HDFC Life Cancer Care Plan is a health insurance plan which covers against cancer. The plan provides a benefit when the life insured is diagnosed with cancer, either in early stages or in major stages. Moreover, the plan also waives the future premiums if the plan benefit is paid for cancer.
Step 1 – the policyholder chooses the Sum Assured.
Step 2 – the policyholder then chooses the plan tenure and whether the premium would be paid annually, half-yearly, quarterly or monthly.
Step 3- If the insured is diagnosed with malignant cancer which is called Carcinoma-in-Situ, early stage cancer or major cancer, the plan benefit is paid. The benefit payable would depend on the severity of the cancer diagnosed.
Step 4 – future premiums for the next 3 years are waived off if the life insured suffers from malignant cancer or early stage cancer and the plan benefit is paid.
Step 5 – if the life insured dies during the plan tenure, no benefit is paid
Step 6 – if the insured survives the plan tenure, no benefit is paid.
Sneha, aged 50 years, buys the Cancer Care plan for a Sum Assured of Rs.10 lakhs and chooses a term of 10 years. the premium which she is required to pay comes to Rs.3, 613 exclusive of taxes.
Option 1 – Sneha gets diagnosed with Carcinoma-in-Situ in the 3rd year of the plan. On her diagnosis and after she survives 7 days post such diagnosis, she is paid 25% of the Sum Assured which is equal to Rs.2.5 lakhs. Her future premiums are waived off for the next three years and Sneha would be required to pay a premium from the 7th policy year. Later, Sneha’s cancer develops into a major one. In this case, Sneha is paid the Sum Assured less any benefit already paid. Thus, she gets Rs.7.5 lakhs (Rs.10 lakhs – Rs.2. lakhs)
Option 2 – Sneha gets diagnosed with an early stage cancer in the 5th policy year. She is paid Rs.2.5 lakhs (25% of the Sum Assured). Her future premiums are waived off for the next three years. If she is treated and the cancer does not become a major one, Sneha does not get any other benefit during the plan term, on death or on maturity of the plan.
Option 3 – Sneha gets diagnosed with a major cancer in the 5th policy year. She would be paid 100% of the Sum Assured, i.e. Rs.10 lakhs as she was not diagnosed with any early stage cancer or Carcinoma-in-Situ.
Option 4 – Sneha survives the entire plan duration without falling sick to cancer. No benefit would be paid when the plan matures.
Option 5 – Sneha dies during the plan tenure without suffering from cancer. No benefit would be paid.
If the life insured is diagnosed with early stage cancer or Carcinoma-in-Situ (malignant cancer) – 25% of the Sum Assured is paid
If the life insured is diagnosed with a major cancer – 100% of the Sum Assured would be paid after deducting any earlier benefit paid for early stage or malignant cancer.
After the benefit is paid for early stage cancer or malignant cancer, premiums for the next three years are waived off.
|Age at entry (in completed years)||18 years||65 years|
|Age at maturity (in completed years)||NA||75 years|
|Term of the plan||10 years||20 years|
|Premium paying options||Regular pay|
|Premium Paying term||Equal to the plan tenure|
|Sum Assured||Rs.10 lakhs||Rs.40 lakhs|
What is not covered in the policy?
Below are the sample rates of premium (exclusive of any tax) payable by a non-tobacco user male for a combination of different ages and term. The Sum Assured is taken to be Rs.15 lakhs and premiums are paid annually for the entire duration.
The plan allows two types of premium discounts. One discount is given for choosing a higher level of Sum Insured. If the policyholder buys the policy with a Sum Insured higher than Rs.10 lakhs. Moreover, if the policy is bought online, a premium discount of 5.5% is given.
Yes, a lapsed policy can be revived within 2 years of the first unpaid premium. To revive the policy the policyholder has to pay the outstanding premiums along with any interest thereon.
If the life insured has served a continuous waiting period of 180 days already, no further waiting period would apply. However, if the policy has been revived within 60 days of the lapse, only the remaining waiting period would be applicable.
Yes, like other health insurance plans, this plan can also be ported to another cancer-related health plan of another company.
The maximum maturity age till which the plan covers an individual is limited to 75 years. Thus, a 60-year old individual can avail a maximum tenure of 15 years as the cover would cease once he attains 75 years of age.