• Term Insurance For Cancer Patients

    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.

    The content on this website is meant only for general information purpose and does not and shall not be construed as any solicitation, procurement, display, aggregation, marketing or advertisement of insurance products. BankBazaarInsurance is not an insurance intermediary and hence does not endorse or solicit any such products. The information on this website is derived from publicly available sources and BankBazaarInsurance cannot verify or confirm the genuineness, truth, veracity or authenticity of this information.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.