Life Insurance for Cancer Patients – Best Plans and Their Benefits

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Cancer is one of the deadliest diseases that kill millions of people across the globe every year. Due to the deadly nature of this disease, it is essential to get coverage against it by purchasing a life insurance plan covering cancer. Let us learn about life insurance with cancer cover plans in this post. 

Cancer is such a disease that disturbs the mental as well as financial balance of a family. Hence, it becomes crucial to avail coverage against this life-threatening disease. Buying a life insurance plan with cancer coverage is the best way to deal with this disease. We are discussing some such policies and their benefits in this post.

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Can I Buy Life Insurance for Cancer Patients?

Healthy people can opt for a policy offering coverage against cancer. If the policyholder dies due to cancer, the death will be covered under the plan. However, if a person is already diagnosed with the disease, they may not be able to get coverage under a cancer life insurance plan. So, people not diagnosed with cancer can opt for a life insurance policy with a critical illness coverage benefit to stay protected in any unforeseen future situation.

Does Life Insurance Policies Cover Death Caused by Cancer?

Yes, several life insurance policies allow coverage against cancer. However, these insurance plans are available only for people who are healthy and who are not diagnosed with cancer yet. Hence, to avail of such plans, the policyholder must declare their medical health condition at the time of buying the policy.

In case a person is already diagnosed with cancer while applying for the plan, they may not get the coverage, and their policy may get rejected. Some insurers might levy waiting periods for such people before they can avail the benefits of compensation against such diseases.

Benefits of Life Insurance for Cancer Patients

Here are some benefits of life insurance plans covering cancer:

  • These plans offer the policyholder a payout as a lump sum amount if the person is diagnosed with cancer.
  • The payout amount differs depending on the type of cancer diagnosed
  • Most life insurance plans with cancer coverage allow waiver of the premium of the cancer policy. So, in case the insured is diagnosed with the disease, they may be relieved of paying the premium amount under certain circumstances
  • Cancer-covering life insurance policies allow the insured to choose a wide-ranging sum insured at a reasonable premium
  • Also, several life insurance policies allow free screening of cancer via tests throughout the policy term

Best Life Insurance Plans for Cancer Patients 

Below are the top three life insurance policies that are most beneficial for cancer patients:

Life Insurance for Cancer Patients 

Age of entry 

Age of Maturity 

Policy Term 

Sum Insured 

Premium Payment Term

Aegon Life iCancer Insurance Plan

18 – 65 years 70 years 5 to (70 Entry age) Min – INR 10 lakhs

Max – INR 50 lakhs

Monthly/Annually

HDFC Life Cancer Care

5 – 65 years

85 years 5 to (85 Entry age) Min – INR 10 lakhs

Max – INR 50 lakhs

Annually/Half-Yearly/Quarterly/Monthly

SBI Life-Sampoorna Cancer Suraksha

18 – 65 years

75 years 5 to 30 years Min – INR 10 lakhs

Max – INR 50 lakhs

Half-Yearly/Quarterly/Monthly

How to Choose a Life Insurance Plan for Cancer Patients?

  • Always opt for a life insurance policy covering most types of cancer at various stages, including initial and advanced
  • Choose a plan covering expenses such as radiation therapy, chemotherapy, hospitalization, medicine, etc.
  • The plan should also cover cancers that are common among women, such as breast and ovarian cancer, among others
  • Go for a plan that allows a reasonable sum insured to accommodate the expenses due to inflation
  •  Choose a plan that offers lifelong renewability and coverage
  • Also, look for policies that allow waiver of premium option in case the policyholder is diagnosed with the disease
  • Also, the plan should cover the expenses of cancer screening

Things to Keep in Mind While Buying a Cancer Life Insurance Policy 

Below are some key factors to keep in mind while choosing a life insurance plan with cancer coverage:

  • First, you need to ensure that the plan covers cancer. If so, what types of cancers are covered, and in what stages
  • Also, make sure to purchase a term plan offering a rider on critical illness benefit
  • Make sure to check the sum insured of the plan and choose a plan offering sizeable life cover

Popular Life Insurance Companies India, 2024

To Sum Up

We have discussed most of the aspects of a term plan with cancer cover. However, before buying a life/term insurance plan, be sure to read the policy terms and conditions and understand them. Choose a plan that suits your pocket and requirements to work as the best life insurance for cancer patients.
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FAQs: Life Insurance for Cancer Patients

Is cancer covered by life insurance in India?

Yes, several life insurance policies allow coverage against cancer in India.

Which health insurance is best for cancer patients?

~ Aditya Birla Activ Secure – Cancer Secure
~ Aegon Life iCancer Insurance Plan
~ HDFC Life Cancer Care
~ SBI Life-Sampoorna Cancer Suraksha, etc.

Does LIC cover cancer?

Yes, LIC covers cancer with a life insurance plan that is non-linked and non-participating.

What is the Tata scheme for cancer patients?

Tata Cancer Care Foundation (TCCF) is a not-for-profit entity established in 2017 to offer affordable and good-quality cancer care to Indians.

Is chemotherapy covered under cancer insurance plans?

Yes, cancer-specific plans and critical illness insurance plans cover all the costs associated with cancer treatment, including chemotherapy.

If a person is diagnosed with cancer, what benefits can they claim?

The policyholder receives a lump sum amount depending on the type of cancer diagnosed.

Does a life insurance policy pay if you die of cancer?

Yes, if you purchased life insurance before the diagnosis of the disease, it is generally covered by your cancer-specific life insurance policy.

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Jul 27, 2023
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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