Cancer insurance is a type of insurance designed to manage the costs associated with cancer. This policy helps mitigate the costs related to getting quality treatment for cancer, thus offering financial support. A cancer insurance plan usually offers coverage against all cancer stages and offers a dual benefit of lump-sum payment in addition to income on the diagnosis of a major stage....Read More
Why do you need Cancer Insurance plan
Cancer is one of the deadliest diseases across the globe. The changing lifestyle patterns have increased the risk of suffering from cancer. Studies  show that there are more than one hundred twenty types of cancer, and most of our body parts can get affected by it.
Along with the probability of suffering from cancer, the treatment cost has also gone up. But with a cancer insurance plan, you can prevent this disease from wiping out your entire life savings. In other words, selecting the right cancer policy can help you plan for medical emergencies in life.
Although most health insurance plans cover major critical illnesses including cancer, there are restrictions and sub-limits in terms of cancer care cover, in-patient hospitalization, and many others. Buying a cancer insurance plan gives you an edge over such plans. The primary reason to buy cancer insurance is to help you pay for high-cost treatments specific to cancer.
Additionally, you may find cancer insurance plans to fit your budget pretty easily, as only cancer-specific treatments are covered. Cancer insurance pays for cancer diagnosis and treatment, which includes the expenses related to hospitalization, chemotherapy, surgery, to name a few. Both men and women can benefit from buying cancer insurance to enjoy financial security and peace of mind.
What do I get with this plan?
Coverage against All stages of Cancer
This plan covers all stages of Cancer. If detected at an early stage or at a pre-Cancer stage (Carcinoma-in-Situ), 20% of the initial cover amount is paid upfront and all future premiums are waived off. Remaining amount is payable if Cancer develops into a major stage. If detected at a major stage, full cover amount is paid with additional 10% as income for next 5 years.
Dual benefit of lumpsum payout + income, if major stage diagnosed
10% of the initial sum insured is payable annually for 5 years if diagnosed with major stage Cancer
Sum Insured Increases by 10% for first five claim free years at no extra cost
Cover increases by 10% simple rate for first five years, enhancing your total cover to 150% of the original cover without any extra cost.
All future premiums waived off if Cancer detected at an early stage
If detected at an early stage or at a pre-Cancer stage (Carcinoma-in-Situ), 20% of the initial cover amount is paid upfront and all future premiums are waived off.
Long Term Coverage
Coverage up to age 75 years
Get tax benefit on the premiums paid under Section 80D of the Income Tax Act, 1961
How Does Cancer Insurance Work?
A cancer insurance plans provides coverage against all cancer stages as per the specific terms and conditions defined by the insurer. It works by providing cancer insurance benefits after the purchase of the plan. Here is how a cancer insurance policy works in general:
- An individual buys a cancer policy for a specific tenure by paying its premium online or offline.
- Depending on the product, when diagnosed with early-stage cancer, he will receive a lumpsum payout under the chosen cancer insurance plan (a pre-defined percentage of the selected sum insured under the cancer policy). Alongside, all the future premiums of the Cancer cover are generally waived off while the policy continues.
- Similarly, if the disease progresses to major stage cancer, the balance sum assured is payable.
- Some cancer health insurance policies also provide income benefits in case of death of the insured or as defined in its contract.
A cancer insurance plans, as the name suggests, provides insurance benefits for cancer treatment. It may or may not not offer any death benefit.
What does a Cancer Insurance Cover?
A cancer insurance plan covers the following:
- Early-stage of cancer
- Pre-cancer stage or Carcinoma-in-Situ
- Major cancer stage
What are the Benefits of Cancer Insurance Plans?
Cancer Insurance Payout On Diagnosis
Based on the cancer cover policy terms, you receive a lumpsum amount when diagnosed with cancer. This amount payable under the chosen cancer cover plan also varies as per the diagnosed stage of cancer.
Waiver of Cancer Insurance Premium
Under various cancer plans, you get the benefit of a waiver of cancer insurance premiums. i.e., you do not have to pay premiums after being diagnosed with cancer under certain conditions. You are advised to read the cancer insurance contract carefully to know further.
Significant Cancer Insurance Cover at Low Cost
Under the right cancer insurance plan, you can choose a significant sum insured at an affordable premium.
Quality Treatment in Renowned Hospitals
Unlike many other cancer health insurance policies, a cancer plan from a renowned insurer can also give you the freedom to choose the hospital and cancer treatment using the payout amount. It means there is no need to look for only network hospitals when you have a cancer cover policy by your side.
Increased Sum Insured Per Year
With many cancer cover plans, the sum insured increases annually by a pre-defined percentage in case no claim is filed. You can ask the chosen insurer about these benefits in detail.
You can also save tax in the form of deductions for premiums paid for a cancer insurance plan. This is covered under Section 80D of the Income Tax Act. Tax benefit as per prevailing tax laws subject to change.
How to Choose the Cancer Insurance Plan?
You need to consider several aspects when you buy cancer insurance online or through the insurer’s branch offices. These include:
- Insurer’s Claim Settlement Ratio
- Cancer Insurance Payout on Different Conditions
- Cancer Insurance Premium
- Cancer Insurance Coverage Term
Each insurer has a Claim Settlement Ratio or CSR that can tell you how many claims have been settled out of all the ones received. Buy cancer insurance policies from an insurer that has high CSR.
The payouts under cancer insurance plans are considered differently for early-stage and major stage diagnosis. No one can tell what kind of cancer would happen. Hence, you should choose from cancer health insurance policies that offer significant benefits for even minor conditions. Such a policy will help you deal with the expenses related to cancer treatment very well.
The definition of a suitable cancer policy may vary from one individual to the other. Hence, you should buy cancer insurance plan that you can pay the premiums for as long as you want. Choose from the cancer health insurance policies from renowned insurers that offer substantial cover at an affordable premium.
Besides the coverage for the insurance, you should take into consideration the insurance term that a cancer insurance plan provides. While an adequate coverage is necessary, so is the term period for the coverage, so it will be financially favorable for you in the long term to choose a plan that covers you for a longer period. As most cancer treatments normally last a long time, a cancer insurance with longer term will ensure you get adequate coverage for your whole cancer treatment.
How to Buy Cancer Insurance Online?
Here are the steps that you need to follow to buy Max Life Cancer Insurance Plan:
Enter Basic Details
After you click on ‘Get Quote’ button for Max Life Cancer Insurance plan, the process to buy a cancer policy starts. The Max Life Cancer Insurance Plan calculator will ask about your age and gender before providing the cancer insurance quote.
Choose Sum Insured and Maturity Age
At this step of cancer policy purchase, you need to select sum insured and maturity age. Based on your selection, Cancer Insurance Plan calculator will show you an estimated premium amount.
Pay Premium to Buy Cancer Insurance
Once you have made the final selection of cancer insurance benefits, fill in the additional details and pay the premium. Next to it, you need to submit documents required to buy our cancer insurance plan.
Why Choose Max Life
(Source : Max life annual audited financials FY 21-22)
(Source : As reported to IRDAI, FY 21-22)
In force (individual) (Source : Max Life Public disclosure, FY 21-22)
(Source : Max Life Public disclosure, FY 21-22)
Frequently Asked Questions (FAQs)
The need to buy cancer insurance online or offline arises from high cancer treatment cost and associated risks. Paying cancer policy premium is a better alternative to a basic health cover for individuals at high risk of developing cancer.
Buying Max Life Cancer Insurance Plan is more about being prepared for cancer if it occurs. This deadly disease can become the cause of financial loss over the long term. Even though you are fit and healthy, you can stay safe and prepared to deal with Cancer treatment by having a cancer care insurance plan by your side
The cancer insurance plan is the one that covers various stages of this disease. Max Life Cancer Insurance Plan is one such cancer policy that you can buy online easily. The cancer policy premium you need to pay gives you several benefits, including lumpsum payout on early-stage cancer diagnosis, multiple claims facility, future cancer policy premium waiver, and many others.
(Max Life Cancer Insurance Plan: A Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Plan. UIN - 104N093V03)
Cancer policy premiums make you eligible for tax benefits under 80D. You can claim a deduction of Rs. 25,000 for yourself, kids, and spouse, and an additional deduction of Rs. 25,000 to cover parent’s health under a cancer care insurance plan.
Most cancer insurance plans do not offer death benefits. It would be best if you read the policy documents carefully to understand its inclusions and exclusions.
Under Max Life Cancer Insurance Plan, you get a pre-defined amount as per cancer policy terms on diagnosis of cancer. You also get full freedom to spend the money for cancer treatment and other related expenses.
Given the high cost of cancer treatment which includes chemotherapy, medication, hospitalization and tests, it is advisable to choose a sum insured of at least Rs. 20 Lakhs. With Max Life Cancer Insurance plan, you can choose the cover of Rs. 10 Lakhs to Rs. 50 Lakhs.
Under most cancer insurance plans, you are not bound to visit the network hospitals to get cancer treatment. You can use the payout amount to visit the doctor of your choice and get the required treatment.
With Max Life Cancer Insurance plan, you get the benefit of future premium waiver in case you are diagnosed with an early-stage cancer. You also get 20% of the cover amount paid up front.
The age limit to buy cancer insurance in India may vary from one insurer to the other. For Max Life Insurance, the age range at entry varies from 25 to 65 years
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