Everything You Need to Know About Cancer Care Insurance in India

About 2.5 million Indians are affected by cancer today, and this is a big reason to worry. Cancer is a terrible disease, and the number of people getting affected by it is increasing on a day-by-day basis. Moreover, the cost of cancer treatment is also rising rapidly. Therefore, among all the medical insurance plans currently available, the insurance cover for cancer treatment is of utmost importance. This insurance policy is specifically designed to cover the policyholders in case they are ever diagnosed with cancer.

The policy covers the expenses for hospitalization, chemotherapy, radiation, medication, surgery, and blood transfusion. It is advised that you buy the cancer care insurance for yourself to be protected against this dreadful disease. Before buying this insurance plan, listed below are a few things that you need to know.

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Type of cancer covered by insurance

  • Breast Cancer
  • Blood Cancer
  • Lung Cancer
  • Prostate Cancer
  • Ovarian Cancer
  • Bone Cancer
  • Stomach Cancer
  • Cervical Cancer

Benefits of cancer insurance

The critical illness policy is a popular plan that covers many serious illnesses, which include cancer. Many policyholders believe that this insurance plan is enough to cover cancer treatment. However, cancer insurance has its own benefits as mentioned below:

  • Different stages of cancer are covered
  • In the case of diagnosis, the insured receives a lump sum
  • The ‘waiver of premium’ benefit is available for the insured if cancer is detected
  • In the case of no claim, the sum assured is increased by a certain percentage every year
  • If the policyholder is diagnosed with a more aggressive type of cancer then the insurer pays a specified amount of monthly income to the family for a certain number of years
  • A discount on the premium can be availed by buying a policy with a higher sum assured
  • The cancer insurance policy does not end after the first diagnosis

How to select the right cancer insurance policy

Here are some things you must remember before buying the policy:

  • Choose a high sum assured

Cancer treatment costs a lot, and it is a long-term process. So, you must opt for a policy with a higher amount of sum assured.

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  • Calculate the premiums first

Use a health insurance calculator to determine the premium you have to pay to get your desired cover.

  • Buy a long-term plan

The best cancer insurance plans are those that offer a long-term plan to meet the demanding financial needs of cancer treatment.

  • The policy must cover every stage of cancer

The treatment for cancer gets costlier as the illness increases with time. You need to buy a plan that covers all the different stages of cancer.

  • Check the required survival period

The insurance companies have a survival period clause attached to the policy. It is the number of days the policyholder has to survive after the diagnosis to be eligible to claim the cover. Check the duration of the period of your preferred policy before buying it.

Cancer can be a traumatic disease emotionally, as well as, financially, but with an insurance policy that offers affordable health insurance quotes and extensive cover, you can fight this life-threatening illness.