Considerations Before Purchasing Cancer Insurance Policy

Cancer Insurance Benefits and Considerations

The dreaded word cancer usually causes a patient to experience a mix of anger, disbelief, and anxiety. The unsettling truth is that Indians are extremely vulnerable to the disease as a result of drastic lifestyle changes. According to an estimate by the Indian Institute of Health Management Research, approximately 7 crore Indians could be infected with cancer by 2021. Even with an increasing number of patients, the level of preparedness to manage the financial aspects of treatment remains inadequate.

Many people are confused when it comes to the financial elements in cancer treatment. Here are some of the most frequently asked questions about cancer insurance benefits. Here are some frequently asked questions about cancer insurance.

What is Cancer Insurance?

Cancer insurance is a form of health insurance policy that is intended to manage all of the financial risks that are associated with the disease. It helps in mitigating the costs of cancer treatment and ensures policyholders with necessary financial assistance during the treatment. 

What are the Benefits of Cancer Insurance?

Taking a cancer plan has several benefits, some of these are:

  • On cancer diagnosis, a lump-sum payment is made.
  • In the event of no claims by the policyholder, the sum assured rises by a certain percentage each year.
  • Cancer insurance premiums are waived off in case of certain health condition like early-stage cancer. 
  • Provision of monthly income for a few for a period of time if diagnosed with major cancer. 
  • The pay-out under the cancer plan is entitled to tax benefits under section 80D of the IT Act 1961.

Do I Need a This Policy?

Anyone can get this dreaded disease, regardless of age, lifestyle, family history, or gender. An additional cancer policy may assist in covering added expenses not covered under your primary health insurance plan. This is why it is necessary to obtain cancer insurance.

Is a Cancer Insurance Policy Necessary Even If I Have Health Insurance?

Yes, you must get a cancer insurance policy even with health insurance. This is so because the cost of cancer diagnosis and subsequent treatment is exceptionally high. Your health insurance plan will have limitations regarding the disease. However, your cancer critical illness insurance policy will cover all types and stages of treatment. A cancer plan is beneficial as it will supplement, not replace, your health insurance coverage.

What Stages of Cancer Does the Insurance Policy Cover?

You can compare the policies offered by various insurance companies and then buy cancer insurance online. Although most plans cover minor to major stages of the disease, it is important to double-check the coverage provided. Among the most common exceptions are:

  • Skin cancer
  • The disease caused due to STDs 
  • Any congenital condition
  • Biological, chemical or nuclear contamination side effect

What to Consider When Choosing a Cancer Plan?

Some of the things to consider are:

Coverage: It is vital to opt for a policy with extensive coverage feature. The policy not only covers all stages of the disease but also hospitalization, medication, nursing cost, etc. 

Premium Waiver: When cancer is discovered, your policy must be activated. It should cover any financial liabilities while also relieving you of future premium payments for a set period.

Flexibility: The best cancer care insurance policy in India provides policyholders with flexibility in terms of premium payment frequency and sum assured. A customer can pay the cancer insurance premium in a lump sum or instalments over a set period.

Exclusion Clause: It is necessary to read about the exclusions in your cancer insurance policy. 

Cancer treatment is expensive and can deplete your savings. It is, therefore, necessary to buy the best cancer insurance plan in India that provides the policyholder with comprehensive coverage for disease diagnosis.