Health insurance has become one of the basic needs today, in a world fraught with uncertainty. It is one of the smartest decisions you can make for yourself and your family. With cancer on the rise, there is a pressing need for good policies that take care of the exorbitant costs of treatment and hospitalisation. There are some very effective health insurance schemes for pre-existing cancer in India, and in this article, we are going to look at 5 of the best insurance policies.
1. HDFC Life Cancer Insurance
HDFC Cancer Insurance is regarded as one of the best cancer insurance policies in India. They cover all kinds of cancer and at every stage- right from diagnosis till the patient’s recovery.
This comprehensive plan is available to those between 18 to 65 years with an assured sum of ₹10 lakhs to ₹40 lakhs respectively. The policies are available in silver, gold, and platinum plans. The amount increases annually by 10 per cent in the gold and platinum plans, until it becomes 200 per cent of the sum that has been assured. The term of this policy is between 10 to 20 years.
2. ICICI Prudential Cancer Insurance
The ICICI Pru Cancer Protect plan covers the client from the inception of the disease - diagnosis, and provides free cancer screening. The plan covers all stages of cancer - pre-cancerous, early, or advanced stages, the cost of chemotherapy, radiation therapy, CT or PET scans that are required. It also takes care of the expense of medicines, patient’s hospitalisation, their recovery, and their living expenses post treatment.
The sum assured starts from ₹5 lakhs and the maximum amount goes up to ₹23 lakhs. The policy term lasts from 5 to 50 years. Apart from giving the option of choosing the hospital for treatment, under this insurance plan you can also get a hospital cash benefit of ₹5000 per day. The tax benefits come under Section 80D of the Income Tax Act.
3. Aegon Life iCancer Insurance
Aegon Life iCancer Insurance plan covers all kinds of cancer (at various stages) along with the costs of the illness – right from its diagnosis, whether the cancer is malignant or benign. The holder of this policy is ensured benefit and support at every stage of the disease.
The eligibility of the insurance scheme is between 18 to 65 years, and a sum of ₹10 lakhs to ₹50 lakhs is insured. The term of policy lasts from a minimum of 5 to a maximum of 70 years.
The primary benefits of the plan include a lump sum pay out of 150 per cent of the initial policy sum at a serious stage of cancer, and the pay-outs and benefits depend on the stage of the disease. Tax benefits are given as under Section 80D of the Income Tax Act
4. Bharati Axa Cancer Insurance
Bharti Axa’s Smart Health Critical Illness covers cancers of various kinds at their different stages. The coverage provided under this plan is up to ₹5 lakhs.
The minimum sum assured is ₹2 lakhs, and goes up to a maximum of ₹30 lakhs. The eligibility for this plan is from 18 to 65 years of age. One of the main advantages of this policy is that you can claim up to three times of the original sum during its tenure. It covers benign brain tumours, bone marrow transplants, skin cancers and other invasive malignant melanomas. There is a waiver of the premium benefit after the first claim.
5. Maxlife Cancer Insurance Plan
Maxlife Cancer Insurance Plan provides a comprehensive plan that covers cancer in all its stages. The minimum age for availing the insurance is 25 years and the maximum is 65 years. You can insure from a minimum of ₹10 lakhs, to a maximum of ₹50 lakhs under this scheme. This cancer insurance policy gives you the benefit of a lump sum pay out to cover medical expenses across all states in India and there are other tax benefits that are given as per the prevailing income tax laws.
All the future premium amounts are waived off for the insured in case there is a diagnosis of pre-or an early stage of cancer. It is considered to be one of the best cancer insurance plans in the country today.
All cancer insurance plans ought to provide cover from diagnosis of the disease, right up to recovery, and include palliative care. The beneficiary should also be covered for all kinds and all stages of cancer that they might get diagnosed with. Insurance plans that provide family floater policies are beneficial not just for one person, but the whole family as well. Since every insurance plan has something unique, it is best that you decide which policy suits your requirement the most before opting for one. There are many such plans available in India today, and come to aid when the need arises.