What is Cancer Insurance?
Cancer insurance is a sort of health insurance that is designed to address cancer-related risks. It offers policyholders financial assistance while assisting in reducing the costs of cancer treatment. In order to relieve financial strain, it is essential to plan for health-related emergencies like cancer.
Why Choose The Cancer Cover Policy From Okbima?
To choose the cancer cover policy from okbima.com
- Team of Experts: Our team of professionals is here to help you find the best life insurance plan for you. As you make your way towards financial security, you can have faith on our extensive knowledge and ongoing support.
- The Realm of Choices: Enter a world of options where you can choose from over 30+ reputable insurance companies that specialize in life insurance protection. There are many solutions to consider, all of which claim to protect your future.
- 24*7 Customer Support: Just as time never stops, neither do we. Through our convenient online platform, you can reach our customer service at any time. Experience a smooth and transparent insurance process where concerns are addressed and questions are answered.
- Connect & Engage: Join us on the dynamic landscapes of social media, where Okbima's presence shines brightly. We can be reached via message on Facebook, Instagram, or Twitter. Reach out to us on your preferred platform and allow us to surround you with a net of assurance.
What Are The Types Of Cancer Insurance Plans in India?
Take a look at the following cancers that are covered by cancer insurance plans in their early and advanced stages:
- Lung Cancer
- Breast Cancer
- Ovarian Cancer
- Stomach Cancer
- Cervical Cancer
How To Select The Best Cancer Insurance Policy?
If you are buying a cancer health insurance policy for the first time, keep the following considerations in mind:
- Indemnity and Benefit-Based Coverage: You can choose between a benefit-based plan or an indemnity-based plan with a cancer protection rider for your insurance. A benefit-based plan only gives you a flat sum payment, whereas an indemnity plan covers you for the actual costs you incur through its rider. To have comprehensive coverage when you need it most, you can choose either of these two options.
- Amount Insured: You must be extremely careful to choose the appropriate sum insured when picking cancer health insurance coverage. Check the prices of hospital charges in your city to make a wise choice. If you intend to choose an income benefit plan, figure out your monthly expenses to get the right amount.
- Network Hospitals: In order to take advantage of cashless treatments, you can receive care at a nearby hospital that is affiliated with the insurer's network. This will make it easier for you to make full use of the benefits of your cancer health insurance plan.
- Additional Advantages: When buying coverage, search for any extra perks that the insurer may be offering. These advantages provide you the opportunity to research your coverage and help in your decision-making.
Why Do You Need A Cancer Cover Policy?
A cancer cover policy is a sort of insurance that pays you money if you are diagnosed with cancer. Here are some of the reasons why people can opt for a cancer insurance policy.
- Additional financial security: Cancer treatment can be costly, and medical expenses can quickly pile up. A cancer insurance policy can help cover expenses that standard health insurance does not cover, such as deductibles, co-pays, experimental treatments, and alternative therapies. It adds another layer of financial security to help handle the financial impact of cancer treatment.
- Income replacement: Cancer frequently causes income loss owing to the inability to work during treatment or recovery. A cancer insurance policy can provide a lump sum or recurring payments to help replace lost income and cover day-to-day living expenses. This can assist ease financial stress and allow people to concentrate on their recovery.
- Access to specialized treatment: Some cancer insurance policies may cover therapies or medications that are not covered by normal health insurance. This allows individuals to select the best available therapies and access specialized care choices.
- Peace of mind:Coping with a cancer diagnosis can be emotionally and mentally exhausting. Having cancer cover insurance can bring peace of mind in knowing that there is financial assistance available to help manage the costs of cancer treatment. It enables people to concentrate on their health and well-being without having to worry about their financial responsibilities.
- Support for additional expenditures: Cancer treatment frequently entails a variety of extra charges, including travel expenses for seeking specialized care, home healthcare, support for carers, and rehabilitation. Cancer insurance coverage can help cover these additional costs, making it easier for people to get essential support services.
How Do Cancer Insurance Policies Work?
Cancer insurance policies give coverage and financial support in the event of a cancer diagnosis. After a waiting period, policyholders can file a claim by producing medical documentation.
Once approved, individuals get a lump amount or quarterly payments according to coverage restrictions and the severity of the disease. These funds can be used for a variety of cancer-related needs.
To keep coverage, you must continue to pay your premiums. Before acquiring cancer insurance as extra coverage, it is critical to understand policy terms, limitations, and exclusions.
Benefits Of Cancer Cover Health Insurance
Benefits of cancer health insurance are:
- Lump Sum Payout: An amount is given to the insured upon a cancer diagnosis.
- Multiple Cancer Stages: It addresses cancer at various stages.
- Sum Insured Enhancement: If there is no claim throughout the year, the sum insured is increased by a predetermined percentage.
- Monthly Payout: It is paid out for a set number of years, subject to certain conditions, such as a cancer diagnosis.
- Continuum of Coverage: Cancer insurance coverage does not end after the first diagnosis of sickness under some policies.
- Premium Waiver: The premium waiver benefit is offered in specific circumstances, such as a cancer diagnosis that is at an early stage.
Who Can Purchase Cancer Insurance Online?
Cancer insurance can be purchased online by anyone who meets the eligibility requirements. Individuals above a particular age (generally 18-65), in good physical condition, and without a prior cancer diagnosis can often apply.
An online application must be completed, along with a personal profile and medical questionnaire. Premiums are determined by factors including age, coverage amount, and medical history.
Cancer insurance is designed to provide financial assistance in the event of a cancer diagnosis by covering treatment costs, drugs, and other related expenses. Before making a purchase, it's critical to carefully research policy specifics and evaluate possibilities.
What Is The Right Time To Buy a Cancer Insurance Policy In India?
The best time for buying a cancer insurance policy in India is when you are healthy and have no previous experience with cancer or similar disorders. It is best to buy cancer insurance when you are younger, usually in your 30s or 40s, because premiums are lower when you are younger and in good physical condition.
Waiting until later in life or when you are at a higher risk of developing cancer may result in higher premiums or potential exclusions for pre-existing conditions. To identify the optimum time to buy cancer insurance in India, carefully analyze your own health situation and talk with insurance providers.
Documents Required To Get Cancer Insurance Plans
The documentation required for getting cancer insurance plans may differ based on the insurance company and the policy you are looking for. Here is a collection of often-requested documents:
- Identity Proof: A valid ID card, passport, or any other government-issued identification document.
- Address Proof: Utility bills, bank statements, or other official documents displaying your residential address.
- Age Proof: Passport, Birth certificate, or any document verifying your age.
- Medical History: Information on your medical history, such as pre-existing conditions, surgeries, and treatments.
- Medical Reports: Recent medical reports, such as diagnostic test results, imaging scans, or pathology reports.
- Income Proof: Salary slips, tax returns, or other documentation proving your financial eligibility.
- Photograph: A recent passport-sized photograph for identification reasons.
What Factors Affect Cancer Insurance Premiums?
The following factors influence cancer insurance premiums:
- Age: Younger people often have lower insurance premiums than older people.
- Gender: Certain types of cancer may be more common in one gender, which might affect premium prices.
- Medical History: Pre-existing conditions or previous cancer diagnoses may have an impact on rates.
- Family History: A history of cancer in the family may raise the risk and consequently the premiums.
- Living a Healthy Lifestyle: Unhealthy habits or factors like smoking might raise premiums.
- Policy Duration: Longer policy terms may result in higher premiums.
When selecting a cancer insurance plan, it is critical to consider these things to ensure that it meets your needs and fits within your budget.
Exclusions Of A Cancer Insurance Plan
Exclusions in a policy mean that these conditions are not covered by the insurance policy, and the policyholder ends up facing the full financial burden for their disease, defeating the very purpose of choosing a cancer insurance plan in the first place. Exclusions of a cancer insurance plan are:
- If a sexually transmitted disease, primarily HIV or AIDS, causes a carcinoma in situ or early stages of cancer, neither condition is often covered by insurance. This is a standard exclusion promoted by most insurers selling cancer insurance plans.
- In most circumstances, a policyholder is also not eligible for coverage under the cancer insurance plan if they have a congenital disease that caused cancer. Regardless of whether the cancer is in a small or serious stage, this exclusion applies.
- If cancer is caused by or contributed to by alcohol, narcotics, or any other medications that have not been prescribed by a licensed medical professional, it is not covered by cancer insurance policies, whether it is detected at a minor or major stage or even as Carcinoma-in-Situ.
- Cancers that are directly or indirectly brought on by contamination from nuclear, biological, or chemical sources are excluded from coverage under cancer insurance plans, regardless of whether they are identified as major, minor, or carcinomas-in-situ.
How To Buy The Best Cancer Insurance Plans With Okbima?
To purchase cancer Insurance plans with okbima, complete these steps:
Step 1: Go to the homepage of okbima.com
Step 2: Choose the cancer plan from the homepage.
Step 3: An application will be displayed on the page. To acquire the best cancer insurance from our company, simply fill out the form with all of your information.
Please contact our experts for further information.
How To Calculate Cancer Insurance Premiums?
You can fill out our price form with all the essential information to calculate the cost of the Okbima cancer insurance plan.
The cancer plan type, the number of years you invested, and the current interest rate will all be taken into account when determining the premium after receiving the estimate.
How Can I Pay For A Cancer Insurance Plan Online?
There are often multiple ways to pay for cancer insurance coverage online:
- Credit/Debit Card: Most insurance companies accept major credit or debit cards for online payments. You would need to enter your credit card information and authorize the payment.
- Net Banking: If you have an online banking account with a participating bank, you can use the net banking capability to make payments straight from your bank account. This option is very widespread in India.
- Mobile Wallets: Some insurance providers may accept payments using mobile wallet services such as Paytm, Google Pay, or other comparable platforms. You must connect your wallet account and finish the payment process within the wallet app.
- Online Payment Gateways: Popular online payment gateways like UPI, Paytm, and others are often integrated by insurance firms. These online platforms enable secure transactions utilizing multiple payment methods such as credit/debit cards or Internet banking.
When you buy cancer insurance online, the supplier will usually walk you through the payment procedure, allowing you to choose your preferred payment option and complete the transaction securely.
Key Features Of The Cancer Plan
Key features of the cancer plan are:
Coverage for all Stages: A timely diagnosis and therapy are critical for cancer recovery. Select a plan that covers all stages of cancer to assure complete coverage. Keep in mind that the coverage amount may vary depending on the stage of cancer discovered.
Stage-Based Payout Option: Every cancer policy needs to have a stage-based payout. At various times, it makes it easier to face the expenditures of treatment and other related expenses. The insurance coverage should provide at least 25% of the sum assured upon minor-stage cancer diagnosis and 100% upon major-stage cancer diagnosis.
The Requirement of Medical Examination:Most of the time, people are deterred from buying cancer insurance by their fear of medical exams and the time-consuming procedures associated with them. But there's no need for concern. You can simply purchase a "no medical exam" cancer policy from Future Generali in just a few clicks.
Income Benefits: If the insured person is found to have advanced-stage cancer, the income benefit provision helps to provide a consistent monthly income. The payoff is normally 2% of the entire sum assured and is payable for 5 years.
Waiting Period: It is not widely known, but cancer insurance coverage in India includes a waiting period. It is the first 180 to 365 days during which the insured is not eligible to make a claim under the policy. As a result, it is advised that you select insurance with the shortest waiting period.
How Do I Save Tax With The Cancer Care Policy?
By making use of the provisions of Section 80D of the Income Tax Act, you can save money on taxes in India with a cancer care policy. How you can profit from tax savings is explained in full below:
- Tax Deduction for Premiums: You are entitled to a tax deduction for the premiums you have paid for your cancer insurance policy. If you are under 60 years old, you are eligible for a deduction of up to Rs. 25,000, and if you are over 60, you are eligible for a deduction of up to Rs. 50,000. This deduction is available for you, your spouse, your children, and your parents.
- Additional Deduction for Senior Citizens: You are eligible for an additional deduction of up to Rs. 50,000 if you are a senior citizen and you are paying premiums for your parents, who are also senior citizens. This means you can claim a total deduction of up to Rs. 1,000,000 for senior citizen parents' health insurance.
- Aggregate Deduction: There are some restrictions on the overall deduction allowed by Section 80D. The maximum deduction for individuals under the age of 60 is Rs. 25,000 (Rs. 50,000 if both parents are senior citizens). The maximum deduction for seniors is Rs. 1,000,000 (Rs. 1,000,000 if both parents are seniors).
- Family Coverage: You can utilize the tax benefit to provide coverage for any member of your family, including your spouse, kids, and parents who are dependent on you. To qualify for the deductions, make sure the premiums were paid out of your taxable income.
- Medical Exam: In accordance with Section 80D, you may additionally deduct up to an additional Rs. 5,000 for routine medical exams for you, your loved ones, and your parents.
Keep in mind that you will need these records to prove your deductions, including premium payment receipts and policy information. For correct information and to ensure compliance with the current tax laws, it is always advised to speak with a tax expert or check the most recent tax regulations.
How Will Your Family Receive The Cancer Plan Insurance Claim?
The following steps are normally included in the process for your family to receive the cancer plan insurance claim:
Step 1: Claim Intimation: Inform the insurance provider of the claim and provide all pertinent information.
Step 2: Document Submission: Submit the necessary paperwork, such as prescriptions, bills, and receipts for services rendered.
Step 3: Claim Evaluation: The insurance provider evaluates the claim and, if necessary, may ask for more details.
Step 4: Settlement of Claims: If the claim is accepted, the insurance company will move through with the settlement.
Step 5: Payment:The claim amount is paid to the designated beneficiary, such as a family member or the nominee listed in the policy, in the form of a disbursement.
