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.