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  • Term Life Insurance For Cancer Patients

    Due to the nature of cancer as a disease, acquiring a suitable insurance plan that provides coverage for such cases can be a difficult task. Treatment for cancer patients can put severe strain on the financial resources of the individual as well as their families due to the high expenses involved during different stages of treatment.

    While it is next to impossible to procure an insurance policy that covers an individual already diagnosed with cancer, it is possible to acquire a critical illness cover with a health or life insurance plan that provides coverage for those who are yet to be diagnosed with the disease and who wish to be protected in the eventuality of such an event taking place in future.

    General Features of Term Insurance for Cancer Patients

    While term insurance for cancer patients differs from one company to another, there are a few salient features that could be considered to be fairly commonplace:

    • The insurance policy covers cancer in most of its forms, whether the disease is at an early stage or at a later, more advanced stage

    • These policies help clients meet expenditures relating to hospitalization, radiation, medical treatment, chemotherapy etc through cash payments

    • Tax benefits under section 80D can be availed by the policyholder as per existing Income Tax Laws

    • These insurance plans usually offer customers large coverage, ranging from Rs 15 lakhs to Rs 50 lakhs

    • They cover most common forms of cancer such as breast cancer, lung cancer, ovary cancer etc

    Benefits of Term Insurance for Cancer Patients

    Once again, the benefits offered to cancer patients vary from one insurance company to another. However, some of them offer the following benefits

    • Some term insurance policies offer cancer patients waiver benefits depending on the case. Under such circumstances, future payments towards premiums are waived off for the remaining term of the policy

    • Some term insurance policies offer free cancer screening, which take place through tests done at hospitals or medical centers. These screenings can be done throughout the duration of the policy term

    Eligibility Requirements for Term Insurance for Cancer Patients

    For most policies regarding cancer treatment, the following eligibility criteria is required to be met by the client:

    • The minimum entry age of the client should be at least 18 years

    • The maximum entry age of the client should be at least 65 years

    • The minimum Sum Assured allowable to the policy holder is Rs 5 lakhs

    • The maximum Sum Assured allowable to the policy holder is Rs 50 lakhs

    • Some policies offer clients the option of renewability of the policy after they attain the age of 65 years

    • Cancer specific policies are generally less expensive as compared to other health insurance policies

    • Premiums paid under cancer specific policies are also eligible for tax benefits

    Popular Term Insurance Plans For Cancer Patients

    Some of the more popular cancer specific term insurance plans are:

    • Cancer Care Plus by ICICI Prudential Life Insurance - This is an affordable term insurance policy wherein the client is offered a minimum Sum Assured of Rs 5 lakhs and a maximum Sum Assured of 25 lakhs with policy terms ranging from 10 to 50 years. The policy also offers free cancer screening.

    • HDFC Life Cancer Care - This term insurance plan offers clients the option to choose from 3 different types of plans based on their specific requirements, with an insurance cover of up to Rs 20 lakhs. Clients can also avail of discounted rates should they go in for a higher sum insured.

    • AEGON Life iCancer Insurance Plan - This term insurance plan offers customers coverage against all types of cancer with the exception of skin cancer and gives policyholders pay-outs at all stages of cancer treatment.

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