Shivajinagar
Cancer Insurance
What Is a Cancer Insurance Policy?
Cancer Insurance Policy - Why do you need one?
- High Cost of Treatment
- Less Financial Burden
- Risk Mitigation
It can be quite expensive to treat cancer patients and care for them. The financial burden of paying for treatment and hospitalisation can be tremendous in such situations. Cancer insurance is essential due to the physical, emotional, and financial burden that it can have on families. Even the best insurance plans in the market may not be equipped to cover all costs related to cancer, or if they do, there may be criteria for coverage during certain stages. The benefit of having a standalone cancer insurance policy helps mitigate the risk of cancer-related treatment. It keeps you from having to sell your heirloom.
5 reasons to buy Cancer Insurance Policy from Bajaj Finserv Health
- 1The plan offers hospitalization expensesThe insured person gets hospitalization cover for cancer treatment. He or she also receives pre-hospitalization expenses for 30 days and post hospitalization expenses up to 60 days.
- 2Chemotherapy and radiotherapy expensesWhen suffering from cancer, these procedures are part of treatment. Each session can be very expensive and covered within the sum insured.
- 3Diagnostic TestsThe insurance policy covers the expenses of diagnostic tests. You can avail such a benefit within the specified pre-hospitalization and during hospitalization.
- 4Doctor’s Fees and medicationsThe cancer insurance plan also covers the doctor's fees during hospitalization and before and after hospital discharge.
- 5Ambulance chargesIf you are a cancer patient, this policy allows coverage of up to Rs. 2,000 for ambulance expenses.
Features of Cancer Insurance Plan in India
- Coverage: This policy provides comprehensive coverage for most types of cancer.
- Flexibility : The amount insured can be increased during the renewal of the policy and you can avail of competitive premium rates.
- Family coverage: This policy covers your entire family, including children up to 6.
- 100 % payout: With most cancer insurance plans you will be eligible to avail of the payable benefit once you are diagnosed with cancer
Benefits of Cancer Insurance Plan in India
Doctor consultation fees
Lab tests
Hospitalization expenses cover
Pre-hospitalization cover and more
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Why just health insurance? Get a complete Cancer Health Insurance package!
What is cancer insurance complete health package?
Cancer insurance package is critical in today's world. Apart from the wide range of benefits, the policy provides enhanced security to your financial condition during medical emergencies. Typically, you must renew your cancer insurance policy every year on the due date. If you miss the date, you will need to buy a new plan, which involves further hassle and delay. One could renew a cancer insurance policy online or offline, depending on their preference.
Benefits of Cancer Insurance Plan Package
Some of the key benefits of cancer insurance policies can be listed as follows:
- Treatment cost coverage is a major advantage when it comes to cancer insurance. The premium is not extremely high and can be afforded by almost anyone. Cancer treatment costs can go above the roof, so you want to invest in a good insurance policy to cover the medical costs.
- The cancer insurance policy offers a lump sum amount which can be used for many purposes including day-to-day medical and living expenses.
- You will have to present the diagnostic reports for cancer and no other medical bills and receipts are asked for by the insurer to check the break up of the expenditure.
- All cancer insurance policies provide coverage for various stages of cancer. Evn if you are diagnosed at an early stage, you are eligible to receive the insurance benefits. However, some insurers may limit the benefit amount and you should check it before buying the policy.
- Some cancer insurance policies provide increasing cover rider to enhance the assured amount. The amount increases every year in case of no claim made.
- Easy and simple claim settlement helps a cancer patient and the family to focus on recovery instead of going through the hassle of claim settlement.
- You may avail of income tax benefits if you own a cancer insurance policy.
How to choose the right cancer insurance package for you?
Check the sum assured You must first check how much insurance money you receive from your plan. Cancer treatment is very costly, and you will need a plan which offers you maximum benefits. The amount you receive will help you pay off hospital and other medical expenses while relieving your financial burden and mental stress.
Take a look at the policy coverage - There are several cancer insurances plans available in the market, you must make sure that you read the terms and conditions of the policy and you are receiving comprehensive coverage, one in which all types and stages of cancer are included, medical procedures, hospitalization and others. Waiver of premium under certain conditions like early-stage cancer.
Duration of cover - This factor must be considered while choosing a cancer insurance plan. Cancer can be affected at any age, so pick the plan with long-term coverage to avoid buying new plans.
Waiting and Survival Period - The waiting period of your plan must be less; it is the time required for a policy to come into force after buying. The survival period is when the insured person must survive from the time of cancer diagnosis.
Payouts - This is usually different based on the stages of cancer; you must always choose a plan which provides sufficient payout even in minor conditions of the disease.
Premiums -This is something everyone should carefully check while buying insurance. Compare and select a policy that offers high coverage at low premium rates.
Your 6-point Checklist for Selecting the Best Cancer Insurance Plan
Sum assured
Cancer treatment differs from one type to another. The stage of cancer and its type, and the treatment method chosen, treatment costs will vary. A full diagnosis of cancer will probably require you to spend a fortune. A cancer-centric insurance plan with a high sum assured is, therefore recommended.Perhaps this is one of the important factors you should consider when you're out to buy cancer insurance. The cancer health insurance policies you're looking at should ideally come with a sum to cover the rising hospital expenses and the extra-long treatment regimen for cancer.As a result, you will be able to cover your hospital bills smoothly as well as reduce your mental and financial stress. It is never a concern to be over-insured, you just need to ensure that your budget can manage the costs. Therefore, it should be considered when choosing the best cancer insurance plan in India.Coverage
Early diagnosis and treatment are crucial in curing cancer. There isn't a way to predict when it will be detected. Consequently, you should choose a plan that offers coverage for all or most stages of various types of cancer. An important factor to consider whether the plan you choose covers all types of cancer. You should be aware that most policies vary in their sum assured amounts based on the stage of a cancer diagnosis.You should read the policy terms and conditions carefully when purchasing health insurance for cancer. Understanding the details of your policy's coverage beforehand is crucial since you don't want to risk having your medical bills not reimbursed by your insurer.You should select a cancer insurance plan that offers as many benefits as possible. A good health insurance plan should cover medical procedures, medications, radiation therapy, chemotherapy, and other treatments. Your chosen critical illness insurance plan should cover hospitalisation costs. It makes sense to choose a cancer care insurance policy that covers various types of cancer and the different stages of the disease since cancer treatments. This is important as cancer treatment is extremely expensive. It is also wise to choose an insurance policy that pays a part of the sum assured amount depending on the cancer stage.Waiting period
It's important to note that a cancer insurance policy in India may have a waiting period. A waiting period clause specifies how long the policy won't take effect until the waiting period has expired. An ideal policy will have a short waiting period. Therefore, you are advised to select a cancer insurance policy with the shortest waiting period. A cancer insurance policy's waiting period depends on the premium you must pay. From the start if the policy, there is usually a waiting period of 180 days to 365 days. The policyholder is not eligible to claim under his/her cancer insurance policy during the initial waiting period.Duration of coverage
The duration of the insurance plan is just as important to consider when searching for the best cancer insurance plan in India. It is mainly because cancer has the potential to strike at any time of life. Having a plan that provides comprehensive coverage over an extended period is crucial. In addition, most cancer treatments lead to a lengthy recovery period and can last for months at a time. So, selecting cancer health insurance policies with long coverage periods is essential. Keeping this in mind, also look for plans that have minimal increases in premiums throughout their duration. As a result, you'll be able to protect yourself completely and minimise the financial implications.Premium waiver and income benefit
A diagnosis of cancer has a profound effect on an individual's health. Cancer treatment is expensive and can wipe you out. Thus, make sure you have a plan as a financial backup during such times. Suppose your plan includes a premium waiver benefit. In that case, the policy will remain active and provide regular income assistance to the insured's family.Your family's well-being and security is impacted greatly if you are the sole earner in the family. As a result, cancer insurance is an essential part of the family's financial security. If you are diagnosed and have a claim, you may receive a waiver of future premiums and an income benefit. However, these plans usually require a higher premiumExclusions
There are usually some exclusions in every health insurance policy, and cancer insurance policies in India are no exception. Often, these plans don't include pre-existing conditions. An STD-caused cancer is usually not supported. Make sure you check this information before choosing a cancer care plan.
Here are the coverage offered by Bajaj Finserv Health
Minor conditions of cancer
Major stages of cancer
Early stage cancers
Carcinoma-in-situ of any organ (except skin) and cancers of specified severity.
Eligibility Criteria
Minimum waiting period A typical cancer health insurance plan has 160 days waiting period. Once this period is completed, only then an insured can claim benefits.
Survived Cancer : To be eligible for this cover, you or any other member of the family has to have survived the cancer treatment/care at least 7 days from the day diagnosis was made.
Addition of Minors : Minor children can be included in the policy if the cancer health insurance policy covers only one parent.
Eligibility Criteria
- Waiting period160 days
- Survival after treatmentAt least 7 days survival after cancer treatment
How to calculate health insurance premium?
- 1Enter your name and mobile number.
- 2Select the family members whom you want to insure.
- 3Enter the eldest member's age
- 4Get your premium
10 factors that affect your health insurance premium:
Health Insurance is a must for any individual or family who are looking to secure their health and financial future. Owing to medical inflation in the recent years, the cost of medical treatment and procedures often drains one’s lifetime savings and acts a burden. However, getting a health insurance means adding a fall-back cushion to safeguard savings as well as get tax benefits.
As you apply for a health insurance plan, the insurance providers do a thorough check/assessment of your health. Basis your health status, they offer a premium amount for the plan.
Your age is a major factor on which the health insurance premium will be decided. Most companies follow this mantra – the higher the age of the insured, the higher the premium to be paid. This is because older people are prone to illnesses. It is advisable to buy a health insurance plan when you are younger to enjoy more benefits and pay a lower premium.
Your occupation or the nature of your work will also determine the health risks you may be exposed to. Given our hectic lifestyles and sedentary jobs, you will be prone to stress, anxiety, etc. which will lead to other health issues. So, for example, if you have a high stress job, your premium will be higher.
Medical history plays a vital role too in deciding the premium. If you have a chronic illness, or have suffered from any past major illnesses, or if family history points to any pre-existing illnesses, your health insurance premium will go up.
If you have a co-pay feature in your health insurance plan, then your premium will be lower as a certain percentage of the medical costs will be borne by you and the rest by the insurance provider..
Habits. Yes, your habits matter a lot. For example, if you are a smoker, you are at risk of serious illnesses like cancer. If you drink regularly, you are at risk of chronic diseases. So, your premium will be higher.
Duration of your policy will also affect your premium. If have a longer duration for your policy, you will pay less premium.
Your BMI or Body Mass Index also affects your premium. If your BMI is high, then you are at a higher risk of chronic or lifestyle illnesses. This means you will pay a higher premium.
Location If you stay in locations where food, water, air quality is an issue, it will lead to serious health issues and therefore, your premium will be higher.
Your plan type affects your premium amount.
Why To Buy Cancer Insurance Online?
You must choose to buy a cancer insurance plan online because it saves you time and money. The process is also much easier than buying insurance offline. Your choice is not influenced by the insurance company, and you do not have to visit the insurance company several times. Furthermore, cancer insurance claim and renewal procedures can also be done online with Bajaj Finserv. It is simple and only a matter of minutes.
How to buy Cancer Insurance from Bajaj Finserv Health
- 1Step 1Log on to the website www.bajafinservhealth.in or download the ‘Bajaj Finserv Health’ app on your phone and sign up.
- 2Step 2Search for the Cancer Insurance Plan.
- 3Step 3Click on ‘Apply Now’ and enter your basic details.
- 4Step 4Check and confirm application by entering the OTP received on your mobile number.
- 5Step 5Pay the premium via credit/debit card, UPI, mobile wallet, etc.
- 6ResultYou will receive the details of your membership via email/WhatsApp.
Tax savings with Cancer insurance
If you own a cancer insurance plan, you will be allowed for tax deductions of up to Rs. 25,000 under Section 80D. Senior citizens may receive a higher tax benefit with this insurance plan, and it depends upon the insurer you choose.
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Myths Busted
FAQs
If your family has a history of critical illness, you should definitely consider purchasing a critical illness insurance plan. As the family breadwinner, it is essential for you to secure critical illness insurance for your entire family.
Insurers offer cancer insurance policies that pay out a lump sum to policyholders if they are afflicted with cancer.
No. Cancer insurance plans offer coverage only when you are diagnosed with the disease. You can buy an adequate health insurance plan to cover other critical ailments and basic health care.
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