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Critical Illness Policy V/s Cancer Policy - Which One Should You Go For?

Published On Apr 10, 2021, Updated On May 12, 2021

Despite the fact that the majority of health insurance plans available today cover almost all major critical illnesses, including cancer, these policies typically only provide for inpatient hospitalisation and care in Indian hospitals. Thus, a comprehensive cancer medical insurance has become a must, providing adequate financial support to the insured.

Critical Illness Policy V/s Cancer Policy - Which One Should You Go For?

Critical Illness Policy V/s Cancer Policy - Which One Should You Go For?

Here we have given you a few things you should know before deciding which one you should go for:

1. Critical Illness Insurance

A type of insurance that helps people resolve these restrictions by covering a variety of medical costs that aren't covered by standard health insurance.

Advantages of Critical Illness Insurance

  • The primary aim of a CI policy is to help with the cost of costly medical services, which are often needed for some diseases.
  • On the diagnosis of the ailments mentioned in the policy manual, the policy pays a lump sum. This money can be used for everything, including recovery aids, costly medical services, and so on.
  • It is not necessary to submit hospital bills in order to file a claim. CI insurance is also less expensive than comprehensive medical insurance policies, despite the fact that it has a larger cover (between INR 15-50 lakhs). This is due to the fact that it only covers specific serious illnesses.

Disadvantages of Critical Illness Insurance

However, when evaluating how valuable vital insurance policies are for covering cancer care and associated costs, one significant disadvantage is that such plans only cover cancer at an advanced stage (they come with a 90-day waiting period). As a result, the scheme will only pay out if a malignant tumour grows out of control, destroying normal tissues at an advanced stage.

2. Cancer Insurance Policy

Cancer insurance, a committed cancer treatment programme, addresses some of the drawbacks of serious illness insurance policies. Cancer insurance is a form of critical illness policy that is exclusive. A cancer-specific insurance policy, in general, covers a wide variety of costs associated with cancer diagnosis and care, such as hospitalisation, chemotherapy, radiation, surgery, and so on.

Coverage of A Cancer Insurance Policy

Most forms of cancer are covered by comprehensive cancer insurance plans, both in their early and advanced stages. These health schemes usually cover the following types of cancer:

  • Lung cancer is a form of cancer
  • Cancer of the stomach
  • Ovarian cancer
  • Breast cancer
  • Cancer of the hypopharynx
  • Prostate cancer

These programmes pay out money at both minor and major critical stages of cancer diagnosis, care, and surgery for the protected forms of cancer.

  • In most cases, skin cancer is ruled out.
  • Claims are often not payable whether the cancer is caused by or contributed to by STDs, HIV, or AIDS, either directly or indirectly.
  • Claims for cancer caused by pre-existing medical conditions, congenital conditions, or biological, radioactive, or chemical contaminants are often not covered.

While a dedicated cancer-specific insurance plan has its own set of benefits, industry analysts believe that it is most useful to those who are considered high-risk. Taking out a dedicated cancer insurance policy becomes well worth it in these situations. Blood pressure, diabetes, circulation, liver, lung, and kidney disease, among other serious critical illnesses, are all serious critical illnesses. As a result, if an individual isn't directly in the high-risk "cancer" category, purchasing a critical illness plan makes sense, as it offers wider coverage against a wide variety of critical diseases at affordable rates.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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