8 Best Health Insurance for Cancer Patients, 2022-23: Cancer – Specific Insurance Policy in India and their Features

The word ‘Cancer’ brings a dreadful feeling. Over the years, cancer has turned out to be one of the most fatal diseases taking thousands of lives every year. In this post, we are discussing the best health insurance plans/policies for cancer patients.

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.

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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

Health Cover Against Critical Illness for Cancer Patients in India 

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.

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

Health Insurance Policy/Plan 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 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.

Also Read: 10 Factors to Consider Before Buying Cancer Health Insurance Policy

Why do I Need a Specialized Cancer Insurance Plan?

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.

Also Read: National Cancer Awareness Day 2022- Theme, History, and Significance

Features Offered by Best and Specialized Cancer Insurance Plans 2022-23, India:

• It provide protection against cancer in all stages of the disease
• It allow dual benefit of providing lump sum amount as well as a regular income in the event of final stage diagnosis
• Another benefit of a cancer specialized insurance plan is that it allow waiver of premiums in the event of diagnosis of cancer (minor or major stage), while providing coverage
• The policy also give liberty to the insured to choose his/her preferred hospital and doctor for cancer treatment
• The policy allow greater coverage at affordable premium

Also Read: 10 Cancer Hospitals In India For Free Cancer Treatment

How to Choose the Best Cancer Insurance Plan?

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

• Pay-Out Terms – Equally important is to consider the pay-out terms and conditions of the insurer as different companies/policies have different pay-out terms and you must opt for the policy with best pay-out terms
• Policy Term – Policy term or tenure is another important thing to consider. Always prefer a plan that allow longer duration as they are financially favorable
• Premium – Check for a policy offering better coverage at affordable premium
• Solvency Ratio – Also, do check the solvency ratio of the company as per IRDA rules to ensure that the insurer is capable to pay your claims

Also Read: 10 Ways to Lower the Risks of Getting Cancer

Best Health Insurance Plans for Cancer Patients

8 Best Health Insurance Plans For Cancer Patients with Features In India

1. Aditya Birla Activ Secure – Cancer Secure

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.

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

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.

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

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.

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

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.

Features:

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

5. Digit Cancer Insurance Policy

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.

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

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.

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

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.

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

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.

Features:

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

Also Read: Advantages of Family Health Insurance

Few Other Insurance Companies in India Offering Health Policies or Coverage against Cancer Disease

In addition to the above, there are few other insurance companies offering policies or coverage against cancer. They are namely:

1. ManipalCigna Lifestyle Protection – Critical Care Plan
2. National Critical Illness Policy
3. New India Assurance Cancer Medical Expn –  Individual Plan
4. Raheja Cancer Insurance
5. Reliance Critical Illness Insurance
6. Religare Cancer Insurance Plan
7. Royal Lifeline Elite Health Insurance Plan
8. SBI Critical Illnesses Insurance Policy
9. Star Cancer Care Gold Insurance Policy
10. Tata AIG Critical Illness Policy
11. United India Criticare Policy
12. Universal Sompo Critical Illness Insurance Policy
13. Future Generali Cancer Protect Plan
14. Niva Bupa Critical Insurance Plan

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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 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.

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

 

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