Article

Cancer Insurance
September 12 , 2012

With the number of cancer incidents in India on the rise there is an increasing demand for cancer insurance. Cancer insurance policy works like a mediclaim policy. If the insured is diagnosed with cancer, reimbursement of cost of cancer treatment is made up to the limit of sum assured.

Cancer as a disease is covered under critical care policies. But cancer treatment runs into several years, starting from diagnosis through to surgery, radiotherapy, chemotherapy and at times reconstructive therapy. Critical care policies can be purchased by those individuals who have been free of the illnesses being covered. A person having critical illness cover will get compensated with a lump sum amount, which is the sum assured chosen, once in his/her lifetime for a particular illness. This arrangement would hardly suffice to make amends for costs incurred in cancer treatment. So some insurance companies have launched a tailor-made product to address this need. Premiums range from Rs 400 to Rs 1000. Cancer insurance policies can be taken to top-up your regular mediclaim and critical illness policy.

The New India Assurance Company offers cancer insurance in collaboration with Cancer Patient Aids Association (CPAA).  Persons who have not been previously diagnosed with cancer can avail this policy. CPAA has succeeded in getting insurance laws tweaked to the benefit of policy holders. If a person is diagnosed with cancer, medical bills incurred on hospitalization, treatment and investigations related to it will be reimbursed year after year, until the person is cured or succumbs to the disease. The person would have to undergo free medical check-up. Premiums can be paid annually. CPAA works with the policyholder to help settle claims.

Indian Cancer Society (ICS) also offers cancer insurance in collaboration with The New India Assurance Company. This policy offers reimbursement every quarter for actual expenses incurred until the sum assured is expired or the policy holder is cured, whichever happens first. Undergoing medical test is not mandatory.

ICICI Prudential offers Cancer Care Plus with sum assured of up to Rs 10 lacs. Premium is as low as Rs 300 for sum assured of Rs 10 lacs for a 30 year old male. Section 80 D tax rebate can be availed on this policy.

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