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Cancer Insurance Vs Critical Illness Insurance- What's the Difference?
According to the National Cancer Registry Programme of India, one in nine people are at risk of developing cancer during their lifetime. With such a high probability, choosing the right health insurance for cancer is important. Cancer insurance and critical illness insurance are the two suitable options, but let us understand the difference between the two to help you choose the one that best fits your healthcare needs.
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- Cancer Insurance Vs Critical Illness Insurance- What's the Difference?
What is Cancer Insurance?
A cancer insurance policy is specifically designed to provide financial support for cancer-related expenses. Upon diagnosis of cancer at any stage, the policy offers a lump sum payout that can be used to cover essential costs such as hospitalisation, chemotherapy, radiation, surgery, and other treatments. From early detection to advanced stages, a cancer insurance policy covers all stages of the disease and helps policyholders manage the financial burden without disrupting their savings.
What is Critical Illness Insurance?
Critical illness is a specialised health insurance policy that provides a lump sum payout if the insured is diagnosed with a life-threatening disease such as cancer, heart stroke, kidney failure, etc., covered under the plan. Unlike regular mediclaim insurance plan, which reimburses hospitalisation and treatment costs, critical illness plans offers a fixed payout regardless of actual medical expenses. This amount can be used for treatment, recovery expenses, lifestyle adjustments, or even loss of income due to the illness.
Difference Between Cancer Insurance Vs Critical Illness Insurance
Both cancer and critical illness insurance policies provide coverage for cancer, but they are different from each other. Check out the table below that highlights the differences between cancer and critical illness insurance:
| Feature | Cancer Insurance | Critical Illness Insurance |
| Coverage Scope | Covers only cancer-related treatments | Covers multiple critical illnesses like heart attack, stroke, kidney failure, etc. |
| Stages Covered | Covers all stages of cancer | Covers major illnesses usually in advanced stages |
| Premium Cost | Generally lower than critical illness insurance | Slightly higher due to broader coverage |
| Number of Claims | Multiple claims may be allowed (depending on the policy) | Usually, a single lump sum payout, after which the policy terminates |
| Best For | Individuals with a family history of cancer or high cancer risk | Those seeking protection against various life-threatening diseases |
Benefits of Cancer Insurance Policy
Here are some of the key benefits of a cancer insurance policy:
- Lump Sum Payout: If you are diagnosed with cancer, you receive a lump sum payout to help manage medical and other expenses.
- Coverage Continues Even After Diagnosis: Some cancer insurance plans ensure that your coverage remains active even after the first diagnosis of cancer.
- Increase in Sum Insured: If you do not make any claims during the year, your sum insured increases by a certain percentage, giving you enhanced protection.
- Covers Different Stages of Cancer: From early to advanced stages, this type of health insurance policy offers financial support for multiple stages of cancer.
- Premium Waiver: If cancer is detected at an early stage, you may not have to pay further premiums under specific conditions.
- Tax Benefits: You can claim tax benefits on the premiums paid under Section 80D of the Income Tax Act, 1961.
Benefits of Critical Illness Insurance Policy
Take a look at the benefits of a critical illness insurance policy:
- Lump Sum Payout: If you are diagnosed with a serious illness covered under the policy, you receive a lump sum amount to manage medical expenses, lifestyle changes, or any other financial needs.
- Covers a Wide Range of Illnesses: The policy includes major health conditions like cancer, heart attack, stroke, kidney failure, and many more, ensuring financial security during tough times.
- No Restrictions on Payout Usage: The payout is not limited to hospital bills. Instead, you can use it for treatments, medicines, home care, or even to cover daily expenses if you are unable to work.
- Tax Benefits: The critical illness insurance premium is eligible for tax benefit u/s 80D of the Income Tax Act, 1961.
Critical Illness Vs Cancer Insurance- What to Choose?
While a dedicated cancer insurance plan offers specific benefits, experts suggest it is most suitable for individuals at high risk due to family history, environmental exposure, or lifestyle habits such as smoking or tobacco use.
However, in normal cases, one must remember that cancer is not the only critical and life-threatening disease. Blood pressure, diabetes, heart, liver, lung, kidney-related ailments, etc. are also serious critical illnesses. Therefore, if an individual is not specifically in the high-risk 'cancer' category only, purchasing a critical illness plan makes more sense as it provides broader coverage against a wide range of critical ailments, and that too at competitive prices.
FAQs
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Q1. What is the difference between critical illness insurance and cancer insurance?
Ans: Critical illness insurance provides a lump-sum payout if you are diagnosed with a severe illness like heart disease, stroke, kidney failure, or cancer. This money can be used for any expenses, including treatment, lifestyle changes, etc. Cancer insurance, on the other hand, specifically covers the costs of cancer treatment only, including hospital bills, chemotherapy, radiation, and related expenses. -
Q2. Is cancer covered by critical illness insurance?
Ans: Yes, most critical illness insurance plans cover cancer. However, coverage may depend on the type and stage of cancer. Some policies may not cover early-stage cancer, so it is essential to check the policy details. -
Q3. What are the exclusions of a cancer insurance policy?
Ans: Cancer insurance does not include the following:- Non-melanoma skin cancer in most cases.
- Cancers caused by sexually transmitted diseases (STDs), including HIV/AIDS.
- Pre-existing cancer or cancer linked to congenital conditions.
- Cancers caused by nuclear, biological, or chemical exposure.
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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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*The values taken for effective cost calculation are indicative values and may change as per the selected plan.
*Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.
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