Cancer insurance plan checklist 2023: 10 factors to consider before buying cancer health insurance policy in India


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Buying Cancer Health Insurance Policy in India Things One Should Consider

Cancer is truly one of the fastest-rising diseases that can shatter all your dreams and aspirations. Earlier cancer was synonymous with death, but now with the development of advanced treatments, this disease can be managed to a certain extent. However, cancer treatments are quite expensive and may diminish your savings. Moreover, you may suffer loss of income after being diagnosed with this fatal disease. However, cancer insurance brings a smile to the faces of the patients as well as their family members. By purchasing a cancer health insurance policy, you can now deal with the situation better.

What is a Cancer Insurance Policy?

A cancer insurance plan is the latest entrant in the field of Indian health insurance. The sole purpose of the cancer cover policy is to reduce the treatment cost and to provide financial assistance to policy buyers. You can go for a cancer health insurance policy plan separately or can purchase it as an additional cover along with your critical illness plans.

These days many health insurers offer insurance for cancer patients to support them with strong financial resources. As such, choosing the best cancer insurance could be a daunting task for policyholders. Here we mention some factors that you should evaluate before purchasing health insurance for cancer patients.

1. Choose wisely between indemnity and benefit plans

Most insurers offer both these policy plans. To buy cancer insurance policy online , you need to understand the difference between the two. Benefit policy plans are those health insurance plans that offer a hefty sum insured amount once you have been diagnosed with the disease. On the other hand, in case of indemnity plans, you will receive the claim amount only upon the completion of the waiting period. The claim amount will be reimbursed as per your treatment expenses.

2. Prepare for rejection in case of cancer history 

Patients who have earlier suffered from cancer and opted for different treatment methods should be ready to face rejection while purchasing a health insurance plan. Both critical illness policies and cancer care plans may not offer coverage for relapse of the disease. Most Indian health insurers consider cancer patients as a high-risk audience and therefore refrain from offering coverage.

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3. Choose an adequate coverage amount

Cancer treatment expenses will not only burn your savings but are also a long-term burden for patients and their family members. Treatments such as chemotherapy, radiation, targeted therapy and surgery can quickly drain out your hard-earned money. It would therefore be wise to go for a higher sum insured amount by paying higher premiums.

4. Don’t ignore any pre-existing diseases

While purchasing health insurance with cancer cover, don’t underrate your pre-existing health issues. Whether you go for a critical illness policy that offers coverage or a specific cancer care plan, don’t conceal your previous and present healthcare conditions at the time of policy purchase. The insurer may ask you some questions regarding any family history of cancer. Make sure to disclose all details to prevent any claim rejection. Remember that the insurance company has every right to reject your claims related to non-cancer treatment expenses.

5. Consider the Co-payment Clause

Some health insurance companies also include a co-payment clause on cancer-specific policies (where a certain percentage of the sum insured amount will be paid by the policyholder). If you select this plan, you’d always need to bear a certain percentage of the claim amount from your side.

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6. Check for the waiting period

Every health insurance policy comes with a specific waiting period clause after which you stand eligible to receive all the benefits of the plan, including cancer treatments. Note that the waiting period is not the same for all insurance companies. Before opting for a critical illness policy or a cancer care policy plan, check the waiting period clause thoroughly in the policy. In this period, you would not be able to initiate any claims from the insurer. Hence, choose a policy that offers a minimum waiting period.

7. Check for Coverage for Trial/Experimental Treatments 

Scientists from all over the world are trying to introduce new sets of treatments for cancer. Many experimental trials are going on for this disease. However, health insurance policies only offer coverage for conventional treatments and the new treatments recognized by medical councils. These plans don’t offer coverage for unverified treatments.

8. Study the Policy Exclusions of the Plan

Every health insurance policy (irrespective of critical illness or cancer-specific) has a set of exclusions that won’t be covered by the insurer. People considering purchasing cancer-specific policies should check whether or not cancer is included in the list of exclusions. Also, the exclusion lists may not sometimes offer coverage for a particular type or stage of cancer.

9. Check Survival Period

Most health insurance companies mention specific days in their policy plans for which the policyholder should survive after the diagnosis of cancer for the policy to remain effective. For instance, the policyholder would receive the plan benefits if he/she successfully survives through this period.

10. Check for Renewability of Policy Plan

Most insurance companies won’t allow you to renew policy plans with the cancer-specific feature. If diagnosed with cancer, the patient would receive the benefit only once in a lifetime.

Advantages of Cancer Insurance

  •       Most cancer insurance policies offer coverage for different stages of cancer (primary, secondary, and tertiary)
  •       Once diagnosed with cancer, you will receive a lump-sum amount from the insurance company
  •       Many cancer policy plans come up with waiver of premium clauses where the policyholder doesn’t need to pay premiums
  •       You receive a monthly income facility so that you can run your house even after being diagnosed with cancer
  •       You will be eligible for tax benefits (under Section 80 D of the Income Tax Act)

A cancer insurance policy is designed to give you some relief after being diagnosed with cancer. This type of insurance coverage will provide ample financial support to you and your family in this time of distress.

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FAQs: Factors to consider before buying cancer health insurance policy in India

How to get health insurance for cancer patients?

Many health insurance policies that cover critical illnesses include cancer coverage. However, if you are not yet diagnosed with cancer or other critical diseases at the time you purchase a policy, you will be covered under fatal illnesses.

Can a cancer patient take insurance policy?

While it is not possible to obtain an insurance policy that will cover someone who has already been diagnosed with cancer, you can add critical illness coverage to your existing term plan.

Can I claim LIC for cancer?

The total benefit under the Policy (excluding Premium Waiver Benefit), including Early Stage Cancer Benefit and Major Stage Cancer Benefit, shall not exceed the maximum claim amount of 220% of the Applicable Sum Insured (i.e. 100% as lump sum plus 120% in the form of Income benefit).

What is waiting period in cancer insurance?

Cancer insurance waiting periods typically range from 30 to 90 days, though they can be longer in some cases.

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Jul 26, 2022
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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