May 12, 2014

Get this Cancer Insurance Policy for Yourself & Your Clients – Gaurav Mashruwala

Gaurav Mashruwala
Financial Planner, Author, Speaker, Columnist

Cancer is an ailment which require continuous monitoring and treatment. All of it may not be requiring hospitalization. Further cost of various investigative test are high. Some of these tests may have to be taken in specialty testing centre which are not attached to any hospital and hence at times standard medical policy may not cover it. There could also be costs involved for follow-up surveillance etc. which would fall beyond the post- hospitalization expenses covered by standard medical insurance plan. This Cancer Insurance Policy issued by Cancer Patients Aid Association would come handy there.

I have earlier version of the cancer policy. Where one time premium was Rs 6,500.00 and coverage is for life. This policy has been of benefit to me during my treatment of the cancer ailment.

Currently the One time Premium is Rs. 8,000 only for upto Rs. 2,00,000 Sum Assured for 15 years of Comprehensive Coverage.  

Even my family who have never been infected from ailment has benefited from the policy as every year they get themselves thoroughly checked up. Cancer Patient Aid-Association regularly sends reminder post-card for check up. Check-up is done thoroughly reports are send appropriately and this is included in one time premium we pay. In case of cancer earlier detection plays pivotal role in dealing with the treatment and hence yearly check-ups are useful.

I have been recommending this plan to my clients for several years now.

If none of the above are motivating enough to take coverage, here is last bit. Portion of one time premium we pay goes towards Cancer Patient Aid Association and hence entitles you to get tax benefit u/s 80-G.

I would highly recommend you to take this policy for yourself, your family and recommend your clients to take it also as part of Insurance Planning. Below is the Brochure of this Cancer Insurance Policy which includes contact details, premium details and benefits. Feel free to write to me in case there are queries. 

Brochure – Cancer Insurance Policy from CPAA

Authored by,

Gaurav Mashruwala

A Cutting Edge

18 Thoughts to “Get this Cancer Insurance Policy for Yourself & Your Clients – Gaurav Mashruwala”

  1. Harshil Roy says:

    Dear Sir,

    This is indeed something new, still I would require some clarification as to how is it different from critical illness insurance? I have been recommending CI policy to clients.

    Moreover, I think SA of Rs. 2, 00, 000 would not be adequate.

    Please comment.

  2. Dear Harshil

    (1) Most critical illness plans are on Principal of benefit. This policy is Principal of indemnity.
    (2) Once policy is issued, renewal is guaranteed for entire 15 years, even if you are diagnosed with ailment inbetween, provided you have gone for medical check-up every year.
    (3) Premium is once in life time and hence there is no question of more premium being charged later. This is irrespective of health condition. Only if Govt. levies service charge they ask for that.
    (4) They send health check-up reminders every year diligently.
    (5) Claim applications first go to Cancer patient aid-association before going to The New India Assurance. This is useful in better understanding of state of ailment by Oncologists.
    (6) I agree with your point that Rs 2.00 lakh is not sufficient and this should not be the only policy.

    Feel free to raise queries, if any.

  3. Under this policy all policy holders are examined for cancer every year. This is included in one time cost policy holder pays upfront. Reports are sent to policy holders later. Cancer patient aid-association has been diligently sending reminder post-card for check-ups to policy holders every year.

    Sometimes association requests for additional check-ups (usually in case of women.) This has to be undertaken outside and may cost.

    If a policy holders does not undertake yearly check-up and if s/he is diagnosed with cancer later then there could be issues with claims.

  4. Sukhvinder Sidhu says:

    Thanks sir for sharing about this policy. Though the SA is low, but the qualitative aspects are very appealing.
    One problem seems to be for the people residing away from Mumbai/Delhi/Pune for having to take compulsory yearly tests only at the CPAA centres at these places.

  5. it is not available in Delhi … can you people just check out WHY ? I have been told it is available in Mumbai only .

    • I don’t know why it is not available in New Delhi. If they are not comfortable/confident offering it New Delhi it is better you don’t suggest to clients. I have few relatives who live in Ahmedabad. They have taken this policy. They come to Mumbai for yearly check-ups. You may want to write CPAA and check if similar option can be offered. My feeling is if they do not have a set for conducting yearly tests/check-ups they may not offer the services in that city.

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