HDFC ERGO iCan Cancer Insurance Plan: Key benefits, coverage, eligibility, waiting periods and exclusions explained
HDFC ERGO iCan Cancer Insurance Plan: Key benefits, coverage, eligibility, waiting periods and exclusions explained
HDFC ERGO iCan Cancer Insurance Plan offers ₹5 lakh to ₹50 lakh cover through Essential and Enhance variants. Understand its cancer treatment benefits, lump-sum payouts, eligibility, 120-day waiting period, exclusions and important factors to consider before purchasing.
HDFC ERGO iCan Cancer Insurance Plan offers cancer-specific medical coverage, optional advanced treatment benefits and lump-sum payouts under its Enhance variant, subject to policy terms and conditions. Read on to learn more. (AI-generated image for representational purposes only)
Cancer treatment involves immense psychological stress and medical expenses for the patient and their family. The expenses can rapidly rise due to the requirement of chemotherapy, radiotherapy, surgery, and follow-ups, along with a host of other associated procedures and medicines.
It is a given that regular health insurance policies may cover cancer-related hospitalisation; still, a dedicated cancer insurance policy can offer additional financial protection and peace of mind through treatment cost reimbursement and lump-sum benefits.
The HDFC ERGO iCan Cancer Insurance Plan is designed specifically to fill this gap and cover cancer-related medical expenses. This unique policy offers two variants, ‘Essential’ and ‘Enhance’, with sum insured options ranging from ₹5 lakh to ₹50 lakh. The salient features of the policy are discussed in detail below.
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Note: The features discussed above are illustrative in nature. For complete policy details refer to the official website of HDFC ERGO.
What are the key benefits?
This policy offers policyholders the ‘MyCare’ benefit, which covers eligible inpatient and day care expenses for cancer treatment. Both variants provide conventional and holistic treatment coverage, while advanced treatments can be added as an optional benefit. This depends on the requirements of individual policyholders.
It is also vital to note that the ‘Enhanced variant’ offers two lump-sum benefits for individuals. ‘CritCare’ pays for 60% of the sum insured for cancers of specified severity, whereas ‘FamilyCare’ pays 100% of the sum insured on the diagnosis of advanced metastatic cancer (Stage IV) or cancer recurrence.
The eventual payment is, therefore, subject to the terms and conditions of the policy. Furthermore, both are payable once during the policy lifetime, subject to policy conditions. All policyholders can also avail a second medical opinion through the insurer’s medical panel. This has been introduced to help patients secure a satisfactory resolution to their health challenges.
Eligibility, waiting period and exclusions
The iCan Cancer Insurance Plan has an initial waiting period of 120 days, i.e., 4 months from the inception date. Treatment of illnesses other than cancer, treatments outside India, congenital external anomalies and certain specific prosthetic devices are among the exclusions of the policy.
What should buyers consider?
The iCan Cancer Insurance Plan can help supplement regular health insurance, especially for individuals seeking additional protection against cancer-related expenses. Still, it is not a substitute for comprehensive health insurance, as it is focused only on cancer and does not cover unrelated illnesses.
Buyers should consider seeking guidance from certified financial planners and health professionals, comparing premiums, their individual requirements, the policy's long-term significance to them, the optional benefits it offers, and the listed exclusions before purchasing.
Shivam writes on personal finance, equity markets, and mutual funds. He has previously contributed to several leading publications, including Moneycontrol. He can be reached at shivam.shukla@htdigital.in