Personal Accident Insurance:

Cancer Insurance is a special type of a policy designed to offer financial assistance to those diagnosed with the disease after the free look up period mentioned in the purchased cancer insurance policy’s terms and conditions.

A cancer-specific policy offers cover for various costs associated with cancer diagnosis and treatment, including hospitalization, chemotherapy, radiation, surgery, etc. The money is usually payable at various stages of diagnosis including minor, major and critical stages. However, cancer insurance policies generally do not offer death, maturity or surrender benefits.In fact, it is also not limited to the actual expense in hospitalization for treatment..

 

Types of Cancer Covered by Cancer Insurance Plans (at early and advanced stages):

  • Lung cancer
  • Breast cancer
  • Ovarian cancer
  • Stomach cancer
  • Hypolarynx cancer
  • Prostate cancer

Benefits of Cancer Insurance Plans :

  • Covers multiple stages of cancer
  • Lumpsum is paid out on cancer diagnosis
  • Premium waiver is available under certain conditions like early stage cancer diagnosis
  • If there are no claims during the year, the sum assured increases by a pre-specified percentage
  • Monthly income is paid out for a specified number of years subject to certain conditions, such as in case of major cancer diagnosis
  • Premium discounts are available for policies over a certain amount
  • Insurance cover is not ceased after first diagnosis
  • Tax benefits under section 80D of the Income Tax Act