Cancer is one of the most common life-threatening diseases, and it is a leading cause of death. It can strike anyone at any time, regardless of age, gender, or social background. Many people with cancer also find themselves struggling to get the life insurance they need to cover their medical expenses and provide for their loved ones after they die.
In India, life insurance for cancer patients is a challenge for many reasons low literacy rates and a lack of awareness about the disease make it difficult for patients to understand what kind of policies are available to them. PolicyBachat has taken steps toward solving this problem by creating a website that provides information about life insurance options and how much coverage can be purchased for various stages of cancer treatment.
But it’s not always easy to know when it’s time to buy life insurance for a cancer patient. You need to be educated on what kind of coverage you should get before you buy it. This article offers some insights into what you should know about buying life insurance for someone who has been diagnosed with cancer so that you can make an informed decision about whether or not to purchase it for your loved one.
How Does Life Insurance Work for Cancer Patients?
Cancer is a disease that can be very expensive to treat. The cost of cancer treatment varies and often depends on the type of cancer, its stage, and how far it has spread. Cancer patients have to take care of their health as well as their finances during treatment. They must have enough money set aside in case they need medical bills or other unexpected expenses while undergoing treatments. Life insurance is a way for people with cancer to cover some of the expenses they may incur during treatment and after treatment.
Life insurance is a type of insurance policy that provides financial protection in the event of death, usually for one or more beneficiaries. Life insurance is a contract between an individual and an insurance company. The individual pays a premium, which they will be reimbursed if they die before the end of the policy term. In return, the insurance company agrees to pay out a lump sum if the individual dies within a specified period (usually 10 years or 20 years). A life insurance policy is designed to provide financial security for surviving family members who may be financially dependent on the deceased person's income.
Eligibility Criteria of Life Insurance for Cancer Patients
| Parameter |
Eligibility |
| Minimum Entry Age |
18 years |
| Maximum Entry Age |
65 years |
| Minimum Sum Assured |
Rs. 5 Lakhs |
| Maximum Sum Assured |
Rs.50 Lakhs |
| Renewability |
After 65 years |
Importance of Life Insurance for Cancer Patients
The need for life insurance for cancer patients in India is essential. Cancer, one of the leading causes of mortality, not only inflicts a heavy emotional toll on patients and their families but also imposes a significant financial burden. The high costs associated with cancer treatment can quickly deplete savings and strain the financial resources of even the most prepared families. Moreover, cancer often leads to a loss of income as patients may need to take time off work for treatment and recovery, making it challenging to meet daily living expenses and financial obligations. In such dire circumstances, life insurance serves as a vital safety net, offering much-needed financial security to patients and ensuring their families are not left grappling with overwhelming medical bills and the threat of financial instability.
Unfortunately, obtaining life insurance for cancer patients in India can be a daunting task due to the complexities of underwriting processes, high premiums, policy exclusions, and the limited options available for cancer survivors. However, recognizing the importance of life insurance and planning for it before a cancer diagnosis can significantly alleviate the financial strain that cancer can bring. With the right financial protection in place, cancer patients can focus on their treatment and recovery without the constant worry of financial instability, ensuring a better quality of life for themselves and their loved ones.
Types of Life Insurance for Cancer Patients in India
- Term Life Insurance: This type of insurance provides coverage for a specific period and pays out a lump sum to the beneficiary if the insured person passes away during the term. It's relatively affordable and can offer financial protection to cancer patients.
- Whole Life Insurance: Whole life insurance provides lifelong coverage and includes a savings or investment component. While it can be more expensive, it offers a guaranteed payout upon the insured person's death, which can be valuable for cancer patients looking to provide for their loved ones.
- Critical Illness Insurance: Critical illness insurance is designed to provide a lump-sum payment upon the diagnosis of a critical illness, including cancer. This can be used to cover medical expenses, treatments, and other financial needs during the course of the illness.
- Riders: Some insurance policies offer riders specifically tailored for cancer patients. These additional features can enhance the coverage and may include benefits like accelerated payouts in case of a critical illness diagnosis.
What are the Benefits of Life Insurance for a Cancer Patient?
Life insurance is financial protection that can help you pay for your medical bills and other expenses if you die. It can also help protect your loved ones from the financial burdens of your death. The need for life insurance is not always about death, but it’s important to know the benefits of life insurance for cancer patients.
When you have cancer, there's a chance that you will die from the disease or complications associated with it. Life insurance might be able to cover some of your medical bills and may even give your loved ones some peace of mind knowing they won't have to worry about money while they're grieving over losing you. Five benefits of life insurance for a cancer patient:
- Financial security
- Protection against the high cost of treatment
- Financial stability during treatment
- Support from loved ones
- A sense of peace and comfort in knowing that your family is taken care of should you need to be hospitalized and pass away.
Features of Life for Cancer Patients
Life insurance for cancer patients in India is a product that offers financial protection to the patient and his or her dependents. The product has various features that are designed to help the patients cope with their financial needs after diagnosis of cancer. Some of these features include:
- A higher benefit amount for terminal illness
- Coverage for cancer treatment expenses
- Get tax benefits under section 80D of income tax laws
- Lump sum payment as an alternative to monthly premiums
- Cover the most common forms of cancer such as breast cancer, lung cancer, etc.
Best Life Insurance Plans for Cancer Patients
Cancer is a deadly disease that affects millions of people around the world. Therefore, it is important to protect your family and loved ones from the financial consequences of cancer. The best life insurance plans for cancer patients are those that cover their medical expenses and provide financial protection. A life insurance plan can help you to take care of your family if you die from cancer. Below are some of the best life insurance plans for cancer patients in India.
| Plan Name |
Entry Age |
Sum Assured |
Policy Term |
|
| ICICI Prudential Life Insurance Cancer Care Plus Plan |
30 years |
Rs. 5 to 25 Lakhs |
10 to 50 years |
Buy Now |
| HDFC Life Cancer Care Plan |
5 to 65 years |
Rs. 10 to 50 Lakhs |
5 to 85 years |
Buy Now |
| AEGON Life iCancer Insurance Plan |
18 to 65 years |
Rs. 10 to 50 Lakhs |
5 to 70-entry age |
Buy Now |
| SBI Life Sampoorna Cancer Suraksha Plan |
6 to 65 years |
Rs. 10 to 50 Lakhs |
5 to 30 years |
Buy Now |
| Max Life Cancer Insurance Plan |
25 to 65 years |
Rs. 10 to 50 Lakhs |
10 to 30 years |
Buy Now |
| LIC Cancer Cover |
5 to 65 years |
Rs. 10 to 50 Lakhs |
10 to 30 years |
Buy Now |
Factors to Consider When Choosing Life Insurance for Cancer Patients
When choosing life insurance for cancer patients in India, several critical factors should be considered to make an informed decision that aligns with their unique circumstances and needs. These factors include:
- Medical History
- Coverage Amount
- Premium Affordability
- Policy Duration
- Insurance Providers
- Disclosure and Honesty
- Policy Riders
- Policy Terms and Conditions
- Waiting Period, etc.
By carefully considering these factors, cancer patients can make well-informed decisions when choosing life insurance policies that provide financial security for themselves and their loved ones in the face of a cancer diagnosis.
How to Buy Life Insurance for Cancer Patients
The process of buying a life insurance policy for cancer patients online has become simple with PolicyBachat. For buying a life insurance plan online please visit our website Policybachat.com Following are steps to compare life insurance quotes online in our portal.
- Visit the PolicyBachat Website and select the ‘type of policy you want to buy.
- Enter your Name, Date of Birth, and Mobile Number.
- Click on the ‘View Plans’ button.
- Just Answer 5 Simple Questions.
- Select your ‘Gender’.
- Select ‘YES’ or ‘No’ if you have Smoked or Chewed Tobacco in the last 12 months.
- Select your ‘Annual Income’.
- Select your ‘Education Qualification’.
- Choose your ‘Occupation Type’.
- Enter your ‘Email Address.
- Then click on ‘Start Saving Money.
- Premium Quotes of top life insurance plans will be displayed as per data entered by you and which are suits your requirement.
- You can edit policy details, sum insured, policy terms and you can add riders to enhance coverage.
- Purchase the best life insurance policy using online payment.
Challenges Faced By Cancer Patients in Obtaining Life Insurance
- Underwriting Processes: Insurers typically subject applicants to strict underwriting processes, including extensive medical examinations and detailed health history assessments.
- Risk Assessment: Insurance companies categorize individuals based on their perceived risk. Cancer patients are often classified as high-risk applicants due to their medical history, which can result in prohibitively expensive premiums.
- High Premiums: The price of life insurance for cancer patients is high, it makes it even more difficult for people who really need it. Many cancer survivors find themselves unable to afford the coverage they require to safeguard their family's future.
- Policy Exclusions and Limitations: Cancer patients may encounter policies that include specific exclusions related to cancer, limiting the extent of coverage or imposing restrictions on pre-existing conditions.
Tips for Obtaining Affordable Life Insurance with Cancer
Here are some tips to help you to get affordable life insurance policy for cancer patients:
- Improve Health and Lifestyle
- Compare Quotes Online
- Consider Group Insurance Options
- Review Policy Riders and Options
- Plan Ahead Before Diagnosis
- Consider Term Life Insurance
- Be Prepared for Underwriting Requirements
- Be Patient and Persistent
FAQs of Life Insurance for Cancer Patients
When Would You Need to Purchase a Life Insurance for Cancer Patients?
It depends on what stage of cancer the patient has been diagnosed with. Generally, the earlier the diagnosis, the more likely it is that they will be able to survive with treatment. The cost of insurance also varies depending on your age and medical history.
How Do I Get Properly Covered in Case of a Cancer Diagnosis?
If you are diagnosed with cancer, you may be worried about how to get proper coverage. Here are some tips on how to get covered and stay in the news. The first step is to make sure that your cancer diagnosis is verified by a medical professional. If it is, then you should contact the PolicyBachat website and let them know what happened so they can help you with the coverage process. To find out more about the different types of cancer, you should check out our guide on types of cancer policies.
Can I Buy Life Insurance For A Cancer Patient?
Yes, you can buy life insurance for cancer patients. Some life insurers offer life insurance policies that are designed specifically for people with cancer because they know that this disease increases the risk of premature death. Although most types of cancer are curable; however, the amount of money it requires for treatment is expensive. The treatment and recovery costs lead to a huge strain on the finances. Buy life insurance for cancer patients on our portal from leading insurers.
What are the different Types of Cancers Covered under Life Insurance?
Different Types of Cancers Covered by Life Insurance Policy are
- Breast Cancer
- Lungs Cancer
- Stomach Cancer
- Prostate Cancer
- Ovarian Cancer, etc.
Is There Life Insurance For Cancer Patients?
Life insurance may be an option for cancer patients who are still able to work but want to make sure their family has money for their care if they die before their time. They can also use life insurance as a way to prepare for the unexpected and reduce their financial burden during difficult times.
How is Critical Illness Rider useful for Cancer Patients?
You can buy Critical Illness Rider along with a term insurance policy that covers expenses related to cancer treatments and surgeries. A Critical Illness Rider is a contract that allows the patient to make an additional payment to cover expenses related to cancer treatment.
The rider can be used for any type of treatment or procedure that may not be covered by insurance and is often essential for life-saving treatments such as chemotherapy, radiation therapy, surgery, and more. It also helps pay for things like hospitalization costs and other medical expenses.
Conclusion
The importance of buying life insurance for cancer patients is not just about financial security. It's also about providing peace of mind for the patient and their family. Cancer patients need to know that they will be taken care of financially should they pass away from their illness.
For a cancer survivor, buying a life insurance plan can ensure the future of your family. It is always advised to buy a cancer-specific policy if you anticipate having to go through life stages or treatments related to future cancers.
Before you decide to buy a life insurance plan for a cancer patient, please ensure that the terms and conditions are appropriate. It is advisable to choose a life insurance cover that is consistent with your lifestyle goals.