"Spending a whole day looking for insurance is fun," said nobody, EVER!
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  • 3-point Checklist To Consider Before Buying The Cancer Insurance Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Cancer insurance covers are now available with many life and health insurance companies in the market. A cancer cover differs from other policies in that it offers coverage only against different types of cancer. Cancer covers are mostly offered as fixed-benefit covers that pay lump sum benefit following the diagnosis of the disease. Changing food habits and a sedentary lifestyle have led to a significant rise in the instances of cancer throughout the country. With this increase, cancer insurance is gaining popularity throughout the country. The affordable cost makes it one of the must-have insurance policies for all individuals.

    Things to consider before buying cancer insurance

    The treatment for cancer is an expensive one. Cancer insurance focuses mainly on providing financial stability during these turbulent times. Hence, it is necessary to do some research about the cancer covers available in the market. You may have to consider the following factors while buying a cancer insurance policy:

    • Types of cancer covered: It is necessary to check the policy document to know the types of cancer covered by a policy. Most cancer insurance policies in the market provide coverage for all types of cancer except skin cancer. Also, pre-existing illnesses are not covered by these policies. Certain exclusions may also be applicable to cancer insurance covers. For instance, if the cancer is a result of sexually transmitted diseases like HIV or AIDS, it may not be covered by the policy.
    • Sum assured: The sum assured requirement may vary from one individual to another. Medical expenses are increasing considerably every year. Hence, it is essential to consider the future requirements before choosing the sum assured amount. Since cancer insurance covers are affordable for everyone, it is possible to get high-value coverage at a reasonable price. It is necessary to make sure that you choose the right sum assured amount that meets your requirements.
    • Stages of cancer: Unlike critical illness covers, cancer-specific insurance policies provide coverage for all stages of cancer. However, the compensation amount provided may vary based on the stage at which it is diagnosed. For instance, certain covers provide as little as 25% of the sum assured amount for diagnosis at stage I. Make sure that you consider this factor while purchasing your cancer insurance plan.
    • Policy term: Most insurers cap the policy term at a specific number of years based on the age of the individual. It is always better to opt for a policy that offers the highest policy term. This will ensure that you stay protected for a longer time.
    • Waiting period: Most insurance companies have this waiting period clause for new policyholders signing up for a policy. This waiting period must be completed before the coverage can commence. If the policyholder gets diagnosed with cancer during this waiting period, there will be no compensation from the insurer. This waiting period clause may also apply to critical illness covers.
    • Survival period: Survival period refers to the specific period during which the policyholder must survive following the diagnosis of cancer in order to get the compensation amount. Once the survival period clause is satisfied, the policyholder is eligible to receive compensation from the company. If the policyholder dies during the survival period, the company is not legally entitled to provide any settlement to his/her surviving dependents. It is better to choose a policy that has the lowest requirements for waiting and survival periods.
    • Type of compensation: There are different types of cancer insurance policies available in the market based on one’s requirements. The compensation offered by cancer covers may vary accordingly. Some covers have a combination of lump sum as well as regular income benefit. Some covers provide lump sum payment and terminate as soon as the compensation amount is paid. You need to choose the right one based on the type of coverage you may require.
    • Coverage for recurrence: Some cancers have a high chance of recurrence. You may also have to consider the coverage provided for cancer recurrence while purchasing a policy. Some covers in the market continue to remain active even after the payment of the compensation amount. Some covers also offer premium waiver benefits following the diagnosis of cancer. This is one of the factors that must be taken into consideration while buying a policy.
    • Insurer’s quality: The quality of the company offering the coverage is one of the most important factors to be considered while purchasing a policy. You may have to look at the company’s incurred claim ratio or claim settlement ratio before making a decision. You may also have to check the service quality of the insurer through consumer forums. If there are any doubts about the process, you can contact the insurer directly and clarify your doubts.

    Conclusion

    There are plenty of companies in the market that offer cancer-specific insurance to their customers. You may choose the right cover based on the factors listed above. Cancer is one of the dreadful diseases in the world. However, medical advancements have made it possible to successfully treat the disease. With the right cancer insurance policy, you have a great chance of overcoming the adversity without losing your financial stability.

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