6 min read
Updated on Aug 28, 2023
As per a recently published research paper, over 10 lakh people are diagnosed with Cancer every year in India, and out of them, more than 6 lakhs die due to the disease. This is frightening! Isn’t it?
Cancer is a disease that gives goosebumps not just because of the terror of the disease but also because of the terror of the expenses associated with the disease. To manage such expenses, you need a comprehensive health insurance plan.
When it comes to health insurance policies, most of them offer coverage for critical diseases, including Cancer. However, most of these policies bear the costs of inpatient hospitalization within India, and many sub-limits are associated with these policies.
Thus, buying a Cancer Insurance plan is suggested so the insured can get comprehensive coverage for the disease without any limit. In this post, let us learn the difference between critical illness insurance and a cancer insurance plan.
Critical illness plans are health insurance policies especially crafted to cover the expenses of critical diseases, which are generally not covered under regular health insurance plans. These policies are designed to overcome the limitations of traditional health policies and to allow comprehensive coverage to the policyholders.
The key purpose of critical illness coverage is to support the insured in paying for the expensive healthcare treatments of certain critical diseases.
Critical illness covers have many advantages. However, when you talk about assessing them in terms of their usefulness in covering Cancer and its treatment, the plans may not suit much.
The cancer insurance plans are designed to address the shortcomings of critical illness insurance plans. These dedicated plans offer cancer care treatment and can be termed as a special critical illness policy.
Most of these cancer-specific plans allow coverage for an entire range of expenses associated with cancer diagnosis and treatment. Such policies offer coverage for chemo and radiation therapy, surgery, as well as hospitalization costs.
Most of these cancer health insurance policies offer comprehensive cancer coverage, including most cancer types in the early and advanced stages. Below are some common cancer types included under these insurance plans:
Under a cancer insurance policy, the insured can raise a claim to receive a payout at minor and major stages of the disease.
Below are the conditions in which treatment expenses are excluded under cancer insurance plans:
Here’s how the cancer insurance plans work:
Minimum entry age – 18 years
Maximum entry age – 65 years
The policy can be renewed once the policyholder crosses 65 years of age (defers as per policy)
Minimum – INR five lakhs
Maximum – INR 50 lakhs
|Premium waiver benefit||
Some insurers offer a premium waiver benefit
If the claim of an insured is approved under an advanced stage of the disease, all future premiums are waived off
You can receive such benefits only if the policyholder is regular in paying premiums and the policy is active
These plans are reasonable compared to the benefits they offer
Premiums paid towards these plans qualify for tax exemptions u/s 80D of the Income Tax Act
There are many advantages to purchasing a cancer-specific health plan. However, these plans are primarily suitable for people prone to the disease and come under the high-risk category. This can be assumed by factors like a family’s health history, environmental factors you live in, lifestyle habits such as smoking/drinking, and so on. People falling under such categories should consider buying dedicated cancer insurance policies.
On the other hand, it is equally important to note that many other critical diseases also need insurance coverage. Diabetes, heart-related problems, liver conditions, lung diseases, and kidney ailments are other crucial diseases. Thus, if you don’t consider yourself under the high-cancer risk category, buying a critical illness plan to allow broader coverage for diseases at a competitive cost is better.
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Yes, Cancer is covered in many health insurance policies offering coverage for critical illnesses. There are many cancer-specific plans too.
Some of the best cancer insurance plans are:
~ Care Cancer Mediclaim Plan
~ Chola MS Critical Healthline Insurance Plan
~ Aditya Birla Activ Secure – Cancer Secure
~ Max Life Cancer Insurance Plan etc.
In most cases, Cancer is covered under the critical illness plans. They may or may not cover all types of cancers under such policies and at different stages. However, a cancer insurance plan is designed to cover the threats of Cancer starting from the stage of diagnosis with the disease.
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