5 Best Cancer Insurance Policy in India 2023 – Types and Benefits

Cancer insurance plans can give individuals and families financial protection from expensive cancer treatments. According to an estimate, approximately 8 Lakh new cancer cases get registered in India every year. Cancer and its treatment can not only put a serious strain on your health, but can also put a strain on your finances. To help mitigate this financial risk, many cancer insurance companies in India offer coverage for cancer. Choosing the best cancer insurance plan – one that fits like a glove – be it from the affordability perspective or the accessibility standpoint – is not easy. Among the many things to consider, sum insured, premium, benefits, and the ease of claims settlement, will probably influence your decision the most. In this blog, we have listed some of the best cancer insurance plans along with details, such as coverage, exclusions, waiting period, and more.

Did You Know?

According to the 2019 National Health profile, the number of new cancer patients increased in India by 324% between 2017 and 2018.

Don’t wait for the worst to happen! Get protection for your hard-earned savings and peace of mind with any of the best cancer policies listed below.

5 Best Cancer Insurance Plans in India

Detailed Overview of Best Cancer Insurance Policy in India

1. Navi Critical Illness Cover

Navi Health Insurance offers a cancer insurance plan designed to provide financial protection and support to individuals diagnosed with cancer. In today’s world, where cases of cancer are constantly rising and so are out-of-pocket medical expenses, having one of the best cancer insurance policies will not only make you feel more reassured about your health and financial safety but also offer other benefits, such as tax savings under Section 80D of the I-T Act.

Key Features of Navi Critical Illness Cover

• Age of insured: 91 days to 70 years. The age of a dependent child, insured under the policy, cannot exceed 30 years
• Sum insured: Up to ₹1 crore
• Waiting period: Almost no waiting period from day 31 of the policy
• Minimum premium amount: ₹235 per month
• Benefits:
  • Get 100% hospital bill coverage and cashless claim settlement under 20 minutes at more than 11,000 network hospitals across India
  • Get comprehensive coverage 90 days before and 180 days after hospitalisation
  • Get coverage for hospitalisation at home for 3 days or more, subject to conditions
  • Get unlimited online doctor consultations and a complimentary annual health checkup for each insured member, aged 17 years or more
  • Under Section 80D of I-T Act, 1961, you can claim tax deduction of up to ₹25,000 for the premium paid, if you are aged below 60 years. Senior citizens can claims tax deductions of up to ₹50,000

  To know more about the plan or to check your premium, download the Navi App right now.

  2. Max Life Cancer Insurance Plan

  When discussing cancer insurance companies and best cancer insurance policies in India, Max Life is a name that usually pops up. Max Life Cancer Insurance Plan is a health insurance policy offering financial assistance to individuals diagnosed with the disease. It provides protection for your savings from expensive cancer treatments. The policy offers comprehensive coverage for all stages of cancer. Additional benefits include income guarantees and tax benefits, among others. The policy is a non-linked, non-participating insurance plan. Overall, Max Life Cancer Insurance Plan provides a reliable and convenient option for individuals and families who want a financial safeguard from expensive cancer care.

  Key Features of Max Life Cancer Insurance Plan

  • Age: The minimum entry age is 25 years
  • Sum insured: Up to ₹1 Crore
  • Waiting period: 180 days
  • Minimum premium amount: ₹690 per month
  • Benefits:
    • The policy covers early-stage cancer, carcinoma-in-situ (which is a pre-cancer stage), and major cancer stage
    • The premiums paid towards the policy are eligible for deductions under section 80D of the I-T Act
    • The policy pays out 100% of the sum insured in case the insured is diagnosed with a severe stage of the disease
    • The policy pays 20% of the sum insured as a lump sum in case the insured is diagnosed with an early stage of cancer
    • As an income benefit, the policy offers 10% of the sum insured for 5 years, regardless of the policy term or the death of the policyholder

    3. HDFC Life Cancer Care Plan

    HDFC Life Cancer Care Plan is a comprehensive health insurance policy that offers financial protection to individuals and their families in the event of a cancer diagnosis, offering a lump-sum payout upon diagnosis of early-stage or major cancer. A list of the best cancer insurance plans may not be complete without this cancer insurance plan. Among the many benefits, it offers a waiver on premiums for the next three policy years on early-stage cancer diagnosis. It also comes with a base benefit, including cancer diagnosis benefits for malignant, early-stage, and major cancers. Other benefits include increased sum insured if claims are not made. This is a non-linked, non-participating protection plan that has been designed to help customers cope with the physical, emotional, and financial stress of cancer. It has also an income benefit option.

    Key Features of HDFC Life Cancer Care Plan

    • Entry age: 5 years to 65 years
    • Maturity Age: 15 years to 85 years
    • Sum insured: ₹10 lakh to ₹50 lakh
    • Waiting period: 180 days from the date of the commencement of the policy
    • Approximate premium amount: ₹1,411 for the base plan without taxes (for a male aged 35 years)
    • Benefits:
      • The policy covers early and major stages of cancer.
      • The future premiums for 3 policy years are waived off if the insured is diagnosed with cancer.
      • You can choose a premium payment frequency, based on your convenience, from four available options – monthly, quarterly, half-yearly, or yearly.
      • The sum insured will be increased by 10% every year under the Gold and Platinum plans, up to a maximum of 200% of the initial sum assured.

      4. ICICI Prudential Heart/Cancer Protect

      ICICI Prudential Heart/Cancer Protect is a health insurance plan that offers financial protection against heart conditions and cancer. It is designed to provide financial security to individuals who may suffer from these critical illnesses. This best cancer policy covers cancer and major/minor heart diseases and offers a fixed payout based on the severity of the condition.

      Key Features of ICICI Prudential Heart/Cancer Protect

      • Entry Age: 18 years to 65 years
      • Maturity Age: 23 years to 75 years
      • Sum insured: ₹2 lakh (minimum) to ₹50 lakh (maximum)
      • Waiting period: 180 days from the date of policy commencement. On renewal of a lapsed policy, the waiting period will be 90 days instead of 180
      • Minimum premium amount: Starts from less than ₹3 per day for a cover of up to ₹20 Lakh
      • Benefits:
        • Tax benefits are available under section 80D of the I-T Act, 1961. The policyholder can claim a deduction of ₹25,000 for premiums paid towards the policy.
        • You will get 1% of the sum assured as additional income for 5 years on diagnosis of a major medical condition, such as a certain specified severity of cancer.
        • A cash amount of ₹5,000 will be paid for continuous hospitalisation for more than 1 day, irrespective of the actual hospitalisation cost. This benefit can be claimed for up to 10 days in a policy year and up to 30 days in a policy term.
        • On diagnosis of a minor condition, such as Carcinoma-in-Situ (except for skin) or early stage cancer, you can claim up to 25% of the sum assured. For a major cancer condition, you will be paid 100% of the sum assured.

        5. Aditya Birla Activ Secure Cancer Plan

        Choosing the best cancer policy is anything but easy. The suitability of a plan depends on a number of factors, such as your age, health condition, sum insured, premium, and many other factors. However, we have tried our best to narrow down the list of the best insurance policies for cancer for you. But, the list may remain incomplete without the Aditya Birla Activ Secure Cancer Plan.

        This plan has been designed to provide financial assistance to people diagnosed with cancer for their treatment costs at all stages – early, major, and advanced. The maximum sum insured offered by this policy is ₹1 crore. You can claim up to 50%, 100%, and 150% of the sum insured for early, major, and advanced stages of cancer, respectively. You can get lumpsum payouts for a number of cancer-related treatment procedures, such as chemotherapy, radiation, and surgery.

        Key Features of Aditya Birla Activ Secure Cancer Plan

        • Age: The minimum age for entry is 18 years, while the maximum age is 65 years.
        • Sum insured: Up to ₹1 crore
        • Waiting period: 90 days (initial) and 180 days (for early stage)
        • Minimum premium amount: ₹428 per annum
        • Survival period: 7 days
        • Benefits:
          • The plan covers the policyholder, their spouse, up to 2 parents and 2 parents-in-law, and up to 4 children.
          • The sum insured for an earning member can be up to 12 times of their yearly gross income.
          • Get 10% cumulative bonus, up to a maximum of 100% of the sum assured, for every claim-free year.
          • You have the option to get your dedicated wellness coach for personalised medical guidance. You also have the option to consult a panel of medical experts online.