HDFC Life Insurance Cancer Care Plan

1. It is a comprehensive plan which offers lump sum amount benefit in case of diagnosis of early and later/major stages of cancer
2. Multiple options of the policy available with variable benefits
   1. Silver
   2. Gold
   3. Platinum
3. Premiums for the policy can be waived in case of diagnosis of early stage of cancer
4. Automatic increase of insured sum by 10% in case of zero claims for Gold and Platinum options
5. Income benefit paid monthly for five years in case of major cancer under Platinum options
6. Discounts on premiums for insured sum over and above Rs. 10 lakhs
7. No medical examination required for availing the policy
8. Tax benefit as per Section 80D

Benefits of HDFC Life Cancer Care

The HDFC Life Cancer Care policy is a plan meant solely for providing emergency financial aid in case cancer is diagnosed for the insured. That allows for a continuation of a normal financial life despite the medical costs that might be incurred. The benefits offered by HDFC Life Cancer Care can be segregated as per the three plan options it offers -

Silver Option -

• In case of diagnosis of early cancer or carcinoma in-situ, 25% of the sum insured is provided as a lump sum
• In case of diagnosis of major cancer, the lump sum benefit will amount to the entire sum insured excluding claims of early stage or carcinoma in-situ
• On a valid claim of early stage cancer or carcinoma in-situ, premium payment will be waived off for a period of 3 years

Gold Option -

1. In case of diagnosis of early cancer or carcinoma in-situ, 25% of the sum insured is provided as a lump sum
2. In case of diagnosis of major cancer, the lump sum benefit will amount to the entire sum insured excluding claims of early stage or carcinoma in-situ
3. Increased benefit option available, that automatically increases the sum insured by 10% each year starting from the first policy anniversary till the earlier of the following occurs -
   1. Increased benefit sum becomes 200% of the sum insured
   2. A claim event
4. On a valid claim of early stage cancer or carcinoma in-situ, premium payment will be waived off for a period of 3 years

Platinum Option -

1. In case of diagnosis of early cancer or carcinoma in-situ, 25% of the sum insured is provided as a lump sum
2. In case of diagnosis of major cancer, the lump sum benefit will amount to the entire sum insured excluding claims of early stage or carcinoma in-situ
3. Increased benefit option available, that automatically increases the sum insured by 10% each year starting from the first policy anniversary till the earlier of the following occurs -
   1. Increased benefit sum becomes 200% of the sum insured
   2. A claim event
4. Monthly income benefit of 1% of sum insured for a period of five years on diagnosis of major cancer
5. Discounts on premium payments for insured sum amounts over and above Rs. 10 lakhs

Income Tax Benefits

Under section 80D of the Income Tax Act, a maximum amount of Rs. 35000 is acceptable as deduction. This amount includes the additional deduction of Rs. 20000 in case of insurance of parent(s) who is/are senior citizen(s), subject to terms and conditions. The benefits are dependent on the tax laws prevalent concurrently.

Death Benefit

The HDFC Life Cancer Care policy is a plan to provide emergency funds in case of cancer diagnosis and the death benefit is only applicable under the Platinum option wherein an added Income benefit is present. Upon the premature death of the insured, the monthly income benefit shall be paid to the nominee as scheduled.

Eligibility Conditions of HDFC Life Cancer Care

Eligibility for availing the HDFC Life Cancer Care policy can be categorised as per the following criteria -

1. Age -
   1. Entry - For an individual, the minimum age for entry into the policy is 18 years and the maximum age is 65 years
   2. Maturity - For an individual, the minimum maturity age for the policy would be 28 years and the maximum would be 75 years
2. Sum Assured -
   1. Minimum - The minimum sum assured will be Rs. 10 lakhs
   2. Maximum - The maximum sum assured will be Rs. 40 lakhs
3. Policy Term -
   1. Minimum - The minimum term of the policy will be 10 years
   2. Maximum - The maximum term of the policy will be 20 years

Payment of Premiums for HDFC Life Cancer Care

Premiums for HDFC Life Cancer Care can be paid in regularities of annual, half-yearly, quarterly or monthly terms. Additionally, premiums can be paid through ECS, and if the policyholder has an HDFC Bank account, payment of premiums is much easier through an online transfer and automatic scheduled debit.

Additional Information about the Plan

HDFC Life Cancer Care policy has the following options available too -

Nomination - Nomination facility is available for HDFC Life Cancer Care and can be done for self as well as for a minor. The nominee is entitled to get the income benefit under the Platinum option in the case of the untimely death of the insured.

Portability - As per the IRDAI, the policy can be ported to another insurer in cases of dire needs.

Exclusions

Despite the above eligibility criteria being met, no benefit can be availed if any early stage, carcinoma in-situ or major stage cancer is a direct or indirect result of the following -

• Sexually Transmitted Diseases AIDS or HIV
• Congenital conditions
• Pre-existing conditions
• Use of alcohol or narcotics or voluntary consumption of drugs other than “over-the-counter” ones
• Nuclear, biological or chemical contamination
• The policy shall terminate and no benefit will be payable if during the waiting period, diagnosis or symptoms related to cancer first occurred

Premium Rates for HDFC Life Cancer Care

HDFC Life Cancer Care doesn’t require any medical examination before allowing a policy to be availed. The following rates are applicable per 1000 sum assured for healthy males and females, subject to the minimum entry ages -

Silver Option -

• Male - Minimum 0.218 and maximum 15.588
• Female - Minimum 0.266 and maximum 8.708

Gold Option -

• Male - Minimum 0.285 and maximum 21.602
• Female - Minimum 0.365 and maximum 11.844

Platinum Option -

• Male - Minimum 0.411 and maximum 32.435
• Female - Minimum 0.484 and maximum 18.249

How does HDFC Life Cancer Care work

Mr. Aniruddh, aged 30 has decided to avail a Platinum Option of HDFC Life Cancer Care and wishes to insure a sum of Rs. 20 lakhs for a period of 20 years. Under the Platinum option, all available benefits of the Gold and Silver options are also included. Thus, if diagnosed with cancer post 180 days of the commencement of the policy, at any time during the tenure of the policy, the following will be the benefits that he receives -

1. Sum assured as a lump sum (inclusive of increased benefit as accrued)
   1. Could be 25% in case of Early Stage Cancer or Carcinoma in-situ
   2. Could be 100% in case of major stage cancer
2. Waiver of 3 years of premiums post the initial diagnosis
3. Income benefit for the following 5 years

If Mr. Aniruddh has a nominee assigned under this policy, then in the case of his untimely death due to the disease, the nominee shall be entitled to the scheduled payouts as per the Income Benefit for the next five years.

is a comprehensive plan that provides for emergency funding in case cancer is diagnosed for the insured. It doesn’t serve as an investment tool, but rather as a very helpful health insurance that provides appropriate funding in trying times.