Things to consider while buying cancer insurance in India

Cancer’s mere mention can make even the most fearless of people frightened. Being diagnosed with cancer is the last thing you imagine when thinking about the future. The high cost treatments associated with cancer are not covered by a standard health insurance policy. In order to make an informed choice and to purchase the right cancer insurance in India, you must consider a number of factors, including premiums and family medical history.

When you are diagnosed with cancer within the specified free lookup period, your cancer insurance plan is designed to meet your specific treatment needs. Any type of insurance plan comes with some general tips, but buying a cancer plan requires extra care. Before that let us highlight the importance of buying a cancer insurance plan.

What is the purpose of a cancer insurance plan?

Cancer is a terminal illness that is often assumed to be covered by our health insurance. Depending on the stage of diagnosis, treatment costs for cancer vary from Rs 2 lakh to Rs 20 lakh over a six-month period. Additionally, cancer patients may be unable to continue making an income from their regular job as a result of their cancer diagnosis.

Insurers may offer lump-sum payments under their cancer policies that can be used to pay for medical bills, extended hospital stays, and specialist consultations. In addition to dealing with medical expenses, this can also be used to deal with non-medical costs, such as managing travel costs for medical care in distant locations.

People with cancer histories in their families or people solely supported by one source of income should consider this insurance. As a result of taking advantage of the cancer plan, your assets and savings will also be protected.

You should consider the following 5 factors before you buy a cancer care plan:

1. High sum assured

Since cancer treatments are expensive, you should choose a plan with a high insurance payout. A total of Rs. 2.5 to 20 lakhs could be required, depending on the stage of the illness. The usual sum insured ranges from 10 lakhs to 50 lakhs depending on the plan. The amount you allocate must cover all your expenses, from hospitalization to radiation and chemotherapy treatments.

An insurance plan for cancer is not a replacement for regular medical coverage.

2. Multiple Stages Are Covered

Cancer insurance policies typically describe four stages of treatment. Before investing, you should examine the plan’s phase-by-phase benefits.

  • Minor Stage:

In the early stages of cancer, the malignant tissue has not yet invaded nearby cells, which indicates the cancer is not yet spreading to nearby cells.

  • Major Stage:

In this stage, cancerous tissue is destroying underlying tissues and invading surrounding tissues. Chemotherapy or radiation therapy is usually recommended at this  stage.

  • Critical Stage:

This is stage 4, according to the oncologist. The cost of treatment goes through the roof once the cancer has reached the major stage. Your cancer insurance must cover the lost income at this point since you are unlikely to be able to work.

The plans that exist today will vary depending on the stage of your life, if you conduct an online search.

3. The policy term is broad

Cancer coverage plans online offer a fixed time period of coverage, so you can choose which one works best for your situation. You should ensure that the coverage you choose covers you for a longer period, since cancer diagnosis and treatment can take an extended time to complete. Plan maturities typically range from 75 to 80, but different plans have different maturity ages across companies. 

4. Period of look up and flexibility

When you are not satisfied with your plan, you can simply review and cancel within the look-up period. In many cases, this type of assistance is not available, which is why reading all the fine print and comparing several plans is highly recommended.

If you choose to pay your cancer care premiums monthly, quarterly or yearly, your plan should allow you to choose according to your financial situation. Furthermore, any term plan, health insurance plan, or cancer insurance policy in India must not compromise the tax relief afforded by section 80D.

5. The Medical History Relates To Your Treatment Plan

When your genetics or environmental conditions make you at risk for cancer, you should consider taking out a cancer insurance policy. In addition, remember that cancers caused by sexually transmitted diseases and skin cancer are not covered by these plans.

Conclusion

By reading about a plan online, you can decide which plan offers you the coverage and support you need. There are a number of companies that offer great online services, including Care Insurance `. As a result, your agent and oncologist no longer have to coordinate their activities. Now you can get a personalized cancer treatment plan online. Hope, now you are clear with the factors that you need to keep in mind while opting for a cancer insurance plan. 

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