All About Cancer Insurance in India

Cancer, which is classified as one of the most fatal diseases in the world, can strike anyone at any point in time, irrespective of age and other factors. It is in fact found that 1 out of every 10 individuals now succumb to cancer, which is why it becomes all the more important to spread its awareness as well as take preventive measures to reduce its risks. One of the best ways to stay protected against financial loss if you suffer from cancer is to buy cancer insurance plans. Read on to understand cancer insurance in India in detail in the section below. 

What is Cancer Insurance?

Cancer insurance is a type of health insurance plan that is specifically designed to provide a financial backup in case you or your loved one is diagnosed with cancer. With a cancer insurance policy, you can get coverage for the treatment cost of cancer including hospitalisation, chemotherapy, surgery, and more. However, it is a wise decision to check with your insurer regarding the coverage offered under your cancer insurance plan. 

How Does Cancer Insurance Plan Work?

In order to keep a cancer insurance plan active, you need to pay premiums at regular intervals. During the policy term, if you get diagnosed with cancer, then the cancer insurance plan becomes effective. Upon diagnosis of cancer, a lump sum amount is paid to the policyholder so that the cancer treatment is not compromised at any cost. Irrespective of the stage at which cancer is detected, a specific amount will be provided. However, it is important to understand that if cancer is diagnosed at an advanced stage, then additional benefits can also be provided, depending on your insurer. 

Benefits of Buying a Cancer Insurance Plan

There are umpteen benefits of buying a cancer insurance plan such as the following:

• With a cancer insurance plan, you can stay stress-free and focus more on your treatment instead of worrying about medical expenses. This is because a cancer insurance plan provides financial compensation when you are diagnosed with cancer.
• A premium waiver benefit is also offered by some insurers in case you are diagnosed with cancer at a critical stage.
• There are tax benefits applicable on the premium paid towards keeping the cancer insurance plan active.
• You can get monthly payouts based on specific conditions like cancer being detected at an advanced stage. However, this payout will be limited to a specific number of years.

Tips to Buy the Best Cancer Plan

There are different factors you need to keep in mind in order to buy the best cancer plan. Listed below are the things you need to keep in mind for the same:

• Sum Insured: With the ever-increasing rise in medical expenses, it is very important that you buy a cancer plan with a definite sum insured. You should choose a sum insured that will provide all the basic coverage under cancer insurance plans.

• Stage of Cancer: Depending on what time cancer is diagnosed, the stage of cancer is identified. So, it is very important to check with your insurer whether there is coverage for different stages of cancer or not.

• Waiting Period: There is a certain waiting period that you need to complete in order to get coverage for cancer. It is important that you buy a cancer insurance plan with a shorter waiting period.

• Coverage Offered: You must always check the coverage offered under the cancer insurance plan as there are chances that certain expenses need to be borne out of your pocket. So, it is suggested that you check with your insurer about the coverage offered under the specific cancer insurance plan.

• Compare the Different Plans: With a number of cancer insurance plans available, it becomes crucial that you first compare all the plans available. This will help you in buying the best cancer insurance plan depending on your budget and requirements.

• Claim Settlement Ratio: The claim settlement ratio determines the efficiency of the insurance company in settling the claims. Thus, you must buy cancer insurance plans with those insurance companies that have a higher claim settlement ratio.

Who Should Buy a Cancer Insurance Plan?

While everyone should invest in cancer insurance plans, there are a specific set of individuals who must buy a cancer insurance plan. So, here is a list of the same:

• Individuals who have a family history of cancer
• Individuals who do not have enough savings/money to bear the treatment cost of cancer
• Individuals who are at a higher risk of getting affected by cancer due to lifestyle habits or others
• Individuals who do not have coverage for cancer in their health insurance plans
• If you are the sole breadwinner of the family, then buying a cancer insurance plan is a wise decision

Take Away

Thus, you must purchase a cancer insurance plan to get the right kind of coverage if you are diagnosed with cancer. You can explore a number of cancer insurance plans online and accordingly buy a plan that best suits your budget as well as requirements.

Also read: Ways to Get Discount on Health Insurance