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Health insurance just got 18% cheaper – no GST applicable!

What is cancer insurance?

Cancer insurance helps meet the high medical costs associated with cancer treatment. Cancer is also among the list of aliments covered by critical illness insurance. As part of this insurance, the insurer offers a lump sum payment when the policyholder is diagnosed with cancer for the first time during the policy period. The pay-out ensures that you have financial support when you need it most, so you can prioritise your health and well-being.

Types of cancer covered by health insurance

A health insurance plan with a critical illness add-on/optional cover offers coverage for various types of cancer. Depending on the policy, it covers:

  • Leukaemia
  • Lymphoma
  • Sarcoma

Go through the policy wordings to know the various types of cancer covered by your cancer insurance plan.

Benefits of cancer insurance plans

Health insurance for cancer offers the following benefits:

  • Financial security

    Cancer treatment is expensive. Costs for chemo, radiation, surgery and medicines can run into several lakhs of rupees. Cancer health insurance can help reduce your financial burden to a great extent.

  • Lump sum pay-out

    Depending on the policy’s terms and conditions, you receive a lump sum pay-out. This not only helps meet the treatment cost but also facilitates peace of mind.

  • Tax benefits

    You can claim tax deductionsV under Section 80D of the Income Tax Act for health insurance premium paid in a financial year.

Why do you need a cancer insurance plan?

Here’s why you need a cancer insurance plan:

1

Rising cancer cases

Cancer cases are rising at a fast clip. According to reports, India sees around 100 people out of every 1 lakh being diagnosed with the disease. Therefore, it’s wise to have health insurance for cancer.

2

Maintain financial stability

Cancer treatment can wipe out your entire savings in no time. The disease can also impair your work ability. Cancer insurance can help maintain your financial stability through its pay-out.

3

Fund usage flexibility

You can use the lump-sum amount received from health insurance in the manner you see fit. It could be for medical purposes or meeting day-to-day medical expenses.

Exclusions of a cancer insurance plan

Here are some of exclusions related to cancer under critical illness add-on/optional cover:

  • Pre-existing cancer ailment
  • Non-melanoma skin carcinoma
  • Thyroid cancers histologically classified as T1N0M0
  • Chronic lymphocytic leukaemia less than RAI stage 3
  • All gastro-intestinal stromal tumours histologically classified as T1N0M0

Go through the policy wordings to know the exclusions in detail.

Cancer insurance vs critical illness insurance

The table captures the differences between cancer insurance and critical illness insurance on various parameters:

Parameters Cancer insurance Critical illness insurance
Coverage scope Covers only cancer and its related treatments. Covers cancer and other types of critical ailments like kidney failure, lung disease, liver failure, etc.
Premium Can be lower compared to critical illness insurance. Is generally higher with a broader coverage scope.
Ideal for Anybody, especially those with a history of cancer or are at high risk. Individuals seeking protection against various critical ailments.

Note: Please read the policy wordings/brochure for buying a policy.

When should you buy cancer insurance?

As cancer can strike anytime, it’s ideal to opt for cancer health insurance as early as possible. If you’ve a pre-existing cancer ailment, it can be difficult to get coverage. Therefore, buying early when you are young and healthy can be a wise move to remain guarded.

What to consider while buying a cancer insurance plan?

Consider the following while buying a cancer insurance plan:

Coverage scope

Look at the types of cancer covered by the plan along with the stages of the disease covered. Opt for a plan offering a broad coverage.

Waiting period

Find out if the plan has a waiting period. If yes, choose a plan with the lowest waiting period to ensure quick coverage.

Exclusions and limitations

Pay special attention to the plan's exclusions and limitations. This is essential to avoid surprises later during claim intimation.

FAQs on cancer insurance

Do I still need to buy cancer insurance if I already have health insurance?

Normally, Health insurance provides coverage for cancer if it was diagnosed after policy issuance. But if you want secure yourself against multiple critical illnesses, you can opt for the critical illness add-on/optional cover.

Is chemotherapy covered by cancer insurance plans?

Yes, cancer insurance under health insurance does cover chemotherapy. However, go through the policy wordings to know the procedures covered.

How much is the recommended cover amount for cancer?

The higher the cover, the better. Cancer treatment can be quite expensive and depending on the cancer type and stage, it can run into several lakhs of rupees. A high cover can help ease the cost.

Is radiation covered by cancer insurance?

Yes, a cancer health insurance plan does cover radiation. Still, you should ideally go through the policy wording to be sure.

Will cancer insurance cover my treatment if I was diagnosed with cancer before buying the policy?

No. If you are diagnosed with cancer before buying the policy, you will not get coverage for cancer treatment.

What stages of cancer are covered in a cancer insurance plan?

Depending on the policy’s terms and conditions, it can cover early to advanced stages of cancer. For details, read the policy documents.

Are there any tax benefits associated with my cancer insurance policy?

As cancer cover is offered by health insurance plans under critical illness coverage, you get tax benefitsv for the premiums paid towards your health insurance plan under section 80D of the Income Tax Act under the old tax regime.

Disclaimer:

Please read the sales brochure / policy wordings carefully for detailed information about on risk factors, terms, conditions and exclusions.

V. Tax Disclaimer: Deduction under section 80D is as per applicable provisions of the Income Tax Act, 1961 and amendments made thereto.

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