Cancer Insurance Plans (Cancer Insurance Policy)

Cancer insurance is a specific sort of policy meant to provide financial support to those diagnosed with cancer beyond the free look-up time specified in the terms and conditions of the purchased cancer insurance policy. Hospitalization, chemotherapy, radiation, surgery,and other costs related with cancer diagnosis and treatment are covered by a cancer-specific policy. Read more

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Cancer Treatment is so high that it may cost you fortune if you don't have a proper insurance coverage against the risk. Cancer Insurance Plans help you for financial Coverages in case an insured is diagnosed with Cancer.

Types of Cancer Covered

cancer-type

Benefits of Cancer Insurance Plans

  • Covers a wide range of cancer stages.

  • When a cancer diagnosis is made, Lumpsum is paid out.

  • Under specific circumstances, such as a cancer diagnosis in its early stages, a premium waiver is offered.

  • If no claims are filed during the year, the sum assured is increased by a certain percentage.

  • Monthly payments are made for a set period of time, subject to certain criteria, such as a major cancer diagnosis.

  • For insurance worth more than a particular amount, premium discounts are possible. Insurance coverage does not end after the initial diagnosis.

  • Section 80D of the Internal Revenue Code provides tax benefits.

Why there is a need of Cancer Cover Insurance Plan?

  • You have a history of cancer in your family.

  • If you believe you are at a higher risk of developing cancer owing to environmental or other factors,

  • You don't have enough money set aside to cover hefty medical expenditures.

  • Your current health insurance policy does not provide adequate coverage.

  • You are the only one who earns money.

Things to consider before buying:-

  • Consider the risk factor based on family health history:- Buying cancer insurance makes a lot of sense for people with a significant family history of cancer. These folks should review their current health insurance plan and consider how a cancer insurance policy can supplement it. It's also worth remembering that cancer insurance only kicks in if the policyholder is diagnosed with cancer; it won't cover any other chronic illness.

  • Two policies do not always imply double coverage:- Having a comprehensive health insurance policy and a second cancer insurance plan does not always imply double coverage. Most insurance agreements have a 'coordination of benefits' clause, which states that one plan will not cover expenses covered by the other.

FAQ's Cancer Cover

While having health insurance or a mediclaim plan is crucial, and these policies may cover cancer treatment claims, they are based on hospitalisation bills. Furthermore, some plans may not cover the entire cost of treatment. There are additional restrictions, such as co-payments for treatment, treatment only at network hospitals, and so on. These constraints are being addressed in new age cancer insurance policies. This policy pays the cover amount when a cancer diagnosis is made, without the requirement for hospital bills to be submitted. As a result, you can use this money to pay for treatment at any doctor or hospital in the United States or abroad. Furthermore, unlike traditional health insurance policies, the premium for this coverage remains constant during the period of the policy.

Following are the benefits of Cancer Cover:-

  • No Claim Bonuses

  • Ranges from 10 Lakh to 2 Crore

  • Lifelong Renewability

  • Second Opinion, Air Ambulance, and Other International Covers

  • OPD consultations are included in the comprehensive coverage.

  • Waiver of premium

  • Saves Taxes

When cancer is discovered in its early stages, the insured receives a portion of the full Sum Assured, and we waive subsequent premium payments for a period of time. The remaining half of the Sum Assured will be made accessible to the insured if the cancer is found at a later stage. Several insurances also offer an income benefit, which allows the insured to receive regular payments after treatment. This amount is normally a percentage of the Sum Assured and is accessible on a monthly basis for a limited time.

A joint insurance policy for numerous members of the family is one of the benefits of having health insurance, but a cancer insurance policy is more committed. Each person who wants to be covered under a terminal illness policy will need to acquire their own policy.

While different types of insurance have varied age restrictions, we sell cancer insurance to people aged 18 to 65.

Minors between the ages of one and seventeen are eligible for a Sum Assured of up to Rs. ten lakh, while adults can get up to Rs. forty lakh with cancer insurance coverage. Furthermore, whereas adults can choose policy periods from 10 to 20 years, minors can only buy policies for a maximum of 10 years or 18 minus their age at admission, whichever is greater.

Adults can choose a period of 10 years to 20 years or 80 minus their age at entry for cancer insurance coverage; children can only choose a term of 10 years or 18 minus their age at entering, whichever is higher. Premiums can be paid at regular periods, such as monthly or annually, or as a one-time payment. The policy period is 5 years for single premium payments.

With a cancer insurance plan, if the insured is between the ages of 18 and 65, they are entitled for a Sum Assured ranging from Rs. 10 lakh to Rs. 40 lakh. The Sum Assured for minors, however, is limited to Rs. 10 lakh.

Under a cancer insurance policy, the insured can choose between a lump sum payout or a lump sum payout with an income benefit, which pays them a monthly income during the post-treatment phase for a set amount of time.

There are some terms and conditions in the policy that limit the coverage, such as:

  • There is a 90-day waiting period after the policy is issued.

  • Any disease brought on by the intake of alcoholic beverages, tobacco, or cigarettes

  • Cosmetic surgery, as well as any other type of surgery of this nature.

  • Pregnancy, Miscarriage, Maternity Care, and Abortion, among other things.

  • Any disease or harm caused by the insured's criminal intent or in violation of the law.