Best Cancer Insurance Policy in India
Cancer Insurance is a unique kind of policy created to provide financial support to people who are diagnosed with the disease beyond the free look-up period indicated in the terms and conditions of the purchased cancer insurance policy. Hospitalization, chemotherapy, radiation, surgery, and other costs related to cancer diagnosis and treatment are all covered by a cancer-specific insurance coverage.
Typically, payments are due at
different stages of diagnosis, such as minor, major, and critical stages.
Death, maturity, or surrender benefits are, however, not frequently included in
cancer insurance contracts. In actuality, it goes beyond only the cost of the
hospital stay itself.
The insured person cannot have a
history of cancer in order to be eligible for cancer insurance. Cancer
insurance is also not available to people who have already received a
cancer diagnosis and treatment.
Early-stage and advanced-stage
cancer types covered by best cancer insurance plan in India:
·
Lung cancer
·
Breast cancer
·
Ovarian cancer
·
Stomach cancer
·
Hypolarynx cancer
·
Prostate cancer
Benefits covered with best
cancer insurance policy in India:
Includes several stages of cancer
When cancer is detected, lump
amount is handed out.
Under specific circumstances,
such as a cancer diagnosis in its early stages, premium waiver is available.
If there are no claims throughout
the year, a certain percentage is added to the sum insured.
Subject to specific conditions,
such as a serious cancer diagnosis, monthly income is given out for a
predetermined number of years.
Insurance coverage is continued
after the first diagnosis and premium savings are provided for plans exceeding
a specific level.
Section 80D of the Income Tax
Act's tax benefits
What Are the Differences Between Cancer
Insurance and a Critical Illness Plan?
An expensive course of therapy
for a variety of specific critical illnesses, such as a stroke, major organ
transplant, paralysis, cardiac arrest, multiple sclerosis, kidney failure,
total blindness, deafness, etc., is covered by a critical illness (CI) insurance.
There are quite a few malignancies that are fatal. When a covered critical
illness is discovered, a typical CI plan pays a lump sum benefit that can be
applied to deductibles, treatments, co-pays, counselling, or any other
connected costs. Because it exclusively covers specific critical illnesses, CI
insurance is less expensive than comprehensive medical insurance coverage. You
can acquire critical
illness insurance as a standalone policy or as an add-on to an existing
life or health insurance policy.
The fact that such plans only
cover cancer at an advanced stage is a significant downside. For instance, a
critical illness plan will cover cancer if an advanced malignant tumour shows
unchecked development, invasion, and destruction of healthy tissues. Additionally,
a CI plan does not waive upcoming premiums and does not have the characteristic
of an enhanced sum insured. When a covered sickness is discovered, the coverage
ends.
FAQs
Q1. Why do I need health
insurance just for cancer?
The detrimental effects that this
condition may have on your family's physical, mental, and financial well-being
are protected by cancer health insurance plans. If you have a history of the
disease in your family or you think you don't have enough money to handle big
medical bills, it is a wise choice to get cancer-specific coverage.
Q2. Can I get a cancer
insurance policy after receiving a cancer diagnosis?
No, finding an insurance plan
that will cover someone with a cancer diagnosis is really difficult. However,
you can supplement your current health insurance plan with critical illness
coverage.
Q3. Is chemotherapy covered by
health insurance?
The specific requirements of a
cancer patient are met by a cancer health insurance plan, which also provides
for your financial stability. It offers complete insurance protection for
hospitalisation, surgery, chemotherapy, radiation, and other medical procedures.
Q4. How can I pick the ideal
cancer treatment for me?
It is crucial that you take the
following aspects into account when choosing the best cancer plan:
• Check the insured sum
• Check the policy tenure
• Cancer insurance pay-outs at
various stages of cancer
• Premiums
• Waiting and surviving period
clauses
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