About Cancer Insurance:
‘Cancer insurance’ is a form of supplemental health insurance that deals with all the risks related to the disease of cancer and the innumerable manifestations. The ‘cancer insurance’ is a fad now within the ‘insurance industry.’ It helps in mitigating the cancer treatment costs that can be high and offer the policy holders a certain amount of support financially. The amount of financial support offered depends on the terms and conditions included in the insurance policy. The cancer insurance policy is subjected to charges known as premiums that change on the basis of the risk related to the disease covered in the insurance plan.
The Importance of Cancer Insurance:
The cancer is rapidly growing and this insurance policy was introduced for combating the rapidly growing rate of cancer. Though it does not offer coverage to those diagnosed already with cancer, it lowers the ‘out-of-pocket’ price related with the treatment and diagnostic procedures of cancer that includes radiation, hospitalization, chemotherapy, nursing care, surgery, the price of prescribed drugs and blood transfusions. Here is the importance of availing cancer coverage.
- Family History of Cancer: The treatment of cancer is expensive and patients with the ‘family history’ of the disease, are likely to develop later. In such cases ‘cancer insurance policy’ is beneficial but you have to keep in mind that any pre existing diseases are not covered by this insurance plan.
- Inadequate Financial Backup: A debilitating disease like cancer can drain your bank accounts. Thus, this insurance policy would not only help you to pay out during the emergency period but would even make you financially stable to help you in covering the medical expenses. Some insurance plan offers the lump-sum payout choice and you can use this money for paying the day-to-day bills or the travelling cost of meeting a doctor in another state.
- Can Be Used as Supplementary to the Existing Policy: If your family suggests that you are prone to developing cancer, it is advisable to take the comprehensive health plan, which is cost-effective and suffices the financial requirements. Choosing a specific cancer insurance plan is more beneficial as you have to shell out a lower premium compared to conventional health insurance plans. While purchasing a cancer insurance plan go through the exclusions and the inclusions.
- Comprehensive Coverage: The cancer insurance plans cover nearly all type of cancer except the skin cancer but in the case of cancer resulting from ‘sexually transmitted diseases’ such as HIV or AIDS, you cannot avail the claim. You are not eligible for the cancer insurance policy if you already have ‘pre-existing disease.’
- Financial Support for the Family: Some of the cancer insurance plans even offer an income for the sustenance of your family for a specific time period.
Best Cancer Insurance Policies in India by Top Insurance Company
- Max Life Cancer Insurance Plan
- ICICI Cancer Care Plus
- National Insurance+ CPAA ‘Cancer Insurance Policy’
- National Insurance+ ICS ‘Cancer Insurance Policy.’
- AEGON Life iCancer Insurance Plan
- HDFC Life Cancer care Plan
Types of Cancer Insurance Policies/Plans
Critical Illness Cover for Cancer Patients: The prerequisite coverage under the ’critical illness cover’ is given to those who are not yet diagnosed with the debilitating disease of cancer. Patients who already have cancer are denied this coverage. For the critical illness plans, if there are any manifestations of the symptoms within 90 days of the policy, it leads to the illness cover termination. In the case of diagnosis of cancer in the waiting period, the ‘critical illness cover’ would not pay for the claim except in the case of advanced cancer disease. This ‘critical illness cover’ can be bought as a rider along with life insurance plan or individual plan or health insurance plan.
Cancer Specialist Insurance Policy: Most of the insurers deny a coverage to the cancer patients as it proves to be a huge loss to them. In such cases, the cancer specialist insurance policy is the best. However, the patients with pre-existing cancer disease cannot be covered under this ‘cancer specialist insurance policy.’ Only the patients with advanced or early stages of the disease can be covered. There are only a few insurers offering this cover.
ICICI Cancer Care Plus: This is a comprehensive health insurance plan, which covers all kinds of cancer in both advanced and early stages of the disease. The exclusive benefits offered by this insurance plan are
- The diagnostic tests are carried out free once every 2 years in a situation when the cancer is detected early.
- This insurance plan provides a payout of cash for treatment, diagnosis, and surgery.
- The cover is independent of the other medical covers owned by the insured person.
- A person who avails this plan, his premium is waived off in the future in case of the advanced stage of cancer.
- Claim procedure of this plan is easy and smooth as it does not require the insured person to submit the medical bills for the same.
National Insurance + CPAA Cancer Insurance Policy: The ‘Cancer Patients Aid Association’ formed a partnership with the ‘National Insurance’ for working towards the fight against cancer. Again this policy is not available to those patients with the disease. For ensuring this the insured goes through the pre medical for getting covered under this plan. The benefit of availing this plan is that the medical tests are carried out by the ‘Insurance Company.’ The maximum term of this policy is 1 year and in case a patient obtains a claim for a particular year, he will not be able to issue a policy the following year. Thus, the claim pay-outs would be done only once.
National Insurance + ICS Cancer Insurance Policy: The ‘Indian Cancer Society’ partnered with the ‘National Insurance’ for providing financial support to the cancer sufferers. This insurance policy provides the insured person a plethora of features such as the following:
Cancer Insurance Buying Tips
- For getting covered under this insurance policy, the insured person must submit to the doctor a good health condition and he need not go through any pre medical tests for the same.
- This insurance policy covers two dependent children worth Rs.50, 000 each.
- The insured can even enjoy an additional sum of 5% for each of the claim-free year.
- The plan offers coverage to all the members including their spouse.
- The plan entails claim reimbursement quarterly for the expenses on the rehabilitation, diagnosis, biopsy, hospitalization, chemotherapy, surgery, and radiotherapy.
There are four stages of cancer, that is ‘Carcinoma-in-situ,’ early stage, major stage and critical stage. There are certain factors you need to keep in mind while choosing cancer insurance plan.
Key Advantage and Features of Cancer Insurance
- You should be assured that a cancer plan provides benefits at each and every stage including the ‘payouts.’
- Before deciding on a cancer plan you should determine the benefits offered by the plan at every step along with the ‘total benefits’ offered by it.
- Ensure whether the cancer plan provide a ‘fixed sum’ through the entire period or does the amount insured goes on increasing @ 10% every year up to a specific ‘fixed limit.’ The increased insured sum is known as the ‘indexed sun’ insured. The premium can be higher for such plans but safeguards the insured person against the rising medical costs.
- Make sure the plan offers a waiver on all the ‘future premiums’ on the diagnosis of cancer.
- On diagnosis of cancer, ensure that the cancer insurance plan offers a benefit on the regular income as the fixed percentage on the ‘sum insured.’
- A traditional ‘critical ailment plan’ offer a lump-sum money but do not allow any waiver on the future premiums that are payable by insured person. Such things can be dealt with effectively with a ‘cancer insurance policy.’
- Tax benefits are given on the premiums paid and the benefits that are obtained as a result.
- The general health insurance policies that are available cover most of the major illnesses but these policies pay for the inpatient hospitalization only in the hospitals of India. They do not cover the entire treatment cost and the amount they offer is not adequate for covering the complete treatment cost of the cancer patients. In such cases, the critical illness covers become very useful. They offer a sum as much as Rs.5,00, 000 to Rs.25,00, 000.
- Some of the cancer insurance plans do not impose any restriction on ‘travelling abroad’ or on taking up any occupation in the future according to the conditions and policy terms.
- Provide Discounts on the premiums for an assured sum above a specific amount, such as Rs.10 lakhs.
- The sum assured by a cancer insurance plan augments by a particular percentage annually, such as 10% in the case of ‘no claims.
- You are entitled to a monthly income for a specific period, say 5 years under particular conditions, such as diagnosis of the ‘major cancers.’
- Offers waiver on the premiums for specific conditions such as cancer of the ‘early stage.’