HDFC Life Cancer Care is a cancer insurance policy that offers lump sum benefit on diagnosis of Cancer. This insurance will give financial protection in the early and later stages of cancer. This policy comes with 3 plan option which a policyholder can choose from.
Benefits offered under this policy is through 3 plan options. Let us have a look at them.
A) Silver Option – Under this option the following benefits are payable:
B) Gold Option – Under this option, the policyholder receives the benefits described under the Silver option + an Increased benefit.
Once the claim is made, all future claims shall be based on the Increased Sum Insured at the time of first claim and further increases to the Increased Sum Insured shall not be applicable.
C) Platinum Option – Under this option the policyholder receives the benefits described under the Gold option benefit + regular Income Benefit.
Any outstanding Income Benefits will be paid as scheduled. If the policyholder’s dies while receiving the Income Benefit, then the remaining pay-outs under this benefit will be paid to his/her nominee as scheduled.
Like other HDFC Policies, this policy also has some eligibility conditions. Let’s have a look at them –
|Minimum and Maximum Entry Age
5 and 65 yrs
|Minimum and Maximum Sum Assured
Rs 10 Lacs and Rs 50 Lacs
|Maximum Maturity Age
10 yrs to (85 – entry age) yrs
This policy plans to aid expenses that a policyholder will have to face if diagnosed with this disease. Hence, no death benefit, maturity benefit, and surrender benefit are provided under this policy.
Is there any waiting period to become eligible to file a claim?
Yes, there is a waiting period of 180 days applicable from the date of commencement of cover. The waiting period of 180 days will not re-apply –
For all other cases, the waiting period will begin afresh.
Is there any survival period to become eligible for any claim pay-outs?
Yes, there will be a survival period of 7 days applicable between the date of diagnosis of a condition and the date of eligibility for a benefit payment.
Are there any other exclusions in the policy?
No benefit shall be payable under the policy in respect of any Major Cancer, Carcinoma-in-situ or Early Stage Cancer resulting directly or indirectly from or caused or contributed by (in whole or in part) :
Can the policy be renewed after the expiry of the policy term?
You will be allowed a period of 30 days from the expiry of the policy term to renew the policy, subject to maximum maturity age and minimum policy term allowed under the product.
Can the lapsed policies be revived?
Yes, a lapsed policy can be revived within a period of 2 years from the first unpaid premium provided all the outstanding premiums have been paid along with interest and satisfactory evidence of good health has been provided.
Can I cancel the policy if I didn’t like its terms and conditions?
Yes, if the policyholder didn’t like the terms and conditions of the policy, then the policyholder can cancel the policy within 15 days from the date of receipt of the policy. This 15 day period is called Free – Look period. If the policies are purchased through digital marketing (i.e. policies which are not purchased face-to-face) then the free look period will be 30 days.
Once the company receives the letter, then the company will refund the premium amount paid on deducting the expenses incurred by the company on medical examination and stamp duty, if any.
So, by now you know each and every important detail about this policy. Do let me know if I have missed any important points in the comment section. Please feel free to ask any doubts regarding this policy.
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