In today’s fast paced world, health is not given as much priority as it is supposed to receive. Increasing pollution, unhealthy lifestyle, and other factors have resulted in a number of people suffering from various diseases and disorders. One of the most common diseases that individuals are being affected by is cancer. A huge number of individuals are getting diagnosed with this disease and apart from the mental and physical pain that is experienced, financial burdens are also to be expected as treatment costs are quite high. Therefore being financially prepared against cancer is a step that every individual must take as a precaution.
The HDFC Life Cancer Care Plan is a comprehensive plan that provides benefit upon diagnosis of Early Stage or Carcinoma-in-situ and Major Cancer. Policyholders can procure a lump sum payment on diagnosis as well as treatment of the above. In case of diagnosis of Early Stage or Carcinoma-in-situ, an inbuilt waiver of the premium benefit can be availed. If there have been no claims, then Sum Assured will increase by 10% under the Platinum and Gold option. Customers also have the unique option of opting between any of the three available plan options. In case Sum Insured is above Rs.10 lakh, premium discounts are available for the same.
Eligibility criteria for the HDFC Life Cancer Care Plan is based on age and the plan type chosen along with policy term, among others.
|Age of entry (in years)||18 years||65 years|
|Age of maturity (in years)||28 years||75 years|
|Survival Period||7 days between date of diagnosis and date of eligibility for payment of benefit.|
All ages mentioned are as per last birthday of the individual.
Amount of Sum Assured and Premium Range will vary based on the type of plan chosen by the individual.
|Policy Term||10 years||20 years|
|Sum Assured||10 lakhs||40 lakhs|
Customers should note that premiums vary based on age, location, plan term and other factors.
The HDFC Life Cancer Care Plan provides customers with three benefit options for them to choose from - Silver, Gold and Platinum plans. Details of each of these plans are provided below -
|Under this option, the benefits mentioned below are payable -
||Under this option, customers will receive the following benefits -
||Under this option, customers will receive the following benefits -
|Death Benefit||The primary aim of the HDFC Life Cancer Care Plan is to help the policyholder survive through Cancer by providing financial aid and hence benefits are linked to diagnosis. Therefore, there are no death benefits to this plan.|
|Maturity Benefit||There are no maturity benefits provided by the HDFC Life Cancer Care Plan.|
|Surrender Benefit||There are no surrender benefits under the HDFC Life Cancer Care Plan.|
There are no add-on plans or riders available under the HDFC Life Cancer Care Plan.
There will be no benefits paid under the policy with respect to Early Stage Cancer, Carcinoma-in-situ and Major Cancer that is a result of or caused due to the following, either directly or indirectly -
|Cancellation during Free Look period||In case policyholders do not agree with the terms and conditions or are not satisfied with the same, the policy can be returned with valid reasons within 15 days from date of receipt of policy documents. In case the policy was sold through distance marketing methods (as defined by IRDAI), a period of 30 days is available.|
|Grace Period||Grace period of days is available for those policies wherein premium is being annually, semi-annually and quarterly. For those policies wherein premium is being paid monthly, grace period is days. The cover under the policy will be in force during the grace period. In case a claim arises during this period, it will be honoured but the due and unpaid premium will be deducted from the benefit that is payable.|
|Renewal||A period of 30 days is available from the expiry of policy term, to renew the policy as long as maximum age of maturity and minimum policy term is within the permissible limit.|
|Reinstatement||Reinstatement will be allowed based on a board approved underwriting policy and will be subject to terms and conditions. A policy that has lapsed can be reinstated within a period of 2 years from the first unpaid premium as long as all outstanding premiums is being paid along with the interest and evidence of good health is provided.
In case reinstatement is required, the following rules will apply - days is not applicable
Customers would be eligible for tax benefits under Section 80D of the Income Tax Act of 1961. The most deduction that can be claimed is Rs.35,000 currently and this is inclusive of additional deduction of Rs.20,000 in case of insurance on the health of parents who are senior citizens. The tax benefits mentioned above are subject to changes in tax laws and hence policyholders are advised to consult their tax advisors regarding the same.
HDFC Life is one of the foremost insurance providers in the country. Customers can choose between a variety of products based on their necessities.
|Online Applications||HDFC Life Cancer Care Plan can be availed online by logging in to the HDFC Life website. This method is convenient for those who are unable to visit one of the HDFC branches to purchase the plan or stay in far-off places.|
|Customer Care||In case individuals have any queries, they can contact the customer care centre. They can contact the customer service department via SMS,email, toll free number, letter, etc.|
|Calculator||Before purchasing the HDFC Life Cancer Care Plan, customers can identify their insurance needs on the basis of income, liabilities and expenses by using the HLV or Human Life Value Calculator, available on the HDFC Life website. Similarly, customers can also use the tax calculator by HDFC Life and find the amount of tax that they’ll have to pay.|
HDFC Life is one of the foremost providers of life insurance policies within the country. Through this provider, customers can avail insurance plans that come with a number of unique benefits and services. HDFC Life has a network of about 39 offices that are spread across 9,000 touch points in India for easy access. HDFC Life also has one of the highest Claims Track Record in the company with 95% of claims being honoured. This company has a fantastic financial consultancy wing in India and abroad while providing some of the most successful insurance plans for a wide variety of clientele. Cutting edge technology is employed by HDFC Life resulting in the company having one of the best claim settlement records in the company as compared to certain other insurance providers.
A. Customers can find out the status of their policy application by either calling HDFC Life on the toll free customer care number or by sending them an e-mail.
A. Service tax along with education cess will be charged by cancellation of units.
A. There are no loans available through this policy.
A. Customers cannot avail any changes in their premium payment term or in their policy term. However, change in the frequency of premium payment is allowed.
A. The HDFC Life Cancer Care Plan is portable as per the IDAI (Health Insurance) Regulation of 2013.
A. The member of the policyholder of a life insurance will be able to nominate an individual or individuals who will receive the death benefit.
A. A survival period of 7 days between the date of diagnosis of a condition and eligibility date is applicable for the payment of benefit.
A. In case an individual does not pay the premium during the Grace period, the policy will lapse and the cover will cease.
A. Discounts are available in the form of lower premium rates for Incremental Sum Insured over Rs.10,000. The formula used to calculate this is - 10,000 x Rate A +(Sum Insured - 10,00,000) x Rate B.
A. Assignment will be subject to Section 38 of the Insurance Act of 1938, and as amended from time to time.
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