Choosing a good cancer insurance plan in India is as important as getting one. You need to buy a plan that will serve you well if ever a need arises. Cancer treatment is expensive and it can burn all you’re saving if you don’t have a right cancer insurance plan. Let’s explore this topic in a bit detail.
Cancer can result in death and put your family in a huge debt, so consider the below points before planning to buy one.
Why Must You Buy Cancer Insurance
In today’s day and age, humans are getting prone to contracting critical illnesses due to the mixture of harmful chemicals getting mixed in our bio system. There is an alarming increase in cancer cases in India and around the world and they are expected to rise. Today cancer can happen to anyone irrespective of age, genetics, health condition, etc. and it can instil fear in the toughest of individuals. It is a disease which requires a lengthy period of treatment and more often the cost of medical care is very expensive. The cancer treatment cost can put a huge financial burden on the family and will sweep all the years of savings in a matter of months of the treatment. A comprehensive cancer insurance plan will not only protect you financially but will also ensure you get a good treatment for this life threatening disease.
Benefits of Cancer Insurance Plan
Expenses that are incurred due to the diagnosis as well as treatment for most types of cancer and too at any stage i.e. early or advanced, irrespective of gender are covered by Cancer Insurance Plan. Generally, a cancer insurance plan is offered to a person aged between 18 and 65 years and the sum assured ranging from Rs.5 lakh– 50 lakh. However, the policy renewal post 65 years of age would differ from one policy to another.
Typically, the comprehensive cover offered by the Cancer Insurance plans in India would basically provide:
- financial and mental security due to the lump sum payouts made by the plan at various stages of diagnosis.
- The Cancer Insurance Plan also makes payouts that would depend on any previous claims made as well as different stages of severity.
- Offers free regular cancer check-ups during the duration of the policy period.
- Offers flexibility by opting to choose a waiver in premium for the remaining policy period. This option is useful in case of a claim under the minor stage cancer benefit clause is approved, and when there are no outstanding premiums to be paid.
Cancer insurance is inexpensive and therefore lighter on your pockets as compared to other types of health insurance plans. You also get tax benefits under Section 80D of the Income Tax Act, 1961 for the premiums that you pay for your Cancer Insurance plan. Besides, this plan doesn’t offer any death, maturity or surrender benefit.
Essentials For Choosing a Cancer Insurance Plan
Below are some of the points that need to be considered before making a decision to go for a specific cancer insurance plan
Robust Sum Assured : We all know medical expenses have risen over the years. It is often estimated that cost of medical expenses rises by 15% every year. Cancer treatment lasts for a longer duration so it is advisable to opt for a cancer insurance plan with the high sum assured. This will provide you sufficient funds during the time of crises.
Longer Duration of Cover : Alongside good coverage, it is also necessary to have a protection of the policy over a longer duration and if possible with the same premium. Cancer can strike at any age so more the amount of coverage the better for peace of mind and financial protection.
All Stages of Cancer Covered in the Plan : It is crucial that your insurance policy covers you at different stages of cancer. Go for a plan which offers stage-based claim payout, normally the cancer plans provide a percentage of sum assured at different stages of cancer. Ideally, a good plan should offer coverage for all stages of cancer. Such policies will provide for expenses for early stage 30% and remaining 70% on major stage.
Waiver of Premium and Income Benefit Feature in the Plan : When someone gets diagnosed with cancer their health gets deteriorated due to the disease and the intense treatment. A person won’t be able to work during this time and inevitably the source of income will take a hit and the family will struggle to pay the premium or manage daily expenses. Hence select a cancer insurance plan which has a solution for these situations and can also offer the much needed financial assistance. Waiver of premiums will keep the policy active and regular income feature will keep the dependents in the family protected from loss of income.
Terms and Conditions of Waiting and Survival Period in the Plan : It is always important to read the fine print in the policy. Check on the waiting period which is the amount of time you will have to wait before the policy will start coverage. Also crucial is survival period which is the amount of time after cancer diagnosis the policyholder has to be alive in order to claim benefits of the policy.
Let’s Have a Look At The 5 Best Cancer Insurance Plans in India
Cancer is that type of a critical illness that proves to be burdensome mentally, physically as well as financially. Therefore, buying a Cancer Insurance Plan in India gives a monetary relief and thereby taking treatment in a good hospital becomes manageable.
Here, we list out some of the best Cancer Insurance Plans in India offered by different insurers:
ICICI Pru Cancer Protect : ICICI Pru Cancer Protect plan offers coverage for minor and major stages of cancer along with additional benefits like Hospital benefit, increasing cover benefit, income benefit.
AEGON Religare iCancer Insurance : AEGON Religare iCancer Insurance offers comprehensive cancer insurance plan that covers all expenses of the illness from the time of the diagnosis. The payouts are planned to benefit the policyholder at every stage of the disease.
ABSLI Cancer Shield Plan : ABSLI Cancer Shield Plan offers cancer insurance that covers all stages of cancer, early stage and major stage. It also has a level and increasing cover option for sufficient coverage at all times.
Max Life Cancer Insurance Plan : Max Life Cancer Insurance plan offers comprehensive protection against all stages of Cancer. If financial benefit and pay out has been designed to ensure sufficient financial cover at all times for the policy holder.
HDFC Life Cancer Care : The HDFC Life, Cancer Care policies, have silver, gold and platinum plans. This plan to covers all types of cancer from diagnosis until recovery.
DHFL Pramerica Cancer Shield Plan: The cancer plan offered by DHL Pramerica is a non-linked individual health insurance plan that offers coverage from the sudden financial burden that may be caused to an individual due to cancer. It offers the amount in lump sum on the diagnosis in both minor and major stages of cancer that would help the individual in taking care of the expenses related to the medical treatment as well as the recovery expenses.
Religare Super Mediclaim Plan : The Religare Super Mediclaim Plan is an individual and a family health insurance cover which is simple to buy and also easy to understand. Under this plan, you are free to choose from the benefits such as Critical Mediclaim, Cancer Mediclaim, Heart Mediclaim or Operation Mediclaim Covers as per your requirement.
There are also plans that cover cancer as part of critical illness.
Below are a couple of those plans
Max Bupa : Max Life Bupa covers cancer and its associated illnesses as a part of its critical illness cover. This insurance plan also covers heart diseases, bone marrow transplant, and end-stage liver disease as well.
Bharti AXA Cancer Insurance : Bharti AXA’s Smart Health Critical Illness covers cancer at various stages and in various forms. You get a coverage of up to INR 5 lakhs under this plan. The plan does not require any medicals for this policy.
If you are taking a cancer insurance, please take into consideration the above-mentioned points to ensure you get a comprehensive cancer insurance plan as per your requirements. A little time in research can help you in getting a good treatment for cancer and at the same time protect you and your family financially.
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