What is a Cancer Plan
Cancer is one of the most challenging diseases to cure. Its deadly nature requires extremely precise treatment with immense specialisation. The kind of treatment cancer demands puts a massive financial strain on an individual and makes their life very difficult.
This is why health insurance for cancer is on the rise now. The kinds of specific coverage that cancer health policies offer allow them to include specific benefits too. These benefits make the individual's life much easier and lessen the stress they experience in an already stressful situation.
There are three main things to keep in mind when it comes to cancer insurance:
- The insurer usually offers a cancer health plan after the free look-up period. This period is the time during which the insured can determine whether or not they want to stick with the policy. Since cancer treatment is separate from regular health insurance, it is also offered later. It usually covers diagnosis, treatment, medication, radiation, chemotherapy, surgery etc.
- The money is usually payable at all the minor, major and critical stages of cancer. However, it does not have death, maturity or surrender benefits. In many cases, it is also not limited to the actual expense in hospitalisation for treatment.
- Individuals with no previous cancer diagnosis are eligible for this. If there is any pre-existing cancerous condition, the individual cannot get health insurance for cancer.
At Cover360, we have observed the insurance industry closely and deduced what the most comprehensive cancer plans are. With such extensive analysis, we bring you the ideal policy perfectly suited for your needs!
Need for a Cancer Plan
Health insurance policies are very attractive because of the way they lessen financial burdens in stressful medical situations. And this is the same reason insurance policies that come under health insurance like cancer health policies are attractive.
However, getting a cancer health plan can be even more attractive because of how specific it is. Regular health insurance may not cover cancer to the same extent as health insurance for cancer. And, even if it does, there may be conditions for coverage at various stages. This makes a cancer plan attractive and necessary.
So, how do you know if you need cancer insurance?
- Family History of Cancer: Having a family history of cancer puts you genetically at a higher risk of getting cancer. Therefore, buying cancer insurance is always a good idea if you have a family history since it ensures that you are protected as someone at a higher risk.
- Environmental Risk: Family history is obviously not the only way of getting cancer. Several other environmental factors could put you at a higher risk. E.g. if you live in a particularly polluted city, the kind of fumes you inhale daily puts you at a higher risk than someone living around good air quality.
- Lack of Adequate Savings: Not everyone has the luxury of a huge income that they can save up and use in times of medical emergencies. And cancer is, at the end of the day, a medical emergency. No one expects to get it. Therefore, if you are not otherwise very financially secure, buying cancer insurance prevents bankruptcy.
- Lack of Sufficient Coverage: The main reason health insurance for cancer is such a godsend is that it covers everything related to the disease. As we stated earlier, regular health insurance may not have the means to cover you in this way. Cancer insurance gives you the necessary extra protection so you can continue your life stress-free.
- The Only Earning Member: As the breadwinner of your family, falling sick is not an option. When you are the only earning member of your family, you need to ensure you are ready for everything. Cancer’s ability to drain your wallet should not be an option. And the only way to avoid such drainage is by purchasing a cancer plan.
With these factors in mind, the necessity for cancer insurance is undeniable. And you should seriously consider it. Cancer can strike unexpectedly at any time, and you deserve financial coverage for the best treatment.
At Cover360, we consider it our duty to bring you the most efficient cancer plans. Based on your needs, we present plans that will benefit you the most!
Features of Cancer Plan
Cancer health policies are a type of health insurance that specifically target cancer. Regular health insurance covers everything. Meanwhile,health insurance for cancer is more specific and keeps the insured sum aside only in the case of cancer.
Almost every cancer health plan currently available has some basic features. These are also the features you need to compare and contrast when choosing your cancer health plan. So what are these features?
The amount insured is the first part of every plan. Regardless of the kind of cancer, the sum insured remains the same and gives you adequate financial coverage. Cancer insurance, like critical illness insurance, gives you a lump-sum at the time of diagnosis that acts as a stand-in for income.
Like regular health insurance, cancer insurance also gives you tax benefits under Section 80D of the Income Tax Act. Availing these benefits is a huge motivation for people opting for a cancer plan.
As with any other kind of health insurance, cancer insurance also has a waiting period. This is the period between the purchase of the policy and the policy coming into effect.
Unlike health insurance, cancer insurance has an additional survival clause. The survival period is from the time of diagnosis to the claiming of insurance. This is usually for a period of 7 days. This means that you cannot claim insurance until 7 days after diagnosis.
With these features as parameters of judgement, our experts at Cover360 determine which cancer plan is best suited to your needs!
Benefits of a Cancer Plan
Cancer health policies are a type of health insurance that specifically target cancer. Regular health insurance covers everything. Meanwhile, health insurance for cancer is more specific and helps you to keep the insured sum aside only in the case of cancer. This also means that a cancer health plan has greater benefits than a regular health insurance policy.
- It covers multiple stages of cancer: Probably the most important benefit of the plan – both the major and minor stages are covered under this plan. Only till first stage is covered in this Policy.
- The lump-sum during diagnosis: Like a critical insurance policy, a cancer policy also provides a lump-sum ( 60% of the Sum Insured) at the time of diagnosis, tiding you over and reducing financial stress.
- Premium waiver: Some plans waive the premium even during the early stages of cancer, therefore giving you more financial stability in a time of stress.
- Increasing sum: In most plans, the assured sum may increase by up to 10% annually if no claim is made that year. Therefore, if you buy your policy early and get cancer years later, you reap greater benefits.
- Fixed monthly income: If the insured is diagnosed with late-stage cancer, the insured’s family may receive a fixed sum every month. This helps them in a time of financial instability and reduces the number of things they need to worry about in such trying times.
- Premium discounts:Policies usually have a range of sums they assure. If you buy a higher sum, then the premium you need to pay on that sum reduces.
- Continued coverage: Unlike critical illness plans which lapse after the first diagnosis, cancer plans continue because the return of that cancer even after remission is always a possibility.
- Tax benefits: Like most other health insurance policies, cancer insurances also have tax exemptions under Section 80D of the Income Tax Act, 1961. This exemption is up to a limit of Rs. 25,000 for individuals under 60 years of age and Rs. 30,000 for senior citizens.
All these benefits are the reason so many people opt for cancer health insurance. With these benefits, a level of financial stability is guaranteed during difficult times, making the policies worthwhile.
Cover360’s experts compare and contrast several policies which provide such benefits. With our extensive analysis, we narrow down the ideal policies for you and help you get the best deal on your cancer health plan!
Top Cancer Plans
Choosing a cancer health plan that meets all your needs requires a thorough understanding of all your options. Much like purchasing anything else, you need to compare different policies before settling on one ideal for you.
With the help of our diligent insurance specialists at Cover360, we put together a list of the top cancer health policies for your perusal. While it is always likely that you will find something else, these policies are a good starting point when choosing your health insurance for cancer.
- Entry Age: 18 – 65 years
- Sum Assured: Rs. 10 – 40 lakhs
- Policy Term: 10 – 20 years
- Survival Period: 7 days
- Premium Payment Frequency: Annual, Half-yearly, Quarterly or Monthly
- Entry Age: 18 – 65 years
- Sum Assured: Rs. 10 – 50 lakhs
- Policy Term: 5 – 70 years minus entry age
- Survival Period: N/A
- Premium Payment Frequency: Annual or Monthly
- Entry Age: Major Lives: 18 – 65 years; Minor Lives: 1 – 17 years
- Sum Assured: Major Lives: Rs. 10 – 40 lakhs; Minor Lives: Rs. 10 lakhs
- Policy Term: Major Lives: 10 – 80 years minus age at entry, Minor Lives: 18 minus entry age or 10 years, whichever is higher (Regular Premium); 5 years (Single Premium)
- Survival Period: N/A
- Premium Payment Frequency: Annual and Monthly (Regular Premium); One-time Lump-sum (Single Premium)
- Entry Age: 20 – 60 years
- Sum Assured: Rs. 5 – 25 lakhs
- Policy Term: 10 – 70 years
- Survival Period: N/A
- Premium Payment Frequency: Annual, Half-yearly or Monthly
- Entry Age: 18 – 65 years
- Sum Assured: Rs. 5 – 40 lakhs
- Policy Term: 10 – 20 years
- Survival Period: N/A
- Premium Payment Frequency: Annual, Half-yearly or Monthly
- Entry Age: 18 – 65 years
- Sum Assured: Rs. 10 – 50 lakhs
- Policy Term: 5 – 30 years
- Survival Period: N/A
- Premium Payment Frequency: Half-yearly, Quarterly or Monthly
- Entry Age: 25 – 65 years
- Sum Assured: Rs. 10 – 50 lakhs
- Policy Term: 10 – 40 years
- Survival Period: N/A
- Premium Payment Frequency: Annual, Half-yearly, Quarterly or Monthly
Looking at each policy, more in-depth will also give you an idea of what you are looking for. Such plans also give you an idea of what to expect from future cancer plans you look at.
At Cover360, it is our job to look at such policies and determine your best options based on them. We help you determine the ideal policy for you by judging various cancer plans along the parameters listed under each option. This way, we bring you the perfect cancer health plan!
Factors to Consider While Comparing Cancer Plans
Much like any other insurance policy, choosing health insurance for cancer is no easy task. There are several factors to keep in mind about the different plans available. You also need to have a clear idea in your head about what you want from the plan. And this means comparing cancer health policies across various parameters.
As we know, cancer has four stages. There are two early stages and two late stages. This does not, however, mean that the diagnosis always comes in the early stages. Diagnosis may happen at any stage, and your insurer's response to that stage needs to be financially adequate.
Additionally, you need to see if you have stage-wise pay-outs. This means you need to note whether or not you get benefits at every stage or just at the first stage of diagnosis.
Another aspect to look at is the kind of benefits you get from your cancer health plan. Some insurers offer a monthly income to the insured's family post-diagnosis. This gives them some financial security, considering how expensive cancer treatment is. This is usually called an income benefit and is a fixed percentage of the assured sum.
Such benefits need to be taken into account, so you get the best coverage under your cancer policy of choice.
The sum you are assured at the time of purchasing your policy may be easily understood and non-controversial. But, depending on the plan, it may not be so simple.
Some insurers have a clause where they increase the assured sum by 10% every year up to a certain amount. This only applies as long as you do not claim insurance annually. Therefore, purchasing your cancer plan as early as possible with an insurer who has such a clause gives you an edge. It gives you better coverage.
This is also the strategy that our experts at Cover360 adopt during their analysis of different policies. This way, they bring you the cancer plan options best-suited to your needs!
Things to Keep in Mind While Buying Cancer Plans
Choosing the perfect cancer health plan for you is no easy task. Different cancer health policies have various benefits. Even if they have the same benefits, these benefits are available at different levels. Therefore, when choosing health insurance for cancer, you need to analyse all your options thoroughly. This allows you to choose one perfect for your needs.
This means that there are various parameters you need to keep in mind when buying a cancer plan. And, after some diligent research, our experts have figured out what you need to look for!
Apart from one of deadliest diseases, cancer is also one of the most expensive diseases you can contract. The hospitalisation costs alone are a fortune not to mention medication, chemotherapy etc. Trying to cover these from your pocket is not an option for a lot of people.
This is why, when looking at cancer insurances, choose the policy which gives you all the benefits you look for with the highest sum possible. This ensures that the financial burden you bear during this stressful illness is substantially reduced and the damage to your savings is mitigated.
Depending on your insurer, the duration of coverage may differ. As part of weighing your pros and cons, you also need to choose a policy with more extended coverage. Cancer does not wait for you to be covered to strike, so you should not wait either. Additionally, the amount of time it takes to treat cancer is very long, and you need longer coverage, so you are covered throughout your treatment.
Cancer, as we all know, has four stages, each stage worse than the last. This does not mean that it waits at stage one for diagnosis before proceeding. Cancer may be diagnosed at any stage. It may even be late-stage four – a critical period. In such a critical time, you need specific coverage for that stage. And some cancer plans offer this.
Rather than just giving you a lump sum at the time of initial diagnosis, say at stage 2, some insurers cover your treatment stage-wise. So if you proceed to stage 3, you are still covered by your cancer health plan.
Along with depleting your health, cancer also consumes your finances. Even with insurance covering treatment, you will still need to pay substantially out of your pocket. Saying goodbye to savings is very hard. But it is slightly more comfortable when your insurer gives you financial backup in such financially trying times.
This financial backup typically comes in the form of a premium waiver, an income benefit or both. A premium waiver is self-explanatory and ensures that you remain covered by the policy while not paying as much premium. An income benefit gives your family additional income so that you are all more financially secure in such a stressful situation.
Most health insurance policies have waiting periods, and health insurance for cancer is no exception. A waiting period is a period between the purchase of the policy and the policy coming into effect. You need to opt for a plan with the shortest possible waiting period, especially if you have a family history of cancer.
Survival periods are usually seven days between diagnosis and the policy coverage kicking in. Not every plan has this clause, so if you can get a plan without it, you should.
While cancer is expensive to treat, the insurance is also costly to buy. Therefore, you need to have a good idea of the risk factor when deciding whether or not to get cancer insurance. If you have a family history of cancer, that puts you at a genetically higher risk. Similarly, if you have habits like smoking or live in a very polluted area, getting cancer insurance may be a good idea. However, these are all pros and cons you need to weigh against each other before making your decision.
Cover360's dedicated team makes a note of all these cancer plans. This ensures that when you ask us which one to choose for your needs, we are always ready with the answer!
Types of Cancer Covered in Cancer Plan
Although there are several cancer health policies offered by various insurers, this does not mean they cover every type of cancer under the sun. Cancer is a costly disease to cover, and insurers need to account for essential expenses. Therefore, to ensure that the types of cancers they are covering get their full attention, they need to disregard some other types of this disease.
So, what types are typically covered by a cancer plan?
- Lung Cancer
- Breast Cancer
- Prostate Cancer
- Stomach Cancer
- Ovarian Cancer
- Hypolarynx Cancer
Note that this is a general list, and when choosing the best health insurance for cancer, you need one that meets your needs. This means looking at each list of inclusions and making your decision accordingly.
Looking at inclusions also means noticing exclusions. So, there are some general exclusions, too. These exclusions are also subjective and need to be looked at, depending on the individual policy.
- Skin cancer
- Cancer directly or indirectly caused by or contributed to by HIV/AIDS or any sexually transmitted diseases
- Cancer caused by any congenital condition; biological, nuclear, or chemical contamination; pre-existing conditions; contact with radiation or radioactivity from any non-diagnostic or therapeutic source
- Any Treatment other than for Cancer.
- Treatment availed outside India or at a healthcare facility which is NOT a Hospital
- Prosthetic and other devices which are self-detachable /removable without surgery involving anaesthesia
Noting all these exclusions alongside the inclusions gives you an idea of what kind of coverage you need.
Our experts at Cover360 take these needs and find you a cancer plan that is in-line with your needs. Our in-depth analysis of various plans along several parameters ensures that we bring you the best possible plan perfectly suited to you, including everything necessary!
How to Claim Under Cancer Plan
So you have officially bought your cancer plan, great! That is the first step, and now that it is out of the way, you need to know the next step, i.e. claiming your health insurance for cancer.
Having all the necessary documentation for insurance claims is of paramount importance, especially if you are at a higher risk. Typically, there are two ways in which insurers cover medical treatments: reimbursement processes and cashless treatments or bank transfers. In the latter, you simply need to provide proof of treatment, claim insurance and your insurer directly pays for it.
For cancer health policies, they either use the reimbursement systems or transfer a lump-sum of the assured sum during each stage of cancer.
But there are certain steps you need to follow.
- Step 1: Ensure you have all the necessary documentation regarding your treatment, diagnosis, hospitalisation etc. All your charges need to be collected.
- Step 2: Inform your insurer about hospitalisation and cancer diagnosis within 24 hours of receiving the said diagnosis and undergoing said hospitalisation.
- Step 3: Obtain a claim form either from your insurer’s website or their office.
- Step 4: Fill out the form with all the required details swiftly and efficiently.
- Step 5: Submit your form to your insurer along with all the hospitalisation documents and proof from your network hospital and wait for your claim to be validated.
When choosing your cancer health plan, getting it from an insurer with a higher claim settlement ratio and a swifter settlement time is ideal. This ensures you get your responses efficiently!
At Cover360, it is our job to introduce you to such efficiency so that you get the most beneficial cancer plan possible!
Tax Benefits
A primary motivator for people considering health insurance is the tax benefits you get under health insurance. And these tax benefits go beyond just regular health insurance. Whether you avail critical illness insurance, senior citizen health insurance or even health insurance for cancer, you get these tax benefits!
The kinds of benefits you get under a cancer health plan are due to section 80D of the Income Tax Act, 1961. Although these should not be the primary motivation to get this insurance policy, they do offer an advantage. A lot of times these tax benefits come as tax exemptions. This, along with having the insurer cover your treatment, greatly reduces your financial burden.
The benefits are:
- Tax exemptions up to a limit of Rs. 25,000 for individuals under 60 years of age. This means you do not have to pay up to Rs. 25,000 in income tax under your cancer health plan of choice.
- Tax exemptions up to a limit of Rs. 30,000 for senior citizens, i.e. individuals over 60 years of age.
- Tax benefits and exemptions on premiums paid under various cancer health policies offered by various insurers.
Cancer is a complicated disease to pull through and having additional financial burdens during this disease seems unthinkable. This is why cancer health policies are such a godsend. They help ensure you get the best treatment without worrying too much about the expenses. And the government is here to help you with the same financial burden!
Cover360 specialises in bringing together several insurance options tailored to your needs. Our experts compare and contrast every policy that gives you the benefits you desire and choose the ideal options that are most beneficial to you!
Benefits of Buying Cancer Health Insurance from Cover360.in
Getting so much information about the features of cancer health policies and what to keep in mind when choosing your cancer health plan at one go can be overwhelming.
And this is why we at Cover360 are here to help!
We are here to make your insurance journey more accessible. We understand that cancer is one of the most emotionally and financially stressful diseases to suffer. So we believe that we, too, need to do our part in curbing the pressure you face when you get cancer.
How do we help you fight your cancer on the financial front?
- Our expert analysts keep track of every new and existing insurance on the market.
- We list all the features of every policy down in comparative spread sheets so we can compare them across the exhaustive parameters we have set for ourselves.
- Your wish is our command! We take a good, hard look at your needs before determining which policy would benefit you most – you are always our top priority.
- We believe in choosing policies, which offer the maximum benefits at the minimum limitations.
- We understand the roles of various genetic and environmental factors in making the decision and, therefore, help guide you towards your insurance soul mate.
- We provide comprehensive after-sales services in terms of helping you claim insurance and ensuring you are satisfied with your health insurance for cancer.
Choosing us means choosing excellence and steadfast dedication to quality. We believe that you deserve nothing short of the best, especially since your health is involved. Therefore, we only promise to bring you together with the insurance policy perfectly catered to your needs!
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