifestyle of people has been the root cause of the enhanced risk of cancer and this makes it important for everyone to buy a cancer specific insurance plan to get coverage against it.
Having a regular health insurance plan may not suffice your needs in case of cancer diagnosis as it doesn’t cover the particular needs that a cancer plan would offer in terms of coverage and financial security.
There are certain points to keep in mind while choosing the best cancer insurance plan so that you could secure yourself against cancer in the future.
Claim Settlement Ratio (CSR) – Make sure to check the number of claims that have been settled so far by the insurer whom you are planning to buy the policy from. Ensure that the CSR has been high overall of the company
Also Read: 10 Ways to Lower the Risks of Getting Cancer
|Cancer-Specific Insurance Policy||Description||Features|
|Aditya Birla Activ Secure – Cancer Secure||This insurance for cancer patients is designed specifically to cover patients in all three stages of the disease, including first, major and final stages||Payment of stipulated sum is offered for all three stages
Offers 7-day survival time
Offers cumulative Bonus and tax benefits
Coverage for all members of family
Wellness coach choice etc.
|Bajaj Allianz Critical Illness Insurance||This policy offers coverage to you and your family against 10 dangerous diseases, which include cancer, heart attack, organ transplant, bypass surgery, kidney failure etc.||Cover all family members
Offer coverage against 10 critical diseases
Give 30 days survival time
Comes with lifetime renewal offer
Allow tax benefits etc.
|Bharti AXA SmartHealth Critical Illness Policy||This policy from Bharti AXA offer coverage against 20 fatal diseases including cancer, and cover against all the charges that you have to pay for your treatment and the recovery afterwards||Offer coverage against 20 critical diseases
Available for floater packages
Lifetime renew option
Additional benefits, tax benefits, etc.
|Chola MS Critical Healthline Insurance||This is a customized policy designed to cover against critical diseases like cancer. This plan comes in two types, standard type and advanced type, where standard type covers for 10 deadly diseases and advanced type covers 12 deadly diseases||Cover for family
Survival period – 30 days
Lump sum pay
Lifetime renewal offer
|Digit Cancer Insurance Policy||This policy covers all the medical expenses that you have to pay because of cancer. It includes the cost of diagnosis as well as treatment. This policy give coverage to six different types of cancer, such as, lung, larynx, stomach, prostate, breast, and ovarian||Offers 10 years’ income benefit
Benefit of premium waiver
7-30 days’ survival period
Option between increasing sum insured and level sum insured
|Edelweiss Platinum Health Insurance Plan||This policy covers cancer and offers compensation for second medical opinion and recovery advantages. It also covers diseases like stroke, paralysis of limbs etc.||Offer coverage to 8 members of family
Compensates for second opinion charges
ICU charges without cap
Lifetime renew option
|IFFCO Tokio Family Health Protector Policy||In this policy, you have to pay an additional premium of 30% for coverage against critical illness, such as cancer. It offers emergency assistance service as well||Coverage for entire family
Cover against critical illness with extra premium
Lifetime renewal option
|Kotak Critical Illness Plus Benefit Rider||This policy allow treatment to the cancer patients without any financial stress as it pays lump sum amount being diagnosed with the disease||Cover against 37 critical illnesses
100% lump sum pay
Survival Period – 30 days
Insurer Company~ Aditya Birla Health Insurance
This insurance for cancer patients is designed specifically to cover patients in all three stages of the disease, including first, major and final stages.
Insurer Company~ Bajaj Allianz Health Insurance
This policy offers coverage to you and your family against 10 dangerous diseases, which includes cancer, heart attack, organ transplant, bypass surgery, kidney failure and so on.
Insurer Company~ Bharti AXA Health Insurance
This policy from Bharti AXA offer coverage against 20 fatal diseases including cancer, and provides cover against all the charges that you have to pay for your treatment and the recovery afterwards.
Insurer Company~ Chola MS Health Insurance
This is a customized policy designed to cover for treatment against critical diseases like cancer. This plan comes in two types, standard type and advanced type, where standard type covers for 10 deadly diseases and advanced type covers 12 deadly diseases.
Insurer Company~ Go Digit Health Insurance
This policy covers all the medical expenses for you for cancer treatment. It includes the cost of diagnosis as well as treatment. This policy gives coverage to six different types of cancer, such as, lung, larynx, stomach, prostate, breast, and ovarian.
Insurer Company~ Edelweiss Tokio Health Insurance
This policy covers cancer and offers compensation for second medical opinion and recovery advantages. It also covers diseases like stroke, paralysis of limbs etc.
Insurer Company~ IFFCO Tokio Health Insurance
In this policy, you have to pay an additional premium of 30% for coverage against critical illness, such as cancer. It offers emergency assistance service as well.
Insurer Company~ Kotak Health Insurance
This policy allows treatment to the cancer patient without any stress of finances by paying lump sum amount for diagnosis.
Also Read: Advantages of Family Health Insurance
In addition to the above, there are few other insurance companies offering policies or coverage against cancer. They are namely:
Since precaution is always better than cure, so having a health insurance policy against critical diseases is definitely a better idea. Moreover, with cancer spreading widely, it is always advisable to buy health insurance for existing cancer patients in India, covering important features. Further, it is also better to adopt a healthy lifestyle to stay away from such deadly diseases.
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Some of the best cancer policies available in India are, namely:
1. HDFC Life Cancer Care Plan
2. ICICI Prudential Heart/Cancer Protect
3. PNB Metlife Mera Cancer Care
4. Max Life Cancer Insurance Plan
5. Aegon Life iCancer Insurance Plan
Yes, there are many good cancer specific insurance policies available in India. Also, you can buy regular health insurance policies offering coverage against cancer or buy a rider to cover cancer under your health plan.
Procuring an insurance plan by an individual after being diagnosed with cancer is very difficult. However, if you have an existing term plan you may acquire a critical illness cover with that already existing plan.
# Aditya Birla
# IFFCO Tokio
# HDFC Life
# PNB Metlife
# Aegon Life
# ICICI Prudential etc.
If a policyholder is diagnosed with cancer and can't work because of the illness, there are some specialized cancer plans that provide the patient with certain monetary aid to survive.
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