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What is the best Cancer Insurance Policy in India?

Cancer insurance is a policy designed to financially help individuals who have been diagnosed with this critical disease. However, the cancer insurance includes a waiting time that must be completed before the coverage starts and secures the insured. Cases of cancer are on the rise all across the world. The substantial rise in the figures has been linked to changes in lifestyle, genetics, and environmental factors. According to World Health Organization data, India is one of the top three countries with the highest number of patients suffering from hematologic cancer.

The escalating expense of medical treatments would severely impact a cancer patient's financial obligations. For six months, the cost of medical diagnosis and treatment (including surgery, chemotherapy, radiation, hospitalisation, and so on) is expected to be between Rs. 2.5 lakh and Rs. 20 lakh. As a result, being prepared with a good insurance plan has become a requirement, especially for persons with a family history of cancer. Cancer can be divided into four distinct stages:

1. Carcinoma in situ (CIS):This stage occurs when a patient is first diagnosed with cancer, and the cancer cells have not yet fully invaded the surrounding tissues.

2. Offer: A malignant disease can penetrate and kill adjacent tissues at this stage.

3. Major stage:There will be an uncontrollably growing malignant tumour. Normal tissues are also destroyed by cancerous cells.

4. The critical stage: This stage refers to when the cancer has been diagnosed as being in a major stage and has been classified as Stage IV by an oncologist.

Key benefits of cancer insurance plans

Besides acting as a financial help during a difficult time, cancer insurance plans have various other benefits as well, some of which are as follows:

  • Every cancer insurance plan provides coverage based on the disease stage at the diagnosis time. The distributions are usually in the form of a lump sum payment.
  • Most cancer insurance plans provide premium coverage waivers. Some even offer a consistent income advantage for a set length of time. This is usually expressed as a percentage of the total amount insured.
  • Most cancer insurance plans will increase the sum assured if a cancer insurance policyholder does not make any claims during a policy year.
  • One of the most appealing aspects of purchasing cancer insurance is that the coverage will continue even after the sickness has been diagnosed.
  • Section 80D of the Income Tax Act provides tax benefits to all cancer insurance plans.

Eligibility criteria for cancer insurance plans

The following eligibility conditions need to be met by applicants to get their cancer insurance plan approved:

  • Best cancer insurance policy providers offer cancer insurance coverage to individuals between the ages of 18 years and 65 years. Some insurance providers will cover youngsters with a cancer insurance plan if one of the parents is also covered.
  • The consumer can select a policy term of up to 20 years if the maximum maturity age is not more than 75.
  • For cancer diagnoses at various stages of the disease, coverage is available.
  • A 180-day waiting period will be required before coverage may be activated.
  • A person is qualified for coverage if they live for at least 7 days after being diagnosed with the condition.
  • Most cancer plans have a minimum sum assured of Rs.5 lakh and a maximum value assured of Rs. 50 lakh.
  • Tax benefits are available for the premium paid.

Several firms offer cancer insurance plans. Bajaj Finance Ltd. offers affordable cancer insurance plans covering lung, breast, stomach, prostate, ovarian, and hypopharyngeal cancers up to Rs. 50 lakh.

Cancer insurance plans can be easily bought offline and online by applying on the firm’s official website.

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