Top 5 Cancer Insurance Plans: Comparison and Review

Cancer is one of the most life-altering diagnoses a person can receive, both in terms of health and finances. Treatment costs can quickly become overwhelming, leaving individuals and families struggling with the burden of medical expenses. Due to the high risk associated with cancer treatment, many insurers hesitate to extend basic health insurance to cancer patients. In this blog, we’ll look into the different cancer care insurance plan available in India, exploring their features, coverage options, and benefits. 

By understanding the various policies and their offerings, you can make a well-informed decision that ensures financial security during one of life’s most challenging times. Whether you’re seeking coverage for early detection or advanced treatment, this guide will help you navigate your options and choose the right cancer insurance plan that suits your needs.

Understanding Cancer Insurance Plans

A cancer care insurance plan is a specialised type of critical illness insurance that provides financial support specifically for cancer treatment and management. This insurance typically covers most types of cancer and offers coverage regardless of the stage of cancer at diagnosis, whether early or advanced.

With a cancer insurance policy, policyholders receive substantial financial assistance, helping them manage cancer-related expenses without a heavy financial burden. Besides financial aid, these plans often include mental health support to help navigate the challenging circumstances associated with cancer. Some policies offer a lump-sum payout, while others provide monthly benefits, or even a combination of both, giving flexibility based on personal preference.

Scope of Coverage

Cancer insurance coverage provides financial support for diagnosis, treatment, and care, based on cancer’s stage, grade, type, and molecular features. It ensures access to a wide range of treatments, including surgery, chemotherapy, radiation, and advanced therapies like immunotherapy, helping reduce the financial burden during cancer treatment.

a) Types of Cancers Covered

Here are the types of cancers generally covered in India, from early to advanced stages.

> Breast Cancer

> Cervical Cancer

> Ovarian Cancer

> Lung Cancer

> Hypopharynx Cancer

> Prostate Cancer

> Stomach Cancer

b) Critical Illness Coverage

A critical illness insurance plan generally provides coverage for various types of cancer. This policy can be purchased as a standalone plan or added as a rider to your regular health insurance plan. Under this policy, a lump sum amount equivalent to the sum insured is paid out upon diagnosis of a covered illness.

However, there are limitations to consider. Critical illness plans cover cancer only if it is diagnosed after the policy is in force, and pre-existing conditions are excluded. This means if you are already diagnosed with cancer or have a pre-existing condition related to cancer, the policy will not cover treatment costs or any medical expenses arising from complications linked to the condition.

Typically, critical illness policies have a waiting period, usually around 90 days. If cancer symptoms appear within this waiting period, any related claims may be denied. Furthermore, many policies only provide coverage once cancer progresses beyond the early stages, restricting claims for early-stage diagnoses.

Given these constraints, opting for a specialised cancer insurance policy could be a more secure choice for ensuring adequate coverage.

This refined cancer-specific plan provides a tailored approach, offering better financial support tailored for the complexities of cancer care.

Top Plans At a Glance

Lets deep dive into these plans-

Aditya Birla Activ Secure-Cancer Secure Plan

The Aditya Birla Activ Secure-Cancer Secure Plan is a specialised health insurance policy designed to provide financial support to individuals diagnosed with cancer. This plan offers comprehensive coverage for all three stages of cancer i.e. early, major, and advanced. It is structured with three payout options to best suit the policyholder's needs. 

Those are- 

> 50% of the sum insured is paid upon the diagnosis of early-stage cancer,

>  an additional 100% is provided for major-stage cancer, 

> a combined total of 150% of the sum insured is paid at the diagnosis of advanced-stage cancer.

Key Features:

> Flexible Payout Options: Tailored payouts for each stage of cancer, offering coverage for early, major, and advanced stages.

> Short Survival Period: A brief survival period of just 7 days, ensuring quicker access to benefits.

> Wellness Coach: An option for personalised coaching to help manage the emotional and physical challenges of cancer treatment.

> Tax Benefits: Enjoy the advantages of tax deductions under applicable sections.

> Cumulative Bonus: A 10% bonus added to the sum insured for every claim-free year.

> Family Coverage: Comprehensive coverage extended to the entire family, providing protection for your loved ones.

This plan aims to provide a financial cushion and peace of mind, ensuring individuals and their families are supported during the cancer treatment journey.

Bajaj Allianz Criti Care Plan

The Bajaj Allianz Criti Care Plan is a comprehensive insurance policy designed to support individuals financially when diagnosed with cancer or other critical illnesses. This plan provides early-stage financial assistance by covering cancers of specified severity, including carcinoma-in-situ, with a 25% payout of the sum insured. For advanced stages or cancers of specified severity, the policy offers a full 100% payout of the sum insured. Additionally, it covers a broad range of 42 critical illnesses, with the flexibility to claim up to two times.

Key Features:

> Lifetime Renewability: Ensures ongoing coverage and peace of mind, allowing policyholders to renew their plan for life.

> Extensive Illness Coverage: Protects against 42 critical illnesses, providing broad health security.

> Family Protection: The plan covers the entire family, making it an ideal choice for those seeking comprehensive family health insurance.

> Tax Benefits: Avail tax deductions under Section 80D, enhancing financial savings.

> Reconstructive Surgery Coverage: Includes financial coverage for reconstructive surgeries related to cancer treatment, supporting holistic recovery.

> Flexible Survival Period Options: Depending on the plan and situation, the survival period may be set at either 7 or 15 days, ensuring timely access to policy benefits.

With its flexible payout structure and broad coverage, the Bajaj Allianz Criti Care Plan offers robust support for managing cancer-related expenses, along with a range of other critical health conditions, catering to individual needs and providing valuable family protection.

Care Cancer Mediclaim Policy

The Care Cancer Mediclaim Policy is a comprehensive insurance plan designed to support cancer patients during critical times. This policy offers extensive coverage for a range of cancer-related expenses, including OPD visits, hospitalisation costs, chemotherapy charges, and more. One unique feature is its allowance for a second opinion from specialists outside India, enhancing treatment options for policyholders.

Key Features:

> No ICU Charges Limit: Provides complete ICU coverage without restrictions, ensuring full support during critical hospitalizations.

> Lifetime Renewability: Allows policyholders to renew the plan for life, ensuring continuous protection.

> Coverage Across All Cancer Stages: Offers financial support at every stage of cancer, from early detection to advanced treatment.

> 24/7 Doctor on Call: Access medical advice anytime, offering convenience and peace of mind.

> AYUSH Treatment Coverage: Supports alternative treatments, including Ayurveda, Yoga, Unani, Siddha, and Homeopathy.

> Quick Recovery Counseling: Provides mental and emotional support, aiding in faster recovery.

> Annual Health Checkup: After the first policy year, policyholders receive an annual health checkup to monitor their well-being.

> Cashless Cancer Treatment: Avail of cashless treatments at network hospitals, simplifying the financial aspect of treatment.

> No Pre-Policy Health Checkup: No health checkup required before enrollment, making it easy to secure coverage.

The Care Cancer Mediclaim Policy delivers robust support through all stages of cancer treatment, ensuring financial and emotional assistance for patients and their families.

HDFC ERGO iCan Plan

The HDFC ERGO iCan Cancer Insurance Plan is designed with flexibility and comprehensive coverage in mind, offering a wide range of sum insured options that cater to varied needs and budgets. This plan ensures full coverage for advanced and conventional treatments alike, from chemotherapy to cell transplantation. A unique benefit of the plan is the additional 60% of the sum insured provided if cancer is diagnosed at a specific level of severity, further strengthening financial protection.

Key Features:

> Comprehensive Treatment Coverage: The plan includes a suite of treatments under "My Care," covering essential services like chemotherapy, cell transplantation, and inpatient as well as outpatient care.

> Enhanced Payouts: Offers an extra 60% of the insured sum in cases of specified cancer severity, offering greater financial security during challenging times.

> Expert Second Opinion: Policyholders can seek a second opinion from a network of specialised doctors to make informed decisions.

> Cashless Treatments: Enjoy cashless treatment at over 13,000 network hospitals, eliminating the need for upfront payments.

> Emergency Support: Coverage includes emergency ambulance services for timely medical transportation when needed.

> Post-Treatment Care: Follow-up care is also covered, providing continuous support throughout the recovery journey.

> Tax Savings: Policyholders are eligible for tax deductions under Section 80D, making the plan both protective and financially beneficial.

The HDFC ERGO iCan Plan stands out for its versatility and extensive support at every stage of treatment, from diagnosis to recovery. It’s a reliable option for those seeking a broad-based insurance policy to handle the substantial costs of cancer care.

ICICI Lombard SmartHealth Critical Illness Plan

The ICICI Lombard SmartHealth Critical Illness Plan is designed to provide financial security for cancer patients and individuals facing critical illnesses. Available to individuals aged 3 months to 55 years, this plan offers a lump-sum payout of the entire insured amount upon diagnosis, following a 30-day survival period.

Key Features:

> Broad Coverage: Covers cancer as well as 20 other critical illnesses and procedures, offering extensive protection.

> Seamless Claim Process: Enjoy a straightforward claims process with cashless treatment available at over 4,300 network hospitals across India.

> Complete Claim Settlement: Provides end-to-end support for claim settlement, ensuring a hassle-free experience.

> Tax Benefits: Policyholders can avail tax deductions under Section 80D, adding financial value to the plan.

These five plans aim to provide crucial support and financial relief during challenging times, each offering distinct features and benefits. Choosing the right cancer insurance policy is a significant decision, as it plays a vital role in safeguarding you and your loved ones during critical moments. 

Final Thoughts

Cancer treatment can be financially overwhelming, but it’s important to remember that health insurance plays a key role in mitigating such risks, not just for cancer, but for a range of medical emergencies. While specialised cancer insurance can provide significant relief, a comprehensive  cancer health insurance plan can offer broader protection, covering hospitalisation, ‘critical illnesses, and more.

At OneAssure, we help you navigate through the complexities of health insurance, ensuring you choose the right policy that aligns with your needs. Our platform allows you to compare various plans, so you can secure the best coverage for yourself and your loved ones.

For more insights into health insurance options and to compare plans that provide complete protection, visit our blog or reach out to oneAssure for personalised advice. Let us guide you in securing your health and financial well-being.