Tips to buy best cancer insurance plans in India
Updated On May 04, 2021
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Getting yourself insured under a cancer insurance plan is very important owing to the considerable rise in the treatment costs for cancer. Due to the costly treatment, you can potentially lose upon all your savings within just a few months of treatment in case you are not financially well off. Therefore, it is important to purchase a cancer insurance plan to stay financially protected against unforeseen healthcare issues related to cancer.
Tips to Buy Best Cancer Insurance Plans in India
Your ideal cancer insurance plan should not just offer protection to you financially but should also provide good healthcare benefits and treatment from this deadly disease. You must keep the following tips in mind while choosing a good cancer insurance plan for yourself:
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Long-Term Plan
While buying a cancer insurance plan, you should consider buying a long term cover as cancer can occur at any stage of life so the longer the plan duration, the better it is for your financial safety and your well-being. Buy a cancer insurance plan that provides coverage for long term, ideally up to 80 years of age.
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Coverage for All Cancer Stages
It is important that your cancer insurance policy should provide coverage to you for early as well as advanced cancer stages. Choose a plan that offers cover for all stages, which includes both minor and major stages.
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Analyze the associated Risk Factor
Individuals having a robust family history of Cancer should definitely consider buying a cancer insurance plan. They should check their existing health insurance plan and analyze ways in which a cancer insurance plan would add on to their existing health plan. Also, remember that coverage from cancer insurance can be availed only if diagnosed with cancer and not any other chronic disease.
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Stage-based Payout Option
A cancer insurance plan should provide an option for stage-based payout in order to deal with the expenses for treatment and other related cost readily at different cancer stages. During the early cancer stages, the cancer insurance plan must offer 25% sum insured and at the major cancer stages 100% of sum insured.
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Premium Waiver
Once the individual gets diagnosed with cancer, his health starts deteriorating due to the side effects of disease and intense treatment. The individual is unable to carry on with his work at the time of undergoing treatment, which negatively impacts his income source, thus leaving the family to struggle financially. Therefore, it is important to opt for a plan which provides considerable financial assistance like premium waiver, which keeps the plan active and the premium gets waived off for the coming few years.
Final Words
A cancer insurance plan has a minimum premium cost in comparison to the benefits it extends to its policyholders. In case, you are looking forward to purchasing a cancer insurance plan, then do consider the afore-mentioned points to get the best cancer insurance plan based upon your requirements.
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.
