• Term Insurance For Cancer Patients

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    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    Cancer is considered as one of the most life-threatening ailments across the globe. Due to today's stressful lifestyle and unhealthy eating habits the number of people suffering from cancer has gone up. But a lifestyle change alone will not be sufficient, sometime the ailments are due to genetics, for which availing a term insurance plan exclusively for cancer patients would help.

    General features of a term life insurance plan for cancer patients

    Term insurance plans exclusively for cancer coverage has a number of features, a few among them are:

    • Most of the cancer forms are covered under the policy
    • Cancer-related hospitalisation, medical treatments, and diagnostic expenses are covered
    • Tax deductions under Section 80D of the Income Tax Act 1961 can be availed by the insured
    • The policy coverage typically ranges from Rs.15 lakh to Rs.50 lakh, but the plan can also offer a lower coverage depending on the plan one chooses
    • Covers cancer regardless of its stage or severity

    Benefits of a term life insurance plan for cancer patients

    Term insurance plans exclusively for cancer coverage comes with a number of benefits, a few among them are:

    • Depending on the case at hand, the insurers might offer certain waiver benefits where the remaining insurance premiums to be paid by the cancer patient will be waived off.
    • Some of the insurers offer the facility of getting cancer diagnostic tests done free of cost at medical centres and/or hospitals. These can be availed by the insured anytime during the policy period.
    • Term insurance policies that are exclusively built for cancer patients are less expensive as compared to the other regular health insurance plans.

    Eligibility requirements of a term life insurance plan for cancer patients

    The general criteria for Term insurance plans exclusively for cancer coverage are as follows:

    • The minimum age required to avail a term life insurance plan for cancer patients is 18 years
    • The maximum age upto which a cancer patient can avail a term life insurance plan is 65 years
    • The minimum claim amount that can be availed under a term life insurance plan for a cancer patient is Rs.5 lakh
    • The maximum claim amount upto which a term life insurance plan can be availed for a cancer patient is Rs.50 lakh
    • Some insurance policies offer the cancer patient the option to renew one’s policy after they reach an age of 65 years

    *Please note that the above information will vary from plan to plan.

    How to choose the best term life insurance plan for cancer patients

    The following are a few tips to choose the best term life insurance plan for cancer patients:

    • Compare the term insurance plans available in the market for cancer patients
    • Check for the benefits offered under the insurance policy depending on the severity and form of cancer
    • Payout options offered under the plan
    • The type of sum insured offered under the plan; whether the claim amount paid is fixed or increases with every year of the policy period, up to a certain limit
    • Check whether the policy will cover the increasing medical costs for cancer treatments, diagnostics, etc.
    • If the policy offers a waver on all future insurance premiums depending on the severity of the cancer upon diagnosis
    • Ensure if the claim amount will be given as a regular income or as a fixed percentage of the claim amount
    • The various options of policy terms offered under the plan

    Life insurance plans for cancer patients

    A number of good insurers offer life insurance plans available exclusively for cancer patients, a few popular ones are mentioned below:

    • Max Life Cancer Insurance Plan:
    • AEGON Life iCancer Insurance Plan
    • HDFC Life Cancer Care Plan

    Availing a term insurance will benefit a cancer patient to cover the expenses and avaik good treatment. Before one avails a plan, it is advised to compare different policies available in the market and choose one that offers the maximum benefits at affordable prices.

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