Best Cancer Insurance Plans in India 2024 : Coverage & Sum Insured

By Okbima 11 Jul 2023 130
Best Cancer Insurance Plans in India

 

A cancer insurance plan is a specialized health insurance policy that provides coverage specifically for the expenses related to cancer treatment. According to the World Health Organization (WHO), cancer is one of the leading causes of death globally, with approximately 9.6 million deaths reported in 2018 alone. 

The treatment cost of health insurance for cancer patients can be extremely high, with expenses for surgeries, chemotherapy, radiation therapy, and medications adding up quickly. Having a cancer insurance policy can help reduce the financial burden of these treatments, allowing patients to focus on their recovery without worrying about the cost. 

 

What is a Cancer Insurance Policy?

A cancer insurance policy is a specialized type of health insurance plan specifically designed to provide financial protection and support to individuals diagnosed with cancer. Unlike traditional health insurance policies that cover a wide range of medical conditions, cancer insurance policies focus solely on cancer-related expenses. 

These policies offer a lump sum payout upon the diagnosis of cancer, which can be used to cover various costs associated with the disease, including but not limited to, medical treatments such as chemotherapy, radiation therapy, surgery, hospitalization expenses, medication costs, as well as other related expenses like loss of income, transportation, and accommodation costs.

 

Best Cancer Insurance Plans in India 2024

There are 10 best cancer insurance policies in India that you can choose includes Aditya Birla Activ Secure- Cancer Secure Plan, Bajaj Allianz Criti Care Plan, Chola MS Critical Healthline Insurance Plan, etc.

 

Plan Name

Entry Age

Sum Insured (in Rs)

Survival Period

Cancer Insurance Plans

Aditya Birla Activ Secure- Cancer Secure Plan

18 years to 65 years

5 lakhs to 1 crore

7 days

View Plans

Bajaj Allianz Criti Care Plan

3 months to 65 years

Up to 1 lakhs

0/7/15 days

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Chola MS Critical Healthline Insurance Plan

5 years to 65 years

3, 5, & 10 lakhs

30 days

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Digit Health Care Plus Policy

91 days onwards

1 lakhs to 3 crore

30 days

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Future Generali Criticare Plan

6 years to 65 years

1 lakhs to 50 lakhs

28 days

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IFFCO Tokio Critical Illness Benefit Policy

3 years to 65 years

1 lakhs to 1 crore

28 days

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Liberty Critical Connect Policy

5 years to 65 years

1 lakhs to 1 crore

30 days

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Magma HDI OneHealth Insurance Policy

91 days onwards

2 lakhs to 10 lakhs

30 days

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ManipalCigna Lifestyle Protection - Critical Care

18 years to 65 years

Up to 3 crore

30 days

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National Critical Illness Policy

18 years to 65 years

1 lakhs to 75 lakhs

30 days

View Plans

 

1. Aditya Birla Activ Secure- Cancer Secure Plan

Aditya Birla Activ Secure- Cancer Secure Plan is a critical illness insurance plan designed specifically for cancer. It provides financial protection in case you are diagnosed with cancer at any stage. 

Benefits:

  • High sum insured: Up to Rs. 1 crore

  • Short survival period: A claim can be processed even if you survive only 7 days after diagnosis.

  • No Claim Bonus: Get a 10% increase in the sum insured for every claim-free year, up to a maximum of 100% of your initial sum insured.

  • Optional riders: Wellness coach and second medical opinion.

 

2. Bajaj Allianz Criti Care Plan

Bajaj Allianz Criti Care Plan is a critical illness insurance policy that provides financial support in case you are diagnosed with a critical illness covered under the plan. 

Benefits:

  • Lump sum payout: Upon diagnosis of a covered critical illness, you receive a lump sum amount equal to the chosen sum insured, subject to policy terms and conditions and survival period.

  • Tax benefits: Premiums paid towards the Criti Care Plan qualify for tax deductions under Section 80D of the Income Tax Act.

  • Renewal with benefits: The policy can be renewed for multiple terms, typically 1, 2, or 3 years, with continued coverage for illnesses.

  • Optional wellness discount: Bajaj Allianz may offer a discount on premiums upon renewal if you meet certain wellness criteria like maintaining a specific step count.

 

3. Chola MS Critical Healthline Insurance Plan

Chola MS Critical Healthline Insurance Plan is a critical illness insurance plan that provides financial support in case you are diagnosed with a critical illness covered under the plan. 

Benefits:

  • Lump sum payout: Upon diagnosis of a covered critical illness, you receive a lump sum amount equal to the chosen sum insured, to help manage medical expenses, income loss, and other financial burdens.

  • Survival period: You need to survive for a minimum period (typically 30 days) after diagnosis to be eligible for the claim

  • No pre-medical check-ups: For certain age groups and sum insured amounts, Chola MS Critical Healthline may not require pre-policy medical check-ups.

  • Lifelong renewability: You can renew the policy throughout your life, subject to policy terms and conditions.

  • Tax benefits: Payments made for the Critical Healthline Plan may be eligible for tax deductions under Section 80D of the Income Tax Act.

 

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4. Digit Health Care Plus Policy

Digit Health Care Plus is an extensive health insurance plan provided by Go Digit General Insurance. It provides a wide range of benefits, including coverage for hospitalization expenses, critical illness, maternity, and outpatient treatments. 

Benefits:

  • Sum insured options: Offers a range of sum insured options to choose from, allowing you to customize the coverage according to your needs.

  • Cashless hospitalization: The policy offers cashless hospitalization facilities at network hospitals, where you don't have to pay upfront medical bills.

  • Renewal benefits: The policy can be renewed for multiple terms, typically up to 60 years of age.

  • Optional riders: You can customize your plan by adding optional riders like the Daily Cash benefit, AYUSH hospitalization benefit, and more.

 

5. Future Generali Criticare Plan

Future Generali Future Criticare is a standalone critical illness insurance plan designed to financially support you if you are diagnosed with a covered critical illness. 

Benefits:

  • Survival period: You typically need to survive for a minimum period (often 30 days) after diagnosis to be eligible for the claim.

  • Tax benefits: Premiums paid towards the Future Generali Criticare Plan may qualify for tax deductions under Section 80D of the Income Tax Act.

  • Renewal with benefits: The policy can be renewed for multiple terms, typically up to a certain age (often 65 years old), with continued coverage for illnesses.

  • Floater benefit (Optional): You can extend coverage to your spouse, dependent children, and dependent parents (up to a specified age) for an additional premium.

 

6. IFFCO Tokio Critical Illness Benefit Policy

IFFCO Tokio Critical Illness Benefit Policy is designed to provide financial help in case you are diagnosed with a critical illness. 

Benefits:

  • Lump sum payout: Upon diagnosis of a covered critical illness, you receive a lump sum amount equal to the sum insured. This helps manage medical expenses, income loss, and other financial burdens.

  • Family coverage (Optional): You can extend coverage to your spouse, dependent children (up to a specific age), and even parents and parents-in-law under a single policy for an additional premium.

  • Lifelong renewability: The policy can be renewed throughout your life, subject to policy terms and conditions.

  • Tax benefits: Premiums paid may qualify for tax deductions under Section 80D of the Income Tax Act.

  • Pre-existing condition coverage (after a waiting period): The policy covers pre-existing conditions after a waiting period of 48 months, provided they are declared at the time of application.

 

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7. Liberty Critical Connect Policy

Liberty Critical Connect is a critical illness insurance plan offered by Liberty General Insurance. It provides financial support in case you are diagnosed with a critical illness covered under the plan. 

Benefits:

  • Lump sum payout: Upon diagnosis of a covered critical illness, you receive a lump sum amount equal to the sum insured. This helps manage medical expenses, income loss, and other financial burdens.

  • The payout for different stages (Plan A only): Plan A offers additional payouts for different stages of some critical illnesses. For example, you might receive 50% of the sum insured for early-stage cancer and a further payout for reaching a major or advanced stage.

  • Sum insured options: Offers a range of sum insured options, typically from Rs. 1 lakhs to Rs. 1 crore, allowing you to customize coverage based on your needs.

  • Renewal with benefits: The policy can be renewed for multiple terms, typically throughout your life, with continued coverage for illnesses.

  • Tax benefits: Premiums paid may qualify for tax deductions under Section 80D of the Income Tax Act.

 

8. Magma HDI OneHealth Insurance Policy

Magma HDI OneHealth Insurance Policy is a comprehensive health insurance plan designed to provide financial coverage for a wide range of medical expenses. 

Benefits:

  • Wide range of sum-insured options: Offers various sum-insured options, typically ranging from Rs. 2 lakh to Rs. 5 crore, allowing you to customize the coverage according to your needs.

  • Cashless hospitalization: The policy offers cashless hospitalization facilities at network hospitals, where you don't have to pay upfront medical bills.

  • Renewal benefits: The policy can be renewed for multiple terms, typically up to a certain age.

  • Optional riders: You can customize your plan by adding optional riders for additional benefits like increased sum insured for specific illnesses, ambulance cost coverage, and daily cash benefits during hospitalization.

 

9. ManipalCigna Lifestyle Protection - Critical Care

ManipalCigna Lifestyle Protection Critical Care is a critical illness insurance plan designed to offer financial support if you are diagnosed with a critical illness. 

Benefits:

  • Lump sum payout: Upon diagnosis of a covered critical illness, you receive a lump sum amount equal to the sum insured. This helps manage medical expenses, income loss replacement, and other financial burdens.

  • Staggered payout option: You can opt for a staggered payout where you receive 25% of the sum insured as a lump sum initially, and the remaining 75% plus an additional 10% of the sum insured is paid out in 60 equated monthly installments (EMIs) starting from the next month after diagnosis.

  • Sum insured options: Offers a wide range of sum insured options, typically from Rs. 1 lakhs to Rs. 25 crores, allowing you to customize coverage based on your needs.

  • Tax benefits: Premiums paid may qualify for tax deductions under Section 80D of the Income Tax Act.

  • Renewal for life (subject to terms and conditions): The policy can be renewed throughout your life, subject to policy terms and conditions.

 

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10. National Critical Illness Policy

National Critical Illness Policy, offered by National Insurance Company Limited, is a standalone critical illness insurance plan designed to provide financial assistance if you are diagnosed with a covered critical illness. 

Benefits:

  • Lump sum payout: Upon diagnosis of a covered critical illness, you receive a lump sum amount equal to the sum insured. This helps manage medical expenses, income loss replacement, and other financial needs.

  • Survival period: You typically need to survive for a minimum period (often 30 days) after diagnosis to be eligible for the claim.

  • Tax benefits: Premiums paid towards the National Critical Illness Policy may qualify for tax deductions under Section 80D of the Income Tax Act.

  • Renewal with benefits: The policy can be renewed for multiple terms, typically up to a certain age (often 65 years old), with continued coverage for illnesses.

  • Optional riders: You can extend coverage to your spouse and dependent children (up to a specified age) for an additional premium (rider).

  • An additional benefit for some illnesses (Plan A): For certain critical illnesses under Plan A, an additional payout may be available if the illness progresses to a more advanced stage.

 

Factors to Check Before Buying the Best Cancer Insurance Plan

There are so many factors to check before buying the best cancer insurance policy in India such as coverage, premiums, network of providers, waiting period, etc.

  • Coverage: Ensure that the cancer insurance policy you are considering provides coverage for various types of cancer, including major ones such as breast cancer, lung cancer, prostate cancer, etc. 

  • Premiums: Compare the premium rates of different cancer insurance plans to find one that fits within your budget. Consider the monthly or annual cost of the plan, as well as any deductibles or out-of-pocket expenses.

  • Network of Providers: Check if the cancer insurance plan has a network of healthcare providers, hospitals, and cancer treatment centers where you can receive care. 

  • Waiting Period: Find out if there is a waiting period before you can start receiving benefits from the cancer insurance plan. 

  • Exclusions: Check the list of exclusions in the cancer insurance policy, which may include pre-existing conditions, certain types of cancer, or specific treatments. 

  • Claim Process: Understand the process for filing a claim with the cancer insurance plan and receiving reimbursement for your medical expenses. Check if the plan offers easy and timely claim processing.

 

Want to Get Expert Advice Before Buying Cancer Insurance? Contact Our Experts!

 

Read More:

Preventive Health Check-up and Its Benefits

Best Family Health Insurance Plans in India 2024

Best Health Insurance Companies in India 2024

 

Conclusion

In conclusion, choosing the best cancer insurance plan in India in 2024 is crucial for ensuring financial stability in the event of a cancer diagnosis. Comparing various plans based on coverage, cost, and reputation of the insurance provider is essential. It is important to select a comprehensive plan that offers protection and support during such a critical time. You can contact “Our Experts” to buy the best cancer insurance plans in India.

 

FAQs

Health insurance plans for cancer provide essential protection for your family against the impacts of this illness, covering emotional, physical, and financial burdens. If there's a history of cancer in your family or if you're concerned about the financial strain of potential medical expenses, opting for a cancer-specific policy is a prudent decision.

Buying insurance coverage for individuals already diagnosed with cancer is challenging. However, an alternative option is to augment your existing health insurance plan with critical illness coverage.

Yes, the cancer plan covers the costs linked to radiation treatments.

Yes, cancer insurance plans include coverage for chemotherapy treatments.

No, the majority of cancer plans do not provide death benefits. It's important to review the policy documents to know the inclusions and exclusions.

Breast, ovarian, lung, stomach, hypopharyngeal, and prostate cancers are among the most commonly covered under cancer insurance plans.

The survival period in cancer insurance refers to the duration for which the policyholder must survive following a cancer diagnosis. Upon surpassing this survival period, the insured individual becomes eligible to receive the claim amount from the policy.

Yes, it is possible to apply for a cancer insurance policy in India even if you have a family history of cancer, but the premium may be higher due to your increased risk factor.

In general, a comprehensive cancer insurance policy offers coverage for both early and advanced stages of cancer. Additionally, it covers expenses associated with cancer diagnosis and treatment, such as radiation, hospitalization, chemotherapy, surgery, and more.

It may be difficult for someone with a cigarette-smoking habit to apply for a cancer insurance policy in India due to the increased risk of developing cancer associated with smoking.

Yes, you will need to undergo a medical examination. Please reach out to your insurer for more information and specific instructions regarding this matter.

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