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Executive Summary – Cancer is a dreaded disease. It causes mental, physical and financial stress. We have compared 4 policies that provide insurance for cancer patients – HDFC Life Cancer Care, ICICI Cancer Care Plus, CPAA Cancer Insurance Policy and ICS Cancer Insurance Policy.
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Policy Details
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HDFC Life Cancer Care
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ICICI Cancer Care Plus
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National Insurance + CPAA Cancer Insurance Policy
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Raheja QBE Insurance + ICS Cancer Insurance Policy
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Cancer is a leading cause of death all around the world and the number of people getting affected by it in India is growing at an alarming rate. The physical mental and financial stress and pain caused by cancer cannot be described enough. Moreover a person cannot get an insurance policy if he is diagnosed with cancer. He cannot get a critical illness policy if he is already a cancer patient. It covers cancer if one has taken the policy before being diagnosed with it. The critical illness covers also have other pre-conditions regarding cancer and related ailments which might lead to them not ultimately covering cancer. Some organizations have a cancer specialized cancer health plans. These plans can be taken before you are diagnosed with the dreaded disease and cover against early and advanced stages of cancer. Let us look at the features of some of these covers available in the market –
Be protected about Cancer with Insurance Policy
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Eligibility
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Entry Age 18-65 Years
Maturity Age 28-75 Years |
Entry Age 20-60 Years
Renewable till 70 years |
Members of Cancer Patients Aid Association who are not suffering from cancer
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Members of Indian Cancer Society who are not suffering from cancer.
Up to 70 years |
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Premium for 1 year
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Gold Plan for 30 years old for cover of Rs. 10,00,000 can be bought – Rs. Assumption – No serious medical conditions and does not consume tobacco Premium for same cover for a woman Rs. 1763.
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Cover of Rs. 10 Lakh – for 30 year old male- Rs. 4859 p.a.
For 30 years of female – Rs. 9396 p.a. |
Premium ranges from Rs.2400 – Rs. 8000 – depending on policy and individual to be covered.
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Premium Rs. 421 for sum assured – Rs. 50,000
Premium – Rs. 1-82 for sum assured – Rs. 2 lakhs |
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Sum Assured
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Rs. 10 Lakhs-Rs. 40 Lakhs
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Rs. 5 Lakhs-Rs. 25 Lakhs
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Rs.30,000 to Rs. 5 lakhs
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Rs.50,000 to Rs. 2,00,000
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Description
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It is a Cancer Insurance Policy that gives Financial Security, should you be diagnosed with early or advanced cancer
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A wellness plan that covers the insured against cancer free periodical cancer screenings at a diagnostic centre near you.
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A Cancer Insurance Policy provided by cancer patients Aid Association in collaboration with New India Assurance Company
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One of the first cancer Insurance schemes in India. It is given by Indian Cancer Society in a joint initiative with Raheja QBE Insurance.
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Cancer Care policies protect you financially against most cancers at different stages unlike other health care policies. The premium pad is also eligible for tax deduction. If you are at a risk of developing cancer or work/stay in an environment that might cause cancer, it is better to go for a cancer care policy.
*Please contact the insurer to get current details before purchasing the policy.
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Comments
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Offers different options to insured. There are certain conditions which if satisfied provides different benefits like premium waiver, increase in sum assured and discount on premium. Maximum limit on Sum assured is quite high. 7 day waiting period only required to get the benefit of claim payout.
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It is comprehensive and covers different aspects of the disease and treatment. It is expensive compared to other policies. There are different waiting. Periods for different stages of cancer.
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Policy is given only after a medical test. The policy cannot be renewed once a claim is made.
Sum assured is less compared to some other policies. The insured should survive up to 30 days from date of diagnosis for claim benefit. |
Policy can be given without medical test. Spouse and dependent children can also be covered. The insured should survive up to 30 days from date of diagnosis for claim benefit.
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Key Features
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3 different options available. No medical check – up. Premium discount for sum assured
>Rs. 10 Lakhs . Monthly income for 5 years. in case of certain conditions Premium waiver for 3 years available for early stage cancer or CIS diagnosis. |
Cover all major & minor cancer forms Free screening tests from 2nd policy year. Cash payouts at various stages if disease is detected Future premiums are waived if advanced stage is detected.
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Covers individuals’s diagnostic investigation . Policy is issued if the person does not have symptoms of cancer. CPAA handles all policy matters with the insurance company, An amount of 5% of sum assured will be increased for every year prior to claim up to an amount of 50% of sum assured. In an alternate plan, policy can be continued after detection to take care of treatment expenses.
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Covers cost of diagnosis, biopsy, surgery, chemotherapy and rehabilitation. Reimbursement for claims is done quarterly. Policy covers individual 7 spouse and covers one who contracts the disease. ICS handles policy administration like premium payment and claim procedure, in some conditions first time check – up is available free of cost.
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Insurance policies like HDFC Life Cancer Care, ICICI Cancer Care Plus, CPAA Cancer Insurance Policy and ICS Cancer Insurance Policy provide financial security against cancer at various stages.
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