Get Best Cancer Care Insurance Plans Covering all Cancer Expenses

What is Cancer Care Insurance?

Cancer insurance plans are types of health insurance plans which provides you with financial assistance in case you get diagnosed with cancer.

Cancer insurance is a kind of health insurance that has been created to ensure that all the risks linked with cancer are managed as best as they can be. Cancer insurance helps in reducing the costs incurred by individuals on cancer treatment, thereby ensuring that policyholders have the financial support when they most need it.

Cancer insurance has grown in popularity in recent years as it is known to lower stress on the finances of those who have been diagnosed with the condition. Since cancer can strike anybody regardless of lifestyle and family history, it is advised that you purchase cancer insurance so that your finances are not totally depleted on the occurrence of cancer. A number of leading life insurance providers in India have started offering cancer insurance to protect their customers. In this article, we will look at the benefits of cancer insurance and everything else you need to know about the same.

Why should people buy Cancer Insurance?

While there are many benefits to purchasing cancer insurance, the scheme comes in handy in case you are diagnosed with cancer. Considering the increasing medical costs in this day and age, a cancer insurance will ensure that you receive the financial support to pay your bills and receive quality treatment to beat the condition. A cancer insurance policy provides cover for several different costs related to the diagnosis as well as treatment of cancer, such as chemotherapy, surgery, hospitalisation, radiation, etc.

Individuals who wish to purchase cancer insurance will have to ensure that they are not already suffering from cancer as cancer insurance policies do not cover already existing conditions. But purchasing a cancer insurance plan will ensure that there is no domino effect on the individual or his family and help them remain strong emotionally, physically and financially. It is essential to consider the purchase of cancer insurance if your family has a history of cancer, or if you do not have sufficient savings to meet medical expenses, or you are the sole earning member of the family, or if your basic health insurance policy does not offer comprehensive coverage for cancer, or if you have a fear of developing cancer owing to environmental or other reasons.

Types of Cancer Covered by Cancer Insurance Plans:

Following are the different kinds of cancer covered by cancer insurance plan:

• Lung cancer
• Stomach cancer
• Breast cancer
• Prostate cancer
• Ovarian cancer
• Hypolarynx cancer

Best Cancer Insurance Policies in India for 2023 :

The risk of cancer has greatly increased in the recent past due to several environmental and lifestyle factors. In addition to being a serious physical ailment that requires extensive care, cancer is also an expensive disease to treat. With healthcare costs on the rise, being diagnosed with a critical illness like cancer can drain one’s hard-earned savings and can even leave an individual in debt.

Thus, purchasing a cancer insurance policy as a precautionary measure is a smart decision since a cancer insurance policy can provide financial protection to the policyholder, in case he/she is diagnosed with cancer at any point of time. If you are considering purchasing a cancer insurance plan for yourself or your family members, here are the best cancer plans offered by insurance companies in India with the highest claim settlement ratio for FY17-18.

Following are some of the best cancer insurance plans you can avail in India:

1. Max Life Cancer Insurance Plan

   The Cancer Insurance Plan from Max Life Insurance is a non-participating, non-linked insurance policy that provides coverage for all stages of the disease.

   Key Features and Benefits of Max Life Cancer Insurance Plan:

   • This policy provides coverage against Carcinoma in Situ (CIS), Early Stage Cancer, and Major Stage Cancer.
   • The sum insured automatically increases by 10% each year until no claim is made, up to a maximum of 150% of the sum insured.
   • Policyholders can also receive tax benefits as per the prevailing tax laws.
   • In order to purchase this policy, the policy buyer needs to be 25 years or over. The maximum age at entry is 65 years.
   • The minimum policy tenure that can be chosen is 10 years, while the maximum policy term that can be opted for is 40 years.
   • In order to purchase this policy, the policy buyer will need to choose a minimum sum insured of Rs.10 lakh. The maximum sum insured that can be chosen is Rs.50 lakh.
   • The waiting period for this policy is 180 days. The survival period required is 7 days.

2. LIC’s Cancer Cover

   LIC’s Cancer Cover is a non-participating, non-linked insurance policy that provides financial protection to the policyholder in case they are diagnosed with cancer during the policy tenure. This policy provides coverage against all stages of cancer and comes with two benefit options.

   Key Features and Benefits of LIC’s Cancer Cover:

   • This policy can be purchased through online and offline channels.
   • At the time of purchasing the policy, the policy buyer can choose either of the two benefit options offered by the insurer - Level Sum Insured option or the Increasing Sum Insured.
   • This policy comes with a premium waiver benefit for both the Early Stage and Major Stage Cancer cover.
   • In case one is diagnosed with Early Stage Cancer, 25% of the sum insured will be offered as a lump sum payout. In case of Major Stage Cancer, the policyholder will receive 100% of the sum insured at diagnosis and an income benefit for the following 10 years.
   • The general waiting period for this policy is 180 days. The survival period is 7 days.
   • This policy can be purchased by individuals between 20 and 65 years.
   • The minimum policy term is 10 years and the maximum policy term is 30 years.
   • The minimum and maximum sum insured for this plan are Rs.10 lakh and Rs.50 lakh, respectively.

3. ICICI Pru Heart/Cancer Protect Plan

   The Heart/Cancer Protect Plan from ICICI Prudential provides an insurance cover against cancer, heart diseases, or both by way of a joint cover. This policy offers a high sum assured at a low premium rate to the policy buyer.

   Key Features and Benefits of ICICI Pru Heart/Cancer Protect Plan

   • The policy will provide a lump sum payout on the first diagnosis of the disease, regardless of how much one will actually spend on the treatment.
   • Policy buyers can either purchase an individual plan or a family floater plan. The insurer offers a discount to policy buyers who opt for family floater plans.
   • Post diagnosis of the disease, future premiums will be waived off and the policy will continue to remain in force.
   • The cover will automatically increase by 10% every policy year, up to a maximum of 200% of the sum assured chosen at the time of purchasing the policy, provided that no claims are made during this period.
   • The policy provides an additional monthly benefit amounting to 1% of the sum assured on a monthly basis for a period of five years as a substitute for the loss of the policyholder’s income, if applicable.
   • No co-pay charges are applicable on this plan.
   • Policyholders can claim up to Rs.25,000 as tax benefits under Section 80D of the Income Tax Act, 1961, for premiums paid towards this policy.

   

4. HDFC Life Cancer Care Plan

   The Cancer Care Plan from HDFC Life Insurance offers policyholders a lump sum benefit upon diagnosis of cancer, regardless of the stage of the disease. The policy comes with three plan options – Silver, Gold, and Platinum, making it easy for a policy buyer to avail coverage as per their needs.

   Key Features and Benefits of HDFC Life Cancer Care Plan

   • All three plan options offer slightly varying coverage.
   • Any policy buyer between the ages of 18 years and 65 years can purchase this policy.
   • The maximum age at maturity for this plan is fixed at 75 years.
   • Policy buyers can opt for a policy tenure between 10 and 20 years.
   • Premiums can be paid on an annual, bi-annual, quarterly, or monthly basis.
   • The minimum sum assured for this plan is Rs.10 lakh, while the maximum sum assured is restricted to Rs.40 lakh.
   • One must survive for a period of 7 days after diagnosis of the disease in order to receive the benefit.
   • In case one is diagnosed with Early Stage Cancer, all future premiums will be waived off. The policy, however, will continue to remain in force and all policy benefits will be payable as per schedule.
   • Policyholders can avail tax benefits under Section 80D of the Income Tax Act, 1961.

5. Exide Life Sanjeevani Plan

   The Exide Life Sanjeevani Plan offers comprehensive coverage against financial expenses that one might incur due to being diagnosed with cancer or heart related conditions. The policy has two plan options, with Option A only covering heart-related conditions and Option B covering both cancer and heart related conditions.

   Key Features and Benefits of the Exide Life Sanjeevani Plan:

   • Upon diagnosis of a disease, a payout will be made based on the severity of the condition.
   • A payout will be offered to the policyholder upon diagnosis of a disease/condition, even if the concerned individual has raised a claim under their existing medical insurance policy.
   • For heart or cancer related conditions that have moderate severity, the policy premiums for the following 5 years will be waived off, provided a claim has been paid to the concerned policyholder for being diagnosed with a condition with moderate severity.
   • Policyholders can claim tax benefits for the premiums that they pay under Section 80D of the Income Tax Act, 1961.
   • The minimum and maximum age at entry for this policy are 18 years and 65 years, respectively. The maximum maturity age has been fixed at 70 years.
   • Premiums towards this policy will have to be paid on an annual basis by the policyholder.
   • A waiting period of 180 days is applicable. Claims made during this period will not be paid out.
   • The survival period for heart-related conditions is 28 days. There is no survival period for cancer-related conditions.

6. SBI Life Sampoorn Cancer Suraksha Plan

   This SBI Life Sampoorn Cancer Surakhsa Plan is an individual, non-linked, non-participating health insurance policy that provides comprehensive protection against all stages of cancer. This plan comes with three benefit options – Standard, Classic, and Enhanced.

   Key Features and Benefits of the SBI Life Sampoorn Cancer Suraksha Plan:

   • Up to 150% of the sum assured can be paid to the policyholder upon diagnosis of the disease, based on the benefit structure that is opted for.
   • The Enhanced Benefit structure comes with an inbuilt ‘Sum Assured Reset’ feature.
   • No medical examination is required to purchase this policy.
   • Tax benefits can be availed under Section 80D of the Income Tax Act, 1961, by the policyholder, for premiums paid.
   • Policyholders can avail a free medical second opinion.
   • This policy comes with an inbuilt Premium Waiver feature, based on the benefit structure selected by the policy buyer.
   • This policy can be purchased for a child or an adult. The minimum age at entry is 6 years for children and 18 years for an adult.
   • The minimum and maximum policy tenure options are 5 years and 30 years, respectively.

7. DHFL Pramerica Life Cancer + Heart Shield Plan

   The DHFL Pramerica Life Cancer + Heart Shield Plan is a non-participating, non-linked, fixed benefit policy. There are four coverage options under this policy – Option I: Cancer Shield, Option II: Heart Shield, Option III: Cancer & Heart Shield, and Option IV: Comprehensive Shield. Thus, policyholders can opt for a coverage option that will meet their exact requirements.

   Key Features and Benefits of the DHFL Pramerica Life Cancer + Health Shield Plan

   • This is a fixed benefit policy. Thus, upon diagnosis of a covered condition/disease, a fixed benefit will be paid out to the policyholder.
   • Under the Comprehensive Shield, which is the fourth coverage option under this plan, coverage is offered for diagnosis of cancer and diagnosis of heart conditions. Further, coverage against 26 critical illnesses, as specified in the policy brochure, is also provided to the policyholder.
   • This policy has an in-built premium waiver benefit and income benefit.
   • Under this policy, there are two benefit payout options – Care Benefit and Care+ Benefit.
   • Individuals between the ages of 18 years and 65 years can purchase this policy. The maximum maturity age for this policy is fixed at 75 years.
   • The applicable waiting period for this policy is 180 days.
   • The survival period for cancer or heart-related conditions is 7 days. The survival period for other major illnesses is 15 days.
   • Policyholders can avail tax benefits as per Section 80(D) of the Income Tax Act, 1961.

8. ABSLI Cancer Shield Plan

   The Cancer Shield Plan from Aditya Birla Sun Life Insurance is a non-participating, traditional health insurance that offers coverage against all stages of cancer.

   Key Features of Aditya Birla Sun Life Insurance Cancer Shield Plan

   • Policy buyers are provided the option to choose either an increasing cover or a level cover.
   • If the policyholder is diagnosed with Early Stage Cancer, premiums for the following 5 years will be waived off.
   • If the policy buyer is diagnosed with major stage cancer, the concerned individual will receive monthly income for a period of 5 years starting from when the disease was diagnosed.
   • Prospective policy buyers have to be between the ages of 18 and 65 years in order to purchase the plan. The maturity age for this plan is 75 years.
   • The minimum policy tenure that a policy buyer can opt for is 5 years, while the maximum policy tenure that can be opted for is 20 years.
   • Premiums can be paid on an annual, semi-annual, quarterly, or monthly basis.
   • The minimum and maximum sum assured under this plan are Rs.10 lakh and Rs.50 lakh, respectively.
   • In addition to the policy benefits, one can avail tax rebates for premiums paid under Section 80D of the Income Tax Act, 1961.

   With the increasing incidence of cancer cases in the country and the rising medical costs, a cancer insurance plan is a must-have. However, before you purchase a policy, make sure to compare plans offered by various insurance providers, check the benefits and payouts, read through the policy terms and condition, and compare premium quotes. Ideally, you should always opt for a policy that offers you the best coverage at a competitive premium rate.

   Features and Benefits of Cancer Insurance Plans:

   Following are some of the features and benefits of cancer insurance plans:

   • Cancer insurance policies offer cover for multiple stages of cancer.
   • In case the life assured is diagnosed with cancer during the policy term, a lump sum amount will be paid out.
   • In case a life assured is diagnosed at an early stage, he/she can avail a waiver of premium under certain conditions.
   • In case the policyholder does not make any claims during the whole year, the sum assured will increase by a pre-determined percentage.
   • Policies that have been insured for more than a certain amount can avail premium discounts.
   • In case a policyholder is diagnosed with cancer in the later stages, he/she will receive monthly income for a certain time period subject to specific conditions.
   • Insurance cover will continue even after the first diagnosis.
   • Customers who purchase a cancer insurance plan can avail tax benefits under Section 80D of the Income Tax Act.

Difference between Cancer Insurance and Critical Illness Rider Plans:

A comprehensive cancer insurance is completely different from a critical illness rider that can be added to a base plan to gain additional protection. While a critical illness rider will offer financial support in paying for expensive treatments for a variety of critical conditions such as stroke, paralysis, multiple sclerosis, organ transplant, cardiac arrest, deafness, total blindness, etc. A number of life-threatening cancers are also covered by many critical illness riders. In most cases, the average critical illness rider will pay out a lump sum in case the life assured has been diagnosed with any of the critical conditions covered by the rider. The payouts offered by the rider can be used for co-pays, treatments, therapies and related medical expenses.

Critical illness riders are less expensive in comparison with comprehensive medical insurance policies as protection is offered only for a few critical conditions. Critical illness riders can be bought as individual plans or riders that can be attached to existing health or life insurance policies. One of the prominent drawbacks of critical illness riders, however, is that they usually cover cancer during the advanced stage in the sense that they cover cancer only in case a malignant tumour displays uncontrolled growth and invasion of regular tissues. Moreover, critical illness plans do not offer a waiver of future premiums whilst revoking all the other benefits you would otherwise receive from a comprehensive health insurance plan. In case any of the illnesses covered by the critical illness rider have been detected in the policyholder, the plan cover shall cease.

Cancer insurance plans, on the other hand, offer comprehensive coverage for each stage of cancer, thereby ensuring that the policyholder can continue to receive financial protection and save a lot of money that would otherwise be spent on treatments and therapies.

Exclusions in a Cancer Insurance Plan:

Following are the exclusions in a cancer insurance plan:

• All kinds of skin cancer.
• Cancer as a result of any pre-existing or congenital condition; chemical, biological or nuclear contamination; radioactivity from any therapeutic or non-diagnostic source or contact with radiation.
• Any type of cancer caused as a direct or indirect result of sexually transmitted diseases, AIDS or HIV.
• Leukemias.
• Papillary micro-carcinoma of the thyroid.

How do I make a claim for Cancer Insurance?

While the claim settlement process varies from insurer to insurer, the general procedure that one will have to follow when it comes to making a claim is as follows:

• Claim Intimation: Before you file your actual claim, you will first have to intimate the insurer of the upcoming claim. In order to intimate the insurer, you will have to reach out to the insurance firm on any one of their official customer care channels. You can find the insurer’s customer care channels on their official website or the policy brochure. Post intimating the insurer of the claim, you will also have to submit all supporting medical documents to the insurance firm. Insurance firms usually specify timelines within which time they will have to be informed of the upcoming claim.
• Claim Processing: Once the insurer has received all your documents, an assessor will scrutinise the same and evaluate the validity of your claim and whether it falls within the purview of your insurance policy. At this time, if any more documents are required, the insurer will communicate the same to the policyholder by letter/email/SMS.
• Claim Settlement: After evaluation of all the relevant supporting documents, the insurer will communicate their decision regarding the claim to the policyholder. The insurer can either approve the claim and settle the claim amount, ask for further documents, or reject the claim and communicate the reason to the concerned person. Most insurance firms generally settle the claim amounts via NEFT or ECS.

Things To Consider Before Buying a Cancer Insurance Plan:

Cancer is one of the most deadly diseases that can hit you. While cancer can put you and your loved ones under extreme emotional turmoil, it can also put you and your family under a huge financial trauma as well. Cancer insurance policies are specially designed to provide you cover in case you or any of your family member gets diagnosed with cancer. You receive payouts depending on the different stages of cancer which ensures that you do not face any financial problems during the treatment. Thus, purchasing a cancer insurance plan is the way to go forward. Before you purchase any cancer insurance plan, you must properly research and compare various policies. Keep in mind the following factors before settling down for the most appropriate cancer plan for yourself:

• Eligibility: A majority of the insurance policies provide cover for various types of cancers except for skin cancer. However, you will not be eligible for a cancer policy, if the condition is pre-existing in nature. You must select your cancer policy based on factors such as your lifestyle habits, the result of your screening test, and heredity. You must also list out the types of cancers you might be vulnerable to and based on that you can choose a cancer policy for yourself.
• Sum assured should be sufficient in nature: It is important that the sum assured chosen by you must be sufficient enough to cover the cost of the treatment of cancer. In today’s time when medical inflation is expected to grow and you are also becoming more susceptible to suffer from a serious condition like cancer, it is always safe to ensure that your cover amount is adequate enough to take care of the medical expenses related to your cancer treatment.
• Check for the waiting period and survival period: You must properly read the policy document and check the waiting period and the survival period. The waiting period is the duration of time you will have to wait before the insurance company starts providing you with the coverage. The survival period is the duration of time during which you will have to survive after which you can ask for your claim. You need to ensure that the waiting period and survival period are not too long and thus you must understand the fine print of your policy document before signing it.
• Check for your payment schedule: One of the ways that can help you determine whether the cancer policy is suitable for you or not is to check whether the policy provides coverage to you for all the stages of cancer. A good cancer policy will provide you with 30% of your cover amount during the early stage, and 70% of the remaining amount for later stages.
• Check for additional features: While purchasing a cancer insurance policy for yourself, you must look for features which can help you from a financial point of view in future. Some of the benefits which a cancer insurance policy may provide you are regular income for a fixed period, or waiver of premium.
• Duration of your cancer insurance policy: The treatment of cancer can be a long and tedious process depending on which stage you are on. Hence, it is always safe to ensure that your cancer insurance policy covers you for a longer period of time. Having a cancer insurance policy which provides cover for a longer period of time can be financially beneficial while you continue to pay the same amount of premium throughout.
• Check the exclusions: You must surely look for exclusions in your policy before you sign on the policy document. For example, a majority of the cancer insurance policy restrict coverage for the early stage of your cancer to 20-25% of your cover amount. There are certain policies which may not cover a certain type of cancer. Thus, you must ensure that you are completely aware of the exclusions under your policy before you sign the document so that you do not face any claim-related problems in the future.
• Track record of the insurance company: One of the most important points that you must keep in mind when purchasing a cancer insurance policy for yourself is to check the track record of the insurance company from whom you are purchasing the policy. One of the best methods to check whether the insurance company is suitable for you is to check their claim settlement ratio. Remember, higher the claim settlement ratio, better the insurance company is likely to be. The last thing that you will need is the delay in claim settlement and therefore, you need to purchase your policy from a company which does not take too much time in settling your claim.

Some of the insurance policies for cancer that you can avail for yourself

You can come across various types of insurance policies which provides coverage for cancer. You can avail these types of policies even if you have never been diagnosed with cancer before. Some of these types of insurance policies for cancer that you can avail for yourself are:

• Specialised cancer insurance
• Critical illness rider in a health insurance policy
• A term insurance policy with terminal illness benefit

Thus, choosing a proper cancer insurance policy is extremely important as you would want a scheme that would provide you with the necessary financial assistance while you get treated for cancer. You need to ensure that you are getting adequate coverage with your cover amount, sufficient enough to take care of your medical expenses. You must also look for features which would ensure that you or your family do not face any monetary problems while your treatment for cancer is in process. You must also look for the exclusions in your policy, and make sure that the policy covers the majority of types of cancer. You must also ensure that you are purchasing your cancer insurance policy from a reputed and trusted insurance company. In the end, you must properly research and compare different cancer insurance plans, and based on your needs and medical history you can choose the most suitable cancer insurance policy for yourself.

Cancer Insurance Policy - All You Need to Know

According to a report, as many as 10 lakh people are diagnosed with cancer each year and over 60% to 70% of those, I.e., 6 to 7 lakh people succumb to the disease. Also, cancer treatments are often extremely expensive and more often than not, the patients only prolong their lives for a few more years before the condition relapses and with it some more complications. Of late, nearly every comprehensive health insurance policy comes with coverage against all sorts of cancer to reduce the level of financial constraints on the patients, however, it is only a stop-gap solution of sorts. Keeping this in mind, life insurance companies have come up with specific plans to come to the aid of cancer patients.

In this section we will tell you a few basic things about what a cancer insurance policy is all about and some of the aspects relating to it.

• It’s not the same as comprehensive health insurance plans: As mentioned above, a Cancer Insurance Policy is not the same as a comprehensive policy because the coverage offered by these two are entirely different. For starters, a cancer insurance policy is available for cancer patients and it covers all sorts of cancer. On the other hand, a comprehensive policy offers generic coverage against a list of illnesses.
• Offers coverage for all stages of the disease: These policies cover you for all stages of the disease and will pay a lump sum amount when a person is diagnosed with the illness. Further, the policyholder can choose to receive payouts in two different ways: lump sum cover or lump sum cover with monthly income. Also, if the cancer is benign at the time of diagnosis, some plans waive off premiums for a period of time while still keeping the coverage intact.
• Can offer robust coverage when compared to critical illness plans: While critical illness plans offer coverage against a host of illnesses, a cancer-specific plan offers much better coverage and covers hospitalisation as well as the initial stages of recovery. Besides, it allows policyholders to choose a payout that is beneficial to them. Critical illness plans, on the other hand, don’t offer this benefit.
• Should be bought before the age of 60: As you may already know, insurance is a game of odds which is stacked against the older people. This is the reason why it costs more for them to get coverage. So, if you decide to take a cancer-specific plan, make sure to do so before you hit the age of 60, so as to reduce the premium amount. With the number of cancer patients rising each year, a cancer-specific plan is worth your consideration, especially if you are a smoker or have other such vices. So, consider looking into such a plan to keep yourself relatively safe if disaster strikes. And as they say, it’s always better to be safe than sorry. It’s your time now!

Don’t allow cancer to destroy you financially or physically

If you stay in an urban area then the chances of you getting diagnosed with a serious health condition are extremely high. While diabetes and blood pressure have become very common health conditions, the other disease which most of the urban people risk suffering from is cancer.

More and more people are getting diagnosed with cancer in India. While women are suffering from breast cancer, more men are getting diagnosed with lung and prostate cancer. The biggest concern for someone who suffers from cancer are the expenses related to it. The cost of the treatment of cancer is extremely expensive and can burn a huge hole in your pocket.

So, is there any solution to ensure that you can minimise the cost of the treatment of cancer or simply ensure that you do not get diagnosed with the condition? Actually, there is none.

Simply maintaining a healthy diet or regularly hitting the gym may not suffice, as if you get diagnosed with any form of cancer, the chances are extremely high that you will have to shell out a large sum of money for the treatment.

Though you may not have any control over whether you can be diagnosed with the disease, you can, however, ensure that you do not have to shell out a large sum of money from your pocket. Hence, you must purchase a cancer insurance policy for yourself. There are various reasons why you need a cancer insurance policy for yourself.

First of all, according to a report by the National Cancer Registry Program, which is hosted by the Indian Council of Medical Research, more than 1300 people die of cancer on a daily basis which strongly suggests how regularly cancer has started occurring in urban India.

The mortality rate has also increased by 6% in India and is expected to rise up to 17 lakh by the year 2020. When you look at these numbers, you can be very much sure that the chances of a person getting diagnosed with cancer are extremely high and thus the need for a cancer insurance policy rises.

The treatment of cancer is also extremely expensive in nature. The cost of medical treatment has jumped to new levels due to inflation and is expected to rise in times to come. It is extremely difficult for a middle-class family to afford the expenses related to the treatment of cancer since it is a menacing disease and needs extensive care for the condition to be treated. Even after the surgery, a person has to be under extensive medication and care, which only adds to the cost, and thus it can become extremely expensive for a person to fully pay from his/her own pocket to cover the expenses. Thus, a cancer insurance policy becomes very important as it covers different forms of cancer and helps you in saving your hard earned money.

Due to a large number of people getting diagnosed with cancer coupled with inflation, which has made medical treatment extremely expensive, it has become extremely important for us to purchase a cancer-related insurance policy. However, there are various options under cancer insurance which you must consider as per your needs and then only zero in on the most suitable one.

A comprehensive health insurance plan

There are insurance companies which offer a comprehensive health insurance plan that covers cancer. These types of plans cover major forms of cancer and take care of the expenses related to surgery, chemotherapy, day-care treatments, etc. They also cover the expenses related to pre-hospitalisation and post-hospitalisation. These types of plans significantly reduce the financial implication that you would have otherwise faced if you did not have a cancer insurance policy.

A critical illness plan

A critical illness plan is designed to cover only specific conditions. When you are diagnosed with any specific health condition, the insurance company then pays you a lump-sum amount for its treatment. Cancer is one of the many diseases which your insurance company may cover. In case you get diagnosed with any form of cancer, the insurance company will pay you a lump-sum amount regardless of the expense incurred by you for the treatment of cancer.

A cancer-specific health plan

There are types of health plans that you will come across which specifically cover only cancer. In case you get diagnosed with any form of cancer, the insurance company will pay you a lump-sum amount and bear the cost of treatment of cancer. These types of plans are of huge financial help especially during the time when you are getting treated for cancer and need a good amount of money for the treatment of the condition.

How can you decide on a plan?

It is generally recommended that you purchase a comprehensive health insurance policy and attach to it a cancer insurance plan or any other critical illness plan. It is always advisable to purchase a health insurance policy where the insurance company provides comprehensive cover which includes cover for the treatment of cancer. Since these types of plans provide you with a lump-sum amount, you can then easily take care of the expenses which arise out of the treatment of cancer.

Things to remember

• Purchase a cancer insurance policy when you are young so that it is cheap and affordable and you do not have to pay high premiums.
• Choose a sufficient cover amount since the medical costs are expected to rise in future. The cover amount should be enough to bear the expense arising out of the treatment of cancer.
• Always read the policy thoroughly in order to avoid any problems related to your claim in the future.

Cancer is a huge menace and its treatment is expensive as well. While it is not fully possible to avoid getting diagnosed with cancer, you can take financial precautions by purchasing a suitable cancer insurance plan which would ensure that you do not have to face any financial problems in case you get diagnosed with any forms of cancer.

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