Cancer Insurance

A cancer insurance plan provides financial assistance if you are diagnosed with the disease. This specific policy covers various types of costs associated with the treatment, depending on the plan you choose. 

It may cover the cost of chemotherapy, hospitalisation, radiation, surgery, and more. You can explore and apply for cancer insurance policies on Bajaj Markets. Get plans from leading issuers with premiums starting from just ₹307.

Now that you have an idea of what a cancer insurance plan is, here is how it works:

• The policy activates immediately once you get diagnosed with cancer

• The insurance company pays a lump sum amount equal to the insured sum

• You can use this amount to cover the costs of the cancer treatment

• The companies typically settle claims at different stages of diagnosis, such as minor, major, and critical phases

• Note that cancer insurance policies do not provide benefits for death, maturity, or surrender

Choosing a plan for cancer requires proper consideration. On Bajaj Markets, you can opt for the following policies:

Disclaimer: The above-mentioned amounts are subject to change as per changes in the insurance company’s policies.

There are various types of cancers. Here are some of the types of cancers that insurance policies cover in India:

• Breast cancer

• Stomach cancer

• Cervical cancer

• Hypolarynx cancer

• Lung cancer

• Ovarian cancer

• Prostate cancer

In 2023, around 14,96,972 cancer cases were diagnosed in India. With these alarming statistics, getting a cancer insurance plan can be a strategic solution. Here are some other reasons why getting insurance is essential:

• Cancer treatment costs are high and prolonged, making a cancer insurance policy crucial

• Cancer impacts families physically, emotionally, and financially

• Even if you have comprehensive health insurance, it may not cover all cancer treatment expenses

Cancer insurance also comes with certain inclusions and exclusions, like every insurance policy. You need to pay for expenses that are excluded from your policy. Here are some types of cancers that are generally excluded from insurance:

• Skin cancer and cancers related to sexually transmitted diseases, HIV or AIDS

• Cancers caused by nuclear, biological, or chemical contamination

• Cancer linked to congenital or pre-existing conditions

• Cancers resulting from non-diagnostic or therapeutic radiation exposure

Note: The exact inclusions and exclusions depend on the insurance plan you choose.

While critical illness insurance plans include cancer expenses, they only cover it in advanced stages. Refer to the following table to learn how cancer and critical illness insurance plans differ:

With the rising cases of diseases and illnesses nowadays, getting a cancer insurance plan can be a wise investment. Here are some instances when you must consider getting it:

• Rising Cancer Treatment Costs: Getting an insurance plan can help you cover high treatment expenses if you get diagnosed

• Financial Safety Net: It safeguards you against financial stress from cancer treatment, especially if you do not have sufficient savings or emergency fund

• Family History: If you have cancer patients in your family, consider a cancer insurance plan to prepare for potential risks

Like every investment product, getting insurance for cancer is a substantial decision. Here are some factors that you must consider while choosing a plan:

• High Sum Assured: Choose a plan with a substantial sum assured to ensure adequate financial support for cancer treatment

• Coverage Across Stages: Ensure your policy covers early, major, and advanced stages of cancer for adequate support

• Policy Duration: Opt for a longer policy term to get coverage for the disease over an extended period 

• Survival and Waiting Periods: Understand these periods to plan ways to fund the treatment if diagnosed

• Additional Benefits: To maximise the coverage, consider policies offering extra benefits like regular income or premium waivers during specific stages