Cancer is one of the most common diseases in the world, with over 1.5 million new cases diagnosed every year. The disease is also one of the leading causes of death in India. Cancer can occur in any part of the body, and it’s difficult to predict which cancers will grow and spread quickly, and which ones won’t.
A cancer insurance policy helps cover medical expenses for a person who has been diagnosed with cancer. It is important to have a cancer insurance policy in place, as the treatment costs can be very high. This type of policy can be purchased individually or as part of a group plan through an employer or association.
In this article, we will discuss some important considerations when buying a cancer insurance policy and it will provide an overview of the different types of policies available and what they cover. It will also explain how to buy a policy and what the benefits of having one are.
Table of Content
What is Cancer Insurance Policy?
A cancer insurance policy is a type of health insurance that covers the expenses related to cancer treatments. Cancer insurance covers the cost of medical expenses for cancer patients. It is usually sold in the form of a rider to an existing health insurance policy and often offers coverage for the cost of chemotherapy, radiation therapy, surgery, and other treatments.
Cancer insurance can be used as a stand-alone policy or as an add-on to another policy. The policy will have a waiting period that has to be fulfilled before the coverage kicks in and offers protection to the insured.
Importance of Cancer Insurance Policy
A plan to secure from the rising cancer diseases in the future to sustain from abrupt financial debt for the extortionate treatment. The happiness of your family can be ruined by the cancer patient, treatment for cancer causes financial instability. Plan your family’s health by the cancer insurance policy before the adverse situation happens to protect your family with the small scale of your salary every year.
There are 100 types of cancer diseases affecting every part of the human body, before falling a victim to this noxious disease get your cancer insurance plan. A recent study revealed by the British Journal of Cancer concluded that the risk of cancer has increased to 50% of those who were born after 1960.
“As per the reports from Lancet Oncology journal stated that about 10 Lakh people are diagnosed with cancer and six Lakh people are dying due to cancer. By 2035, the numbers will be doubled average of 12 Lakh deaths.”
It is vital to a cancer insurance policy to ensure the optimum protection of a family. A small portion of the investment may lead to a financial asset in the forthcoming future.
How Does Cancer Insurance Policy Work?
A cancer insurance policy is a type of health insurance that covers the cost of diagnosis, treatment, and recovery from cancer. The benefits vary depending on the type of cancer and the coverage you choose. A cancer insurance policy gets activated as soon as a person is diagnosed with cancer. When the insured person gets diagnosed with cancer, a lump sum amount is paid by the insurance company. The amount can be used to cover the treatment cost of cancer. However, cancer insurance policies do not offer death, maturity, or surrender benefits.
What are the Benefits & Features of Cancer Insurance Policy?
Cancer insurance is a type of life insurance that pays out a lump sum when the insured person is diagnosed with cancer. The policyholder pays a monthly premium in exchange for this coverage. The benefits of cancer insurance are many. It helps people who have a high risk for cancer to get regular screenings, which can detect cancer at an early stage. It also helps with the cost of treatment and hospitalization, which can be very expensive.
Benefits of Cancer Care Policy
- It provides cash to help cover medical costs associated with cancer diagnosis and treatment
- It may provide some peace of mind if someone’s health declines,
- It Provides coverage for multiple stages of cancer
- It provides premium wavier benefit under certain conditions like an early-stage cancer diagnosis
- Monthly income is paid out for a specified number of years subject to certain conditions such as in the case of a major cancer diagnosis.
- You can get tax benefits on premiums paid under section 80D of the income tax act 1961.
Features of cancer care insurance
- Comprehensive Policy: A reputed insurance company caters to comprehensive insurance plans wherein major and serious cases company bears 70% of the expenses incurred by the patient.
- Policy Duration: A policyholder always gets benefits from the long-term duration policy, where he can make the optimum claim with benefits included.
- Additional Benefits: Insurers give you the benefits to grab the potential in the cancer insurance policy. Ensure to check the benefits and avail in your cancer care policy.
Top 5 Best Cancer Insurance Policies in India
| Company |
Plan Name |
Entry Age |
Sum Insured |
|
| Raheja QBE Health Insurance |
Raheja QBE Cancer Insurance Plan |
1 day to 70 years |
Rs.1 Lac to 10 Lacs |
View Plan |
| Star Health Insurance |
Star Cancer Care Gold Insurance Plan |
5 months to 65 years |
3 Lacs, 5 Lacs |
View Plan |
| Care Health Insurance |
Care Cancer Mediclaim Plan |
5 to 50 years |
Rs. 10 Lacs to 2 Crores |
View Plan |
| Oriental Health Insurance |
Oriental Cancer Protect Plan |
3 months to 65 years |
Rs. 5 Lacs to 50 Lacs |
View Plan |
| New India Assurance Health Insurance |
New India Assurance Cancer Guard Plan |
3 months to 65 years |
Rs. 5 Lacs to 50 Lacs |
View Plan |
Things to Consider When Buying a Cancer Insurance Policy
Here we will give you a buying guide for cancer insurance policies so that you can make an informed decision when choosing one and also provide you with some information about what to look for in a good policy and which ones are best suited for your needs.
Keep a keen eye on the waiting and survival period
Ensure the details of a waiting period and survival period to claim the benefits of the policy. A cancer treatment policy is a specialized policy exclusively for cancer patients. A policyholder can claim at the minor and major stages of cancer.
- Waiting period: Specific time to wait before the policy comes under the coverage limit.
- Survival period: After the completion of diagnosis the policyholder needs to be alive to get the claim benefits. Normally, the survival period for most plans is 7 days.
Check availability of waiver of premium and income benefit
The income capability of the person being diagnosed will lapse during the treatment, to sustain the family during diagnoses, a policyholder should eligible for a waiver of premium and income benefit.
- Waiver of premium: It is the benefit offered by most insurance companies where the premium is waived for a specific period after the diagnosis.
- Income benefit: Benefit offered by insurers when the earning capability lapses during the treatment. The benefit will be 1%-2% of the sum assured for a specific period.
Policy term
Check for the term plan before buying the cancer insurance plan, long-term coverage helps to avail the claim for maximum age for the same premium. Choose the longer cancer insurance policy term in every possible way to avail claim at the older age too.
Compare Plans Online
Before buying the cancer plan, compare the best cancer insurance plans online, comparison helps to find the right cancer insurance policy concluding insurer benefits and features. You can compare multiple cancer plans at PolicyBachat. It provides coverage, benefits, premiums, etc. You can also purchase any plan within a few minutes in simple steps.
Exclusions of Cancer Insurance Policy
Cancer insurance policies are designed to provide financial protection against the high cost of cancer treatment and help people with cancer to focus on their health. However, some exclusions may apply to your policy. The insurer will not pay any benefit to the policyholder if the diagnosed cancer was due to any of the following conditions:
- Sexually transmitted diseases, such as HIV or AIDS
- Skin Cancer
- Congenital conditions & Pre-existing conditions
- Intoxication by drugs or alcohol
- Cancer due to nuclear, biological, or chemical contamination, organ donation
- Attempted suicide and self-inflicted injuries are not covered under the cancer insurance policy.
Conclusion
It is important to choose your cancer insurance policy carefully. When you're choosing your ideal cancer insurance policy, there are a few things to consider. First and foremost, the type of coverage you need, the cost of the policy, how much coverage do you want, benefits, features, etc. If you have any doubts about your cancer insurance policy, consult our customer care number to talk about the best cancer insurance policy.
FAQs of Cancer Insurance Policy
What to Look for in the Best Cancer Health Insurance Policies?
Some of the most important factors that you should consider when choosing a cancer health insurance policy are:
- The amount of coverage you need.
- The cost of your monthly premiums.
- Whether or not your employer offers cancer insurance coverage.
- Your age and whether or not you have any pre-existing conditions.
What are the Types of Cancer Covered by Cancer Insurance Plans?
Cancer is a group of diseases that can affect any part of the body. Cancer cells grow uncontrollably, forming tumors or lumps that invade nearby parts of the body. Cancer cells can also spread to distant parts of the body through the bloodstream and lymphatic system. There are over 100 types of cancer, but only some cancers are covered by cancer insurance plans.
- Breast Cancer
- Lung Cancer
- Ovarian Cancer
- Stomach Cancer
- Hypo larynx Cancer
- Prostate Cancer
- Cervical Cancer
How Does Cancer Insurance Differ From Critical Illness Plan?
Cancer insurance is a type of insurance that can cover the expenses of cancer treatment. However, it's important to know that cancer insurance and critical illness plan are two different types of policies. Critical illness plans are not only focused on cancer, but also they cover many other conditions such as heart attack, stroke, organ failure, and Alzheimer’s disease. They pay out lump sums if the insured person is diagnosed with one of these conditions.
What Happens If I Stop Paying Premiums For My Cancer Insurance Policy?
If you stop paying premiums, your coverage will lapse and you will no longer be covered for any treatment related to the policy. No benefits will be payable further. You can choose to reinstate a lapsed policy by following certain procedures laid down by the insurer.
When should you Buy Cancer Insurance Policy?
- If you have a family history of cancer, it is advisable to buy a cancer insurance policy as it may be the only way to cover your medical expenses.
- Cancer insurance policy offers coverage for different types of cancers, so you don’t have to worry about getting a diagnosis for a specific type.
- If you are in the high-risk group of getting cancer, then it is advisable to buy a cancer insurance policy as soon as possible.
What ate the Documents required to Buy Cancer Insurance Policy?
The documents required to purchase cancer insurance are as follows:
- ID proof and proof of age.
- Medical test reports
- Income and address proof of the customer.
- Bank statement
- Passport-size photographs
Where to Buy the Best Cancer Insurance Policy?
Buying a cancer insurance policy is a difficult process. You need to know what you are looking for, if you are eligible and how much it will cost. The best way to purchase a policy is to compare prices from different providers and make sure you understand the details of each plan before making a decision. PolicyBachat is an insurance web aggregator where you can compare different plans from different insurers. It provides coverage, benefits, premiums, etc. You can purchase any plan online within a few minutes in simple steps.