Best Health Insurance Plans for Cancer Patients

5 min read

The word ‘Cancer’ brings a dreadful feeling to most people. Over the years, cancer has turned out to be one of the most fatal diseases taking thousands of lives every year. 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 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 an 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.

Also Read: Health Insurance Premium For Smokers And Non-Smokers

Cover against critical illness for cancer patients   

Cancer is covered in most 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 the 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 policy 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 cover, 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.

Also Read: Pre-Existing Disease in a Health Insurance Policy

Insurance policy specially meant for cancer patients 

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, 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 company who offer cancer coverage policies.

Let us see some cancer insurance policies as mentioned below:

1. 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.

Features:

  • Payment of stipulated sum 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.

2. Bajaj Allianz Critical Illness 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.

Features: 

  • Covers all family members
  • Offers coverage against 10 critical diseases
  • Gives 30 days’ survival time
  • Comes with lifetime renew offer
  • Allows tax benefits

3. Bharti AXA SmartHealth Critical Illness Policy

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.

Features:

  • Cover against 20 critical diseases
  • Available for floater packages
  • Recovery benefit
  • Lifetime renew option
  • Additional benefits, tax benefits, etc.

4. Chola MS Critical Healthline 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.

Features:

  • Cover for family
  • Survival period – 30 days
  • Lump sum pay
  • Tax benefits
  • Lifetime renew offer

5. Digit Cancer Insurance Policy

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.

Features:

  • Offers 10 years’ income benefit
  • Benefit of premium waiver
  • 7-30 days’ survival period
  • Option between increasing sum insured and level sum insured

6. 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.

Features:

  • Offers coverage to 8 members of family
  • Offers second opinion charges
  • ICU charges without cap
  • Lifetime renew option

7. 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.

Features:

  • Cover for entire family
  • Cover for critical illness with extra premium
  • Tax benefits
  • Lifetime renew
  • Cumulative bonus

8. Kotak Critical Illness Plus Benefit Rider

This policy allows treatment to the cancer patient without any stress of finances by paying lump sum amount for diagnosis.

Features:

  • Cover against 37 critical illness
  • 100% lump sum pay
  • Tax benefits
  • Survival Period – 30 days

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:

  • ManipalCigna Lifestyle Protection – Critical Care Plan
  • National Critical Illness Policy
  • New India Assurance Cancer Medical Expn –  Individual Plan
  • Raheja Cancer Insurance
  • Reliance Critical Illness Insurance
  • Religare Cancer Insurance Plan
  • Royal Lifeline Elite Health Insurance Plan
  • SBI Critical Illnesses Insurance Policy
  • Star Cancer Care Gold Insurance Policy
  • Tata AIG Critical Illness Policy
  • United India Criticare Policy
  • Universal Sompo Critical Illness Insurance Policy
  • Future Generali Cancer Protect Plan
  • Niva Bupa Critical Insurance Plan

Conclusion 

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 a health insurance for cancer patients covering important features. Further, it is also better to adopt a healthy lifestyle to stay away from such deadly diseases.

Also Read: Incurred Claim Ratio And Claim Settlement Ratio In Health Insurance

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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