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Things to Know About Cancer Insurance

Published On Feb 01, 2021 5:30 AM By Gunjan Anand

In India, the occurrence of a dreadful disease like Cancer is now quite common these days. Although, many new treatments are being invented by the experts to fight against the deadly disease yet it is becoming more widespread. Owing to the increase in the health care expenses for Cancer including treatment and care cost, it has become significant to get Cancer insurance now more than ever.

Things to Know About Cancer Insurance

What is a Cancer Insurance Policy?

It is a type of insurance plan which is designed specially to offer financial assistance to the insured in case they get diagnosed with cancer. Cancer insurance policies are comprehensive insurance policies that save an individual from drilling holes in their pockets while meeting expenses for the cancer treatment i.e. hospitalisation, radiation, nursing care, medicine, blood transfusion, etc.

Things to Know About Cancer Insurance Plans

Before purchasing a cancer insurance policy, highlighted below are a list of significant facts regarding the cancer insurance plan that you should be aware of in order to get the best possible coverage.

1. Nature of the Insurance Policy

On diagnosis of cancer a lump sum amount is paid to the policyholder of a Cancer Insurance Plan as they are fixed benefit plans. The benefits received by the policyholder from this plan depends upon the sum insured that you have chosen and not the actual treatment expenses.

2. Coverage Offered

Although the cost of cancer insurance plans are high, choose an insurance policy that offers coverage to you for different cancer stages. Therefore, plans that offer stage based claim payouts should be your first preference. Other than this, you should opt for a plan that offers coverage for a longer duration. Generally, the time duration of cancer-related treatment is very long, hence the longer is the duration of the plan, the more coverage you would receive for the treatment of cancer.

3. Read Terms and Conditions Carefully

Waiting period is the time duration for which you need to wait prior to the insurance plan starts offering coverage. It is important to thoroughly check the waiting period clause in the policy document. Also, go through the survival period of the insurance plan as it is what makes the policyholder eligible to claim policy benefits. The minimum number of days for which the policyholder needs to survive after cancer gets diagnosed is known as survival period.

4. Tax Benefits

Cancer insurance comes under the category of health insurance, therefore the premiums paid towards the health policy qualifies for tax deductions under the section 80D up to Rs 25,000.

5. Keep a Check on Family History

In case, there is a family history of cancer then purchasing a cancer insurance plan becomes even more important. Keep a check on your existing medical insurance policy to analyze how a car insurance policy can complement your existing health insurance plan. Also, it is important for you to understand that a cancer insurance plan only offers coverage for cancer and no other critical illnesses.

6. Plan Should Offer Premium Waiver

Cancer not only affects the health condition of a person but also runs them out of their lifetime saving. The high treatment cost of cancer can largely affect your income, therefore, it is important to choose a policy that plays the role of financial backup during such times. A insurance policy with premium waiver would not just help in keeping the policy active but would also offer financial assistance to the policyholders family.

You Can Also Buy Medical Health insurance Plan Online

In a Nutshell

Although, an individual cannot ensure complete protection against cancer, yet you can definitely prepare in advance to deal against the financial implications that the fatal illness would bring with itself. In order to do so, you simply need to purchase a cancer insurance plan to secure your finances.

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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