Crystal Rae
It is unfortunate that cancer is now accountable for nearly one in six deaths worldwide. Though medical advancements have enhanced the chances of initial detection and successful treatment, the treatment expense is huge. It is where a cancer cover policy can play a crucial role.
You know the sum insured of a plan can even be as high as Rs 60 lakh. Such are the policies that cover cancer right from the initial stages to the advanced ones. Moreover, future premiums are relinquished on detection for three to five years, relying on the plan, to ease the load on policyholders. Similarly, the claim settlement procedure is simple, because these are fixed benefit policies that offer a pre-defined sum on diagnosis.
Since a regular health insurance cover just reimburses only hospitalisation costs, the cancer policy pay out may get used to fulfil any recuperation-related expenses too as to make good any deficit due to loss of income during treatment. Similarly on offer are enhanced sum assured options under premium variations, where the cover grows by ten percent for every claim-free year.
Also, income benefit is another important feature that can be of assistance during the recovery phase, specifically if the health condition is incapacitating enough to force a break from employment. Despite the perks, the policies have experienced moderate response. So, the point is once you know the benefit of the cancer policies, you may want to make the most of them.
The overall coverage:
As it demands a lot money to get treated for cancer, you should definitely look for a plan with extensive coverage features. Ensure you go for a plan that includes extensive chemotherapy, and expensive drugs, in addition to the general or basic coverage features such as pre and post hospitalisation expenses, surgeon/consultant’s fee, nursing and boarding expenses, so on, as you may require it in future.
Kinds and stages of cancer covered:
There are varied stages in cancer (pre-stage, then there is early-stage, and finally, major/critical stage). You know different cancer insurance plans offer stage-based pay-outs for treatment. So, you must evaluate if the pay-out you are receiving under the shortlisted plan is adequate for the treatment or not. You must also check the waiting period and stay informed about the kinds of cancers covered under the specific plan. Go for the cancer policy that includes maximum kinds of cancer.
Waiting period:
Waiting period is a specific time after purchasing the policy for which you cannot make any sort of claim. It is a crucial aspect that must be checked before shortlisting any kind of cancer insurance plan. A sensible option will be when you pick a plan that offers you the least waiting period. Remember that the usual waiting period is of three to six months in the realm of cancer insurance plans.
Premium waivers
Different cancer insurance plans waive off the premium at the time of diagnosis. To purchase a plan with most benefits, pick the one with this feature as plans with premium waivers may be of much help for your (patient’s) family. They are not needed to pay the premium at such a sensitive time.
Check exclusions:
Make sure that you read thoroughly about the exclusions under cancer insurance plans before you take up any call. Some could restrict coverage in a way and some in other. Check in case your shortlisted plan excludes a particular type of cancer or recurring claims the illness impacting the same organs.
Look for longer policy term
It is critical that you consider the policy term before you finalize your insurance for cancer. Check for the plan that covers you for utmost possible age. There are even the cancer insurance plans that can cover you till the age of 80 years. The longer policy term is going to ensure that the risk is covered for a longer duration of time.
Additional benefits of your policy
Check if you can get hold of extra important policy benefits in your cancer insurance policy. There are insurers who add-on benefits to make their policy stand out from the extensive competition. Some of the perks are the waiver of premium or even that of regular income for the fixed period. Such are the add-ons that are crucial to have as these can provide some added relief during the disturbing period. Though most of the policies have this feature but make sure it comes with the cancer insurance policy you are planning to purchase for your family or yourself.
Conclusion
The bottom line is, when looking for a cancer insurance, make sure that you have considered these discussed points. After all, the more you explore, the better choice you make for your insurance plan. Only a good insurance plan like from Care Insurance is going to lift off some pressure from your shoulders. And while you are spending money on an insurance plan, you would want to make the most of it!
