Cancer Insurance Plans and Policy: Compare & Buy Online

Cancer Insurance Plan (CIP) gives you a helping hand as according to the World Health Organization, cancer is one of the leading causes of death worldwide. It happens when normal cells become abnormal or infectious and begin multiplying and spreading rapidly throughout the body. Once you've been diagnosed, the treatment can be extremely expensive and emotionally draining. It may even cause you to go into debt.

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The future is unpredictable, and you never know when a disease can strike. As they say, prevention is better than cure. So it's always good to have a backup. But how will you decide which policy is best for you?

NOT TO WORRY we are here to assist you, as okbima, an insurance comparison website in India 2023, will easily assist you in comparing, purchasing, and reimbursing your life insurance policies online.

Continue reading to learn more about cancer insurance in India in the section below.

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Compare Cancer Cover Plans Online

What is Cancer Insurance?

Cancer insurance is a sort of health insurance that is designed to address cancer-related risks. It offers policyholders financial assistance while assisting in reducing the costs of cancer treatment. In order to relieve financial strain, it is essential to plan for health-related emergencies like cancer.

Why Choose The Cancer Cover Policy From Okbima?

To choose the cancer cover policy from

What Are The Types Of Cancer Insurance Plans in India?

Take a look at the following cancers that are covered by cancer insurance plans in their early and advanced stages:

How To Select The Best Cancer Insurance Policy?

If you are buying a cancer health insurance policy for the first time, keep the following considerations in mind:

  1. Indemnity and Benefit-Based Coverage: You can choose between a benefit-based plan or an indemnity-based plan with a cancer protection rider for your insurance. A benefit-based plan only gives you a flat sum payment, whereas an indemnity plan covers you for the actual costs you incur through its rider. To have comprehensive coverage when you need it most, you can choose either of these two options.
  2. Amount Insured: You must be extremely careful to choose the appropriate sum insured when picking cancer health insurance coverage. Check the prices of hospital charges in your city to make a wise choice. If you intend to choose an income benefit plan, figure out your monthly expenses to get the right amount.
  3. Network Hospitals: In order to take advantage of cashless treatments, you can receive care at a nearby hospital that is affiliated with the insurer's network. This will make it easier for you to make full use of the benefits of your cancer health insurance plan.
  4. Additional Advantages: When buying coverage, search for any extra perks that the insurer may be offering. These advantages provide you the opportunity to research your coverage and help in your decision-making.

Why Do You Need A Cancer Cover Policy?

A cancer cover policy is a sort of insurance that pays you money if you are diagnosed with cancer. Here are some of the reasons why people can opt for a cancer insurance policy.

How Do Cancer Insurance Policies Work?

Cancer insurance policies give coverage and financial support in the event of a cancer diagnosis. After a waiting period, policyholders can file a claim by producing medical documentation.

Once approved, individuals get a lump amount or quarterly payments according to coverage restrictions and the severity of the disease. These funds can be used for a variety of cancer-related needs.

To keep coverage, you must continue to pay your premiums. Before acquiring cancer insurance as extra coverage, it is critical to understand policy terms, limitations, and exclusions.

Benefits Of Cancer Cover Health Insurance

Benefits of cancer health insurance are:

Who Can Purchase Cancer Insurance Online?

Cancer insurance can be purchased online by anyone who meets the eligibility requirements. Individuals above a particular age (generally 18-65), in good physical condition, and without a prior cancer diagnosis can often apply.

An online application must be completed, along with a personal profile and medical questionnaire. Premiums are determined by factors including age, coverage amount, and medical history.

Cancer insurance is designed to provide financial assistance in the event of a cancer diagnosis by covering treatment costs, drugs, and other related expenses. Before making a purchase, it's critical to carefully research policy specifics and evaluate possibilities.

What Is The Right Time To Buy a Cancer Insurance Policy In India?

The best time for buying a cancer insurance policy in India is when you are healthy and have no previous experience with cancer or similar disorders. It is best to buy cancer insurance when you are younger, usually in your 30s or 40s, because premiums are lower when you are younger and in good physical condition.

Waiting until later in life or when you are at a higher risk of developing cancer may result in higher premiums or potential exclusions for pre-existing conditions. To identify the optimum time to buy cancer insurance in India, carefully analyze your own health situation and talk with insurance providers.

Documents Required To Get Cancer Insurance Plans

The documentation required for getting cancer insurance plans may differ based on the insurance company and the policy you are looking for. Here is a collection of often-requested documents:

What Factors Affect Cancer Insurance Premiums?

The following factors influence cancer insurance premiums:

  1. Age: Younger people often have lower insurance premiums than older people.
  2. Gender: Certain types of cancer may be more common in one gender, which might affect premium prices.
  3. Medical History: Pre-existing conditions or previous cancer diagnoses may have an impact on rates.
  4. Family History: A history of cancer in the family may raise the risk and consequently the premiums.
  5. Living a Healthy Lifestyle: Unhealthy habits or factors like smoking might raise premiums.
  6. Policy Duration: Longer policy terms may result in higher premiums.

When selecting a cancer insurance plan, it is critical to consider these things to ensure that it meets your needs and fits within your budget.

Exclusions Of A Cancer Insurance Plan

Exclusions in a policy mean that these conditions are not covered by the insurance policy, and the policyholder ends up facing the full financial burden for their disease, defeating the very purpose of choosing a cancer insurance plan in the first place. Exclusions of a cancer insurance plan are:

How To Buy The Best Cancer Insurance Plans With Okbima?

To purchase cancer Insurance plans with okbima, complete these steps:

Step 1: Go to the homepage of

Step 2: Choose the cancer plan from the homepage.

Step 3: An application will be displayed on the page. To acquire the best cancer insurance from our company, simply fill out the form with all of your information.

Please contact our experts for further information.

How To Calculate Cancer Insurance Premiums?

You can fill out our price form with all the essential information to calculate the cost of the Okbima cancer insurance plan.

The cancer plan type, the number of years you invested, and the current interest rate will all be taken into account when determining the premium after receiving the estimate.

How Can I Pay For A Cancer Insurance Plan Online?

There are often multiple ways to pay for cancer insurance coverage online:

When you buy cancer insurance online, the supplier will usually walk you through the payment procedure, allowing you to choose your preferred payment option and complete the transaction securely.

Key Features Of The Cancer Plan

Key features of the cancer plan are:

Coverage for all Stages: A timely diagnosis and therapy are critical for cancer recovery. Select a plan that covers all stages of cancer to assure complete coverage. Keep in mind that the coverage amount may vary depending on the stage of cancer discovered.

Stage-Based Payout Option: Every cancer policy needs to have a stage-based payout. At various times, it makes it easier to face the expenditures of treatment and other related expenses. The insurance coverage should provide at least 25% of the sum assured upon minor-stage cancer diagnosis and 100% upon major-stage cancer diagnosis.

The Requirement of Medical Examination:Most of the time, people are deterred from buying cancer insurance by their fear of medical exams and the time-consuming procedures associated with them. But there's no need for concern. You can simply purchase a "no medical exam" cancer policy from Future Generali in just a few clicks.

Income Benefits: If the insured person is found to have advanced-stage cancer, the income benefit provision helps to provide a consistent monthly income. The payoff is normally 2% of the entire sum assured and is payable for 5 years.

Waiting Period: It is not widely known, but cancer insurance coverage in India includes a waiting period. It is the first 180 to 365 days during which the insured is not eligible to make a claim under the policy. As a result, it is advised that you select insurance with the shortest waiting period.

How Do I Save Tax With The Cancer Care Policy?

By making use of the provisions of Section 80D of the Income Tax Act, you can save money on taxes in India with a cancer care policy. How you can profit from tax savings is explained in full below:

  1. Tax Deduction for Premiums: You are entitled to a tax deduction for the premiums you have paid for your cancer insurance policy. If you are under 60 years old, you are eligible for a deduction of up to Rs. 25,000, and if you are over 60, you are eligible for a deduction of up to Rs. 50,000. This deduction is available for you, your spouse, your children, and your parents.
  2. Additional Deduction for Senior Citizens: You are eligible for an additional deduction of up to Rs. 50,000 if you are a senior citizen and you are paying premiums for your parents, who are also senior citizens. This means you can claim a total deduction of up to Rs. 1,000,000 for senior citizen parents' health insurance.
  3. Aggregate Deduction: There are some restrictions on the overall deduction allowed by Section 80D. The maximum deduction for individuals under the age of 60 is Rs. 25,000 (Rs. 50,000 if both parents are senior citizens). The maximum deduction for seniors is Rs. 1,000,000 (Rs. 1,000,000 if both parents are seniors).
  4. Family Coverage: You can utilize the tax benefit to provide coverage for any member of your family, including your spouse, kids, and parents who are dependent on you. To qualify for the deductions, make sure the premiums were paid out of your taxable income.
  5. Medical Exam: In accordance with Section 80D, you may additionally deduct up to an additional Rs. 5,000 for routine medical exams for you, your loved ones, and your parents.

Keep in mind that you will need these records to prove your deductions, including premium payment receipts and policy information. For correct information and to ensure compliance with the current tax laws, it is always advised to speak with a tax expert or check the most recent tax regulations.

How Will Your Family Receive The Cancer Plan Insurance Claim?

The following steps are normally included in the process for your family to receive the cancer plan insurance claim:

Step 1: Claim Intimation: Inform the insurance provider of the claim and provide all pertinent information.

Step 2: Document Submission: Submit the necessary paperwork, such as prescriptions, bills, and receipts for services rendered.

Step 3: Claim Evaluation: The insurance provider evaluates the claim and, if necessary, may ask for more details.

Step 4: Settlement of Claims: If the claim is accepted, the insurance company will move through with the settlement.

Step 5: Payment:The claim amount is paid to the designated beneficiary, such as a family member or the nominee listed in the policy, in the form of a disbursement.

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Cancer Insurance FAQs

While having health insurance or a mediclaim plan is crucial, and these policies may cover cancer treatment claims, they are based on hospitalisation bills. Furthermore, some plans may not cover the entire cost of treatment. There are additional restrictions, such as co-payments for treatment, treatment only at network hospitals, and so on.
These constraints are being addressed in new age cancer insurance policies. This policy pays the cover amount when a cancer diagnosis is made, without the requirement for hospital bills to be submitted. As a result, you can use this money to pay for treatment at any doctor or hospital in the United States or abroad. Furthermore, unlike traditional health insurance policies, the premium for this coverage remains constant during the period of the policy.

Following are the benefits of Cancer Cover-

  • No Claim Bonuses
  • Ranges from 10 Lakh to 2 Crore
  • Lifelong Renewability
  • Second Opinion, Air Ambulance, and Other International Covers
  • OPD consultations are included in the comprehensive coverage.
  • Waiver of premium
  • Saves Taxes

When cancer is discovered in its early stages, the insured receives a portion of the full Sum Assured, and we waive subsequent premium payments for a period of time. The remaining half of the Sum Assured will be made accessible to the insured if the cancer is found at a later stage. Several insurances also offer an income benefit, which allows the insured to receive regular payments after treatment. This amount is normally a percentage of the Sum Assured and is accessible on a monthly basis for a limited time.

A joint insurance policy for numerous members of the family is one of the benefits of having health insurance, but a cancer insurance policy is more committed. Each person who wants to be covered under a terminal illness policy will need to acquire their own policy.

While different types of insurance have varied age restrictions, we sell cancer insurance to people aged 18 to 65.

Minors between the ages of one and seventeen are eligible for a Sum Assured of up to Rs. ten lakh, while adults can get up to Rs. forty lakh with cancer insurance coverage. Furthermore, whereas adults can choose policy periods from 10 to 20 years, minors can only buy policies for a maximum of 10 years or 18 minus their age at admission, whichever is greater.

Adults can choose a period of 10 years to 20 years or 80 minus their age at entry for cancer insurance coverage; children can only choose a term of 10 years or 18 minus their age at entering, whichever is higher. Premiums can be paid at regular periods, such as monthly or annually, or as a one-time payment. The policy period is 5 years for single premium payments.

With a cancer insurance plan, if the insured is between the ages of 18 and 65, they are entitled for a Sum Assured ranging from Rs. 10 lakh to Rs. 40 lakh. The Sum Assured for minors, however, is limited to Rs. 10 lakh.

Under a cancer insurance policy, the insured can choose between a lump sum payout or a lump sum payout with an income benefit, which pays them a monthly income during the post-treatment phase for a set amount of time.

There are some terms and conditions in the policy that limit the coverage, such as:

  • There is a 90-day waiting period after the policy is issued.
  • Any disease brought on by the intake of alcoholic beverages, tobacco, or cigarettes
  • Cosmetic surgery, as well as any other type of surgery of this nature.
  • Pregnancy, Miscarriage, Maternity Care, and Abortion, among other things.
  • Any disease or harm caused by the insured's criminal intent or in violation of the law.