Life Insurance for Cancer Patients – Best Plans and Their Benefits

Can I Buy Life Insurance for Cancer Patients?

Healthy people can opt for a policy offering coverage against cancer. If the policyholder dies due to cancer, the death will be covered under the plan. However, if a person is already diagnosed with the disease, they may not be able to get coverage under a cancer life insurance plan. So, people not diagnosed with cancer can opt for a life insurance policy with a critical illness coverage benefit to stay protected in any unforeseen future situation.

Does Life Insurance Policies Cover Death Caused by Cancer?

Yes, several life insurance policies allow coverage against cancer. However, these insurance plans are available only for people who are healthy and who are not diagnosed with cancer yet. Hence, to avail of such plans, the policyholder must declare their medical health condition at the time of buying the policy.

In case a person is already diagnosed with cancer while applying for the plan, they may not get the coverage, and their policy may get rejected. Some insurers might levy waiting periods for such people before they can avail the benefits of compensation against such diseases.

Benefits of Life Insurance for Cancer Patients

Here are some benefits of life insurance plans covering cancer:

• These plans offer the policyholder a payout as a lump sum amount if the person is diagnosed with cancer.
• The payout amount differs depending on the type of cancer diagnosed
• Most life insurance plans with cancer coverage allow waiver of the premium of the cancer policy. So, in case the insured is diagnosed with the disease, they may be relieved of paying the premium amount under certain circumstances
• Cancer-covering life insurance policies allow the insured to choose a wide-ranging sum insured at a reasonable premium
• Also, several life insurance policies allow free screening of cancer via tests throughout the policy term

Best Life Insurance Plans for Cancer Patients 

Below are the top three life insurance policies that are most beneficial for cancer patients:

Life Insurance for Cancer Patients	Age of entry	Age of Maturity	Policy Term	Sum Insured	Premium Payment Term
Aegon Life iCancer Insurance Plan	18 – 65 years	70 years	5 to (70 Entry age)	Min – INR 10 lakhs Max – INR 50 lakhs	Monthly/Annually
HDFC Life Cancer Care	5 – 65 years	85 years	5 to (85 Entry age)	Min – INR 10 lakhs Max – INR 50 lakhs	Annually/Half-Yearly/Quarterly/Monthly
SBI Life-Sampoorna Cancer Suraksha	18 – 65 years	75 years	5 to 30 years	Min – INR 10 lakhs Max – INR 50 lakhs	Half-Yearly/Quarterly/Monthly

 

How to Choose a Life Insurance Plan for Cancer Patients?

• Always opt for a life insurance policy covering most types of cancer at various stages, including initial and advanced
• Choose a plan covering expenses such as radiation therapy, chemotherapy, hospitalization, medicine, etc.
• The plan should also cover cancers that are common among women, such as breast and ovarian cancer, among others
• Go for a plan that allows a reasonable sum insured to accommodate the expenses due to inflation
•  Choose a plan that offers lifelong renewability and coverage
• Also, look for policies that allow waiver of premium option in case the policyholder is diagnosed with the disease
• Also, the plan should cover the expenses of cancer screening

Things to Keep in Mind While Buying a Cancer Life Insurance Policy 

Below are some key factors to keep in mind while choosing a life insurance plan with cancer coverage:

• First, you need to ensure that the plan covers cancer. If so, what types of cancers are covered, and in what stages
• Also, make sure to purchase a term plan offering a rider on critical illness benefit
• Make sure to check the sum insured of the plan and choose a plan offering sizeable life cover