The recent movie ‘M. S. Dhoni: The Untold Story’, revived memories of how India won the 2011 Cricket World Cup after 28 years with Dhoni’s famous 6 that he hit to finish the match in style. While Dhoni stole the limelight with that six and the captain’s knock that he played in the final, it was Yuvraj Singh, the man at the other end, who won the ‘Man of the Tournament’ award for his consistent all round performance with the bat, ball and fielding throughout the World Cup.
While we all know about Yuvraj Singh’s heroics and how hard he fought to help India win the 2011 Cricket World Cup, not many of us know that, at the same time, Yuvraj Singh was also fighting a different battle at the personal front. During the world cup matches, Yuvraj Singh was suffering from breathing difficulties, nausea, vomiting blood etc. Soon, after the 2011 Cricket World Cup, Yuvraj was diagnosed with seminoma, a type of malignant cancer.
Yuvraj went through chemotherapy sessions in a US based hospital. Not only did Yuvraj Singh battle out the disease, he made a comeback in a 20-20 Match against New Zealand and over the next few matches gave some of his best performances!
While Yuvraj Singh’s cancer battle story is an inspiration to everyone, it also highlights a very basic fact – Cancer can strike anyone! Statistical figures released by some Indian organisations and international agencies point towards an ever increasing rise in cancer patients in India and across the globe. Cancer does not discriminate between people belonging to various strata of society based on geography, income, sex, health, religion etc. Also the cost of treatment can burn a big hole in anyone’s pocket depending on the type of cancer diagnosed and the stage at which it is diagnosed.
To overcome this issue, insurance companies have launched some cancer care products in the market. While insurance products cannot prevent cancer from striking someone, they can help the person to be financially prepared to treat it. In this article we will discuss about HDFC Life Cancer Care launched by HDFC Life Insurance Company.
About HDFC Life Cancer Care
HDFC Life Cancer Care is a cancer care product that offers the insured, a lump sum amount if he / she is diagnosed with cancer. The lump sum amount that will be payable to insured will depend upon the sum assured chosen, type of plan and the stage of cancer. The plan provides lump sum amount for both, early and major stage of cancer.
HDFC Life Cancer Care offers three options to insured: The benefits offered vary depending on the type of option chosen.
1) Silver option: This plan offers
a) Cancer diagnosis benefit: A lump sum benefit will be paid on diagnosis of cancer in the following manner:
Cancer | Sum insured paid |
| Early stage of cancer or carcinoma-in-situ | 25% of the sum insured will be paid on diagnosis |
| Major stage of cancer | In the event of diagnosis of major stage of cancer, 100% of sum insured will be paid minus early stage of cancer or carcinoma-in-situ claim paid |
The benefit of early stage of cancer or carcinoma-in-situ shall be paid only once during the policy term and for its first occurrence only.
b) Waiver of premium benefit: The future premiums for 3 years will be waived for the policyholder, in case he / she is diagnosed with early stage of cancer or carcinoma-in-situ.
2) Gold Option: This option offers
a) Benefits offered under the silver option as explained above
b) Increased benefit: Under this benefit, the sum insured is increased by 10% of initial sum insured, every year. The increase happens till the sum insured reaches 200% of initial sum insured or any claim event, whichever happens first.
3) Platinum Option: This option offers
a) Benefits offered under the gold option as explained above
b) Income benefit: Under this option, the policyholder will be entitled to receive a monthly income equivalent to 1% of the sum insured for the next 5 policy years in the event he / she is diagnosed with major stage of cancer.
In case of silver and gold options, on the payment of benefit for major stage of cancer, the benefits under the policy will terminate. Under the platinum option, the other benefits will end on the payment of benefit for major stage of cancer; however the income benefits will continue to be paid as scheduled.
Summary of benefits under the three options
Plan option | Silver | Gold | Platinum |
Base Benefit | Yes | Yes | Yes |
Increased Benefit | No | Yes | Yes |
Income Benefit | No | No | Yes |
Waiver of premium for 3 years on diagnosis of CiS or early stage of cancer | Yes | Yes | Yes |
Let us now look at the other benefits offered under the plan in detail:
1) Eligibility criteria: The entry age is minimum of 18 years and maximum of 65 years.
2) Policy Term: The minimum policy term is of 10 years and maximum policy term is of 20 years, subject to a maximum maturity age of 75 years.
3) Sum Insured: The policyholder can choose the sum insured limit between a minimum amount of Rs. 10 Lakhs and maximum amount of Rs. 40 lakhs.
4) Increase in sum insured: Under the gold and platinum option, the sum insured is increased by 10% of initial sum insured, every year. The increase happens till the sum insured reaches 200% of initial sum insured or any claim event, whichever happens first
5) Lump sum payment: Policyholder will receive 25% of sum insured on diagnosis of early stage of cancer or carcinoma-in-situ and 100% of sum insured (after deducting early stage cancer or carcinoma-in-situ claim paid, if any) on diagnosis of major stage of cancer. This pay-out is same for each option: silver, gold and platinum.
6) Premium payment mode: The premium payment mode can be either monthly, quarterly, semi-annually or annually.
7) Premium discounts: The plan offers discounts on premium if the policyholder chooses a sum insured above Rs. 10 lakhs. The premium discount is applicable to the incremental sum insured above Rs. 10 lakhs.
8) Income Tax benefit: Policyholder can avail deduction from taxable income for the premium paid under Section 80D of the Income Tax Act, subject to specified limits, terms and conditions.
9) Survival benefit / death benefit / maturity benefit: There is no survival benefit, death benefit or maturity benefit offered under the plan. The insurance company shall be liable to pay the claim on diagnosis of carcinoma-in-situ / early stage of cancer and major stage of cancer to policyholder.
For filing a claim, a 180 days waiting period is applicable from the date of commencement or date of reinstatement of cover.
In the event of diagnosis of cancer, a seven day survival period will be applicable for the policyholder to be eligible to file a claim.
Points to ponder over for considering HDFC Life Cancer Care
- Increase in sum insured: Under the gold and platinum option, the plan offers annual increase in sum insured by 10% for every claim free year till it becomes 200% of the initial sum insured or any claim event.
- Waiver of premium: The plan offers waiver of premium for a period of 3 years on diagnosis of early stage of cancer or Carcinoma-in-situ.
- Income benefit: Under platinum option, the plan offers monthly income equivalent to 1% of sum insured payable for the next 5 policy years in the event of diagnosis of cancer at a major stage.
- Discount on premium for high sum assured: The plan offers discount on premium for incremental sum insured above Rs. 10 lakhs.
For other terms and conditions and exclusions refer the company website or get in touch with the company representative.
Conclusion
HDFC Life Cancer Care offers various benefits to the customer depending on his / her requirements under the silver, gold and platinum options. As the benefits increase from silver to platinum option, the premium will also increase accordingly. The customer can carefully evaluate his / her requirements and accordingly choose from the silver, gold or platinum option. Overall HDFC Life Cancer Care plan is a good plan being offered along with wide variety of options and the customer can consider it depending on his / her requirements.
To read about review of Max Life Insurance Cancer Plan click here
To read about comparison of Max Life Cancer Insurance Plan, HDFC Life Cancer Care, Aegon Life iCancer Insurance Plan and Birla Sun Life Cancer Shield Plan click here
