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.
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.
Some of the key benefits of cancer insurance policies can be listed as follows:
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.
Carcinoma-in-situ of any organ (except skin) and cancers of specified severity.
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.
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.
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.
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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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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