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Can I Buy A Term Insurance For A Cancer Patient?

Can I Buy A Term Insurance For A Cancer Patient?

According to National Health Profile 2019 data, cases of common forms of cancer including cervical, oral, and breast cancer, diagnosed at clinic for Non-Communicable Diseases (NCD) run by the state in India had risen by close to 324% between 2017 and 2018. Such is the severity of this disease. Though commonly believed to be preventable, this lifestyle disease has proved to be a catastrophe for most working-class families. Apart from causing physical pain to the patient, it also brings mental and financial stress to them and their loved ones. Therefore, given the rise in incidences of cancer, opting for a life insurance policy at an early stage in life has become crucial.

Buying an insurance policy for cancer patients:

While it is almost not possible to procure an insurance policy that can cover an individual who has already been diagnosed with cancer, it is possible to acquire a critical illness cover with your already existing term plan. A critical illness cover can work to provide financial assistance when the policy holder is diagnosed with a terminal disease like cancer, but in most cases it works only if you are diagnosed with the disease during the term of the policy.

What is term insurance and how can it help?

A term plan is a pure life cover that provides protection for a specific term. If the policyholder passes away within the term, the nominee receives the sum assured. Certain insurance providers have also begun offering maturity benefits (i.e. the return of premiums) to policyholders. Term plans usually come with a higher sum assured at a lower premium as compared to other kinds of insurance plans. iSelect Star Term Plan by Canara HSBC OBC Life Insurance is a great option. Although it is a term plan, you would be surprised to know how comprehensive its scope is. It features three different plan options to choose from, all of which offer a sum assured payout upon diagnosis of a terminal illness or death, whichever occurs earlier. In addition, it has a variety of options like spouse cover, increasing and decreasing coverage, and even a return of premium option, all in the same policy.

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How to choose a term insurance policy for cancer patients?

If one were to contract cancer, it would be a great help if they already possessed a comprehensive term insurance plan with a critical illness cover. In case of a family history of cancer, it would be prudent to have a term insurance with such cover. However, with certain policies, one may be subjected to a waiting period of a certain amount of time, before they can be covered. If the policyholder dies before completion of the waiting period, the nominee would generally only receive the amount of premiums that have been paid so far.

  • One should opt for a policy that covers most forms of cancer at varying stages, be it the early stages or advanced stages.
  • Expenses related to radiation therapy, hospitalization, chemotherapy, medical treatment, etc. via cash payment should be covered.
  • Coverage for the most common cancers such as lung cancer, breast cancer, ovarian cancer etc. should be available.
  • Given the rise in medical inflation, one should opt for a plan with a sizable sum assured. The plan in question should offer a high amount of coverage, ranging from Rs.15 lakhs to Rs.50 lakhs.
  • Choose a policy that can be renewed after you reach the age of 65 or covers you beyond that age.
  • Some plans also offer waiver benefits. Look out for these plans as they waive off future premiums in certain cases while the policy remains intact.
  • Some plans also offer free cancer screening.
  • You can generally avail tax benefits under Section 80D for such policies, subject to changing tax laws.
Other things to remember when buying a term plan:
  • Read the fine print carefully. Some policies offer only 20-25% of the sum assured upon early diagnosis and the rest at a later stage.
  • Check if the policy excludes certain forms of cancer. Some policies would not cover, say, skin cancer, for example.
  • Cancer caused by sexually transmitted diseases is often not covered, so is cancer caused by congenital activity and radioactivity.
  • Insurance for cancer patients will usually not cover other critical illnesses. Critical illness covers of general policies will usually not cover early stage cancer.

As they say, hope for the best, prepare for the worst. While cancer patients can opt for cancer-specific term insurance policies, others (particularly those with a history of cancer in their family) can plan ahead by opting for a term insurance plan with terminal illness coverage.

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Frequently Asked Questions (FAQs) for Term Insurance Plans

A person can only purchase a term insurance plan till the age of 65 years, and they can choose the risk coverage for up to 99 years of age. One can easily buy the best online term plan between the age of 18 to 65 years.

This being a term insurance plan doesn't offer any payout after maturity or expiration date

Each insurance company has its own term insurance premium calculator. If you want to check out the premium quote, go for the iSelect Star term plan calculator. It gives a premium amount based on your age, gender, habits, education, and annual income.

You can purchase an iSelect Star term plan anytime between 18 to 65 years of age. This is a term plan with return of premium option – that means all the premiums paid throughout the tenure will be paid back to you if you outlive the policy.

It depends on your needs. For example, if you want to cover a child's education or wedding expenses, you have to include them in your coverage. Your premium will be calculated accordingly when you buy the best term plan in India.

If your key purpose is to give your Family financial protection, go for the best term insurance plan. And if you want some savings, in the end, go for a traditional life insurance plan. iSelect Star is a term plan with return of premium option. All the term insurance premium will be paid back to you, if you outlive the policy term.

Go for at least 12 times cover than your annual income. Or you can go as far as 20 times coverage as per your needs.

The right time is when you don't have anything to keep your Family safe from financial storms, and they rely on you for financial needs.

If you are unable to make the payment or suffering from a terminal illness, the best term insurance plan pays a part of the sum insured to treat your disease.

Term life insurance plan riders are attachment or endorsements made, while taking the term insurance policy, as a supplementary coverage to policyholders. Apart from the core death benefit, term insurance plan riders offer below-given additional benefits:

  • Accidental Death Rider When a person suffers from a terminal illness, his/her family ends up spending a significant amount in treatment and medical expenses. Accelerated death rider pays a part of the sum insured in advance to cover such costs and save the family from running out of cash.
  • Accidental Disability Rider If the policyholder can't pay the premium because of an accident or permanent disability, a sudden disability this pays the premium on behalf of the policyholder till completion of policy term or for a defined duration.
  • Critical Illness Rider If the insured person gets a heart attack, cancer, or any other critical illness, this rider pays a lump sum on valid diagnosis.
  • Premium Waiver Rider If the policyholder is unable to make payments due to income loss or disability, a premium waiver rider waives off all future premium payments. And the term insurance policy remains active until the expiration date.
  • Income Rider: This rider in a term insurance plan ensures that your family receives regular income + sum insured in case of unfortunate demise of life insured.

Anyone can go for life insurance as it offers some savings after the maturity date, but it doesn't cover the protection of your family . The best term insurance plan is solely designed for taking care of loved ones if something happens to you. Term insurance plans act as a shield between your family and sudden financial fall. They make sure that your family lives a healthy life even after you. With a little amount paid per year, you can be worry-free from the family's financial conditions.

Questions that you need to ask while Buying the Best Term Insurance Plan?

  1. 1. Are you buying a term plan with return of premium?
  2. 2. Amount of premium you have to pay based on your age, habits, education, and monthly income
  3. 3. The total number of benefits covered in the term insurance plan. Do they include benefits that you care about the most?
  4. 4. How to save money on tax if you pay for the term life insurance plan?
  5. 5. Do they offer regular income options?
  6. 6. Can you change the coverage and premium in the future?
  7. 7. Does the claim consider valid if death occurs outside India?
  8. 8. Which kind of death is not covered by a term insurance plan?
  9. 9. Can NRIs take a term insurance plan? If yes, what are the conditions?
  10. 10. Does the term insurance plan have a cash value if you decide to cancel the term insurance policy?
  11. 11. Under what circumstances can a term insurance plan be cancelled?
  12. 12. Can I pay the premiums online or make electronic payments?
  13. 13. What will happen to the term life insurance plan if the life assured starts smoking after purchasing the policy?
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