by Sanjeev Kumar Gopalakrishnan, News That Matters

Insurance Cover for risk of Cancer

The recently introduced disease-specific health insurance covers have hit the market.  Max Life Cancer Insurance Plan, provide financial assistance across all stages of cancer, as well as guaranteed income benefit of up to 50 per cent of sum assured. In case the insured is diagnosed with carcinoma in-situ (CiS) or early stage cancer, the policy provides benefit of waiver of all future premiums till the end of policy term. The policyholder is also provided income support on diagnosis of major stage cancer whereby 10 per cent of basic sum insured shall be payable as income for a period of 5 years from next policy anniversary. The minimum age for the policy is 25 years and maximum 65 with tenure ranging from 10-40 years. The minimum and maximum cover is Rs 10 lakhs and Rs 50 lakhs, respectively.

Our View: As more and more people are facing risk of Cancer, a policy providing treatment cost as well as income will provide great amount of relief for an affected person. The devil lies in the details. So read the exclusion conditions and other terms to make sure it pays at the time of need.

 About The Author

Sanjeev Kumar G, an IBS Chennai Alumni, is a Certified Financial Planner (CFP) from India, since 2005. He has 22 years of experience and is an expert in various personal finance areas like portfolio construction, investment research, life insurance and financial planning.


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