What is Cancer Insurance?
Cancer insurance policy is designed to provide the financial help to people who are diagnosed with cancer disease after the mentioned look up period in cancer insurance policy as per the terms and conditions. Cancer is one of the most Lethal diseases and it is never affordable for middle-class people to afford the expenses of treatment. Today, the medical expenses are getting too expensive for the middle-class families.
In such cases, if you have a cancer insurance policy, it will provide the financial support for the diagnosis treatment hospitalization and all the therapy is including Radiation therapy, Chemotherapy and surgery at the hospital.With cancer insurance policy, you will get the benefits during the treatment of various stages of cancer including minor, major and critical. However, the policyholder will not get the benefits of maturity, surrender or death with this policy.
The Reasons to Choose Cancer Insurance Plan
In recent years, the cancer insurance plans are getting popular all over the world because of its benefits for the policyholder and family. Cancer is one of the most dangerous diseases and it can strike anyone. To find the treatment services in various kinds of cancer situations, the patient will need to visit the top hospitals in the country. In such cases, the treatment will be very expensive and you will require good financial support for all kinds of medicines, therapies and surgical treatment services. No one wants to face such kind of financial problem while suffering from a dangerous health problem like cancer.
If you do not want to put the burden of expenses on your family members, just buy a cancer insurance policy. If there is any kind of history of cancer in your family, you will have major chances to have this problem. In such cases, you should keep all the financial planners up to date with the help of this insurance plan to face your future with confidence in search of the health problems. It will be easier to find the medical treatment in top hospitals of the country by getting cancer insurance policy.
Types of Cancer Covered in Cancer Insurance Policies
There may be various kinds of cancer in the human body and you will be able to get protection and financial help by choosing cancer insurance plan in the following cancer types:
- Lung cancer
- Stomach cancer
- Ovarian cancer
- Hypopharynx cancer
- Breast cancer
- Prostate cancer
The Best Cancer Insurance Plans Available in India
In India, lots of insurance companies are available in the market and you will be able to choose from lots of insurance plans when you want to find a perfect production solution against the disease of Cancer. If you want to know about the best cancer insurance policies available in India, you can check the details at the table given below:
|Eligibility Criteria||Entry Age (Minimum-Maximum)||Sum Assured (Minimum-Maximum)||Policy Term (Minimum-Maximum)||Survival Period||Premium Payment frequency|
|HDFC Life Cancer Insurance||18 – 65 Years||10-40 Lakhs||10-20 years||7 days||Annual, Half-yearly, Quarterly or Monthly|
|Aegon Life iCancer Insurance||18 – 65 Years||10-50 Lakhs||5-70 years minus entry age||NA||Annual or Monthly|
|Future Generali Cancer Protect||Major Lives – 18 – 65 & Minor Lives – 1-17 Years||Major lives – 10-40 Lakhs & Minor Lives – 10 Lakhs||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)||NA||Annual and Monthly (Regular Premium); One Time Lump Sum (Single Premium)|
|ICICI Prudential Cancer Insurance||20-60 Years||5- 25 Lakhs||10-70 years||NA||Annual, Half-yearly, or Monthly|
|PNB Metlife Cancer Insurance||18 – 65 Years||5- 40 Lakhs||10-20 Years||NA||Annual, Half-yearly, or Monthly|
Among all these Cancer insurance policies available in India, you can pick the perfect one as per your needs and requirements. At Verified Policy, we always try to provide the detailed information about the best insurance plans to secure your future.
Benefits of Buying Cancer Insurance Policies
If you want to keep the financial backup to face any kind of situation like the diagnosis and treatment of cancer in future, you should go with cancer insurance plan with a good company. It will be beneficial for the policy holder in the following ways:
- Coverage option at the multiple stages of cancer
- Lumpsum is paid to the policyholder on the diagnosis of cancer
- In the conditions like a diagnosis of Cancer at an early stage, the premium waiver is available with policy
- Over the certain amounts, the premium discounts are also available for the policyholders
- The policyholder will get tax benefits under section 80D of Income Tax Act
- If there is no claim during the year, there will be an increase in sum assured by the pre-specified percentage
- After the first diagnosis, the insurance cover will not be ceased
The Difference Between Cancer Insurance and Critical Illness Plans
With the insurance companies, you will find options to choose the cancer insurance plan as well as critical illness plan. Before getting these insurance policies to secure your future, it is essential to know about the difference between Cancer insurance and critical illness plans. If you choose critical illness plan with Insurance Company, you will be able to get financial help for the treatment in various critical health-related conditions including paralysis, organ transplant, stroke, cardiac attack blindness deafness, multiple sclerosis and much more.
With critical illness plans, some of the cancers also treated by providing the financial help to the policyholder. The critical illness plans are beneficial to get a lump sum after the diagnosis of covered critical illness. With the amount of insurance, you can pay for the treatment, therapy, surgery or other hospitalization expenses. This insurance plan is cheaper as compared to the comprehensive medical insurance plans. It is helpful only to cover the specific critical illness issues.
When it comes to finding the protection against cancer, it will provide the cover option only at an advanced stage for the patient. On the other hand, if you are searching for a complete Assurance of protection against all kinds of cancer stages and cancer types, you just need to go with cancer insurance plan for it. Moreover, in critical illness plans, you will not get premium waiver option as a benefit. If you want to go with cancer insurance plan, you will be able to get the coverage option for all the stages of cancer.
If you want to save lots of money in the case of Cancer, you just need to find the cancer insurance policy at the right time with a good company. It is never affordable to spend money on the therapy and treatment of cancer for every family. In such cases, the cancer insurance policy will be a better option as compared to critical illness plan for the individuals.
Exclusions in Cancer Insurance Plans
Before getting any kind of insurance plan, the individuals always want to get the complete information regarding it. Now, you do not have to waste your time to find any of such information related to cancer insurance plan because you will get it at Verified Policy. If you do not want to face any kind of inconvenience to avail the benefits of your cancer insurance policy in case of emergency, you should always know about the terms and conditions related to exclusions in cancer insurance policy. Here are the complete details about all the exclusions in cancer insurance policy:
- Various kinds of skin cancer
- Pre-existing disease of cancer
- Congenital conditions like biological, chemical or nuclear contamination due to radiation or non-diagnostic resources
- Any kind of Cancer disease caused due to the direct/ indirect impact of sexually transmitted diseases like HIV or AIDS
- Papillary microcarcinoma of the thyroid
In all these conditions, the policyholder will not be able to find the financial benefits of cancer insurance plan.
How to Claim the Cancer Insurance Policy?
The claim settlement process will vary from company to company. When it comes to getting information about the general process then you can follow the process given below to claim the benefits of your cancer insurance plan:
- Claim intimation:
First of all, you will need to intimate the insurance company for the upcoming claim. For the process of intimation, you can visit the nearest insurance from all you can get help with the official customer care service providers. It is possible to get the details of customer care contact numbers on the official website as well as the policy brochure. After the process of intimation, you will need to submit all the required medical documents to your Insurance Company. You should know about all the terms and conditions related to the intimation for the claim as per your insurer.
- Claim processing:
After submitting all the documents to your Insurance Company, there will be the further process by checking the terms and conditions and validity of your claim. They will verify all the documents and will inform the policyholder with SMS/email or letter after completing the verification process. If they will require any kind of additional document, they will ask for it by communicating with the policyholder.
- Claim settlement:
After completing the verification of all the required medical documents, the company will contact the policyholder for the approval of the claim. There may be various situations like
- Approval of the claim
- Settlement of claim amount
- The needof the additional documents
- Rejection of the claim
If everything is right, the insurance company will settle the claim amount with ECS or NEFT.
Things to Know Before Getting the Cancer Insurance Policy
According to the studies, more than 10 lakh people are diagnosed with the disease of cancer every year. In such cases, the patients will require the treatment services to get rid of this lethal disease. The treatment will be very expensive and it is not possible for every family to afford it. If there is any kind of financial problem at the time of treatment, it can be a serious issue and no one wants to face such kind of situation in life. To reduce this financial risk at the time of treatment, cancer insurance plans are available as a perfect option for it.
At verified policy, we try to provide the detailed information about the insurance plans so that the individuals can find help to choose the perfect plan to fulfil all the financial requirements in case of emergencies. Here are some of the important facts about cancer insurance policies that you should know before getting it:
- It’s different from comprehensive health insurance policies:
As you can see above, the cancer insurance plans are not same as the comprehensive health insurance policies. The coverage benefits offered by the cancer insurance plans are completely different from other Health Insurance plans such as critical illness policy. Where the comprehensive plans offered the coverage options against lots of diseases, the cancer insurance plan will provide the coverage options for the cancer disease.
- Coverage for all kinds of cancer:
By getting the cancer insurance plans, it is possible to get the coverage benefits against all the kinds and stages of cancer disease. They will provide the payout options in two ways including lump sum cover and lump sum cover with monthly income. Therefore, it is a perfect solution that is available to provide the protection benefits against all the stages of cancer.
- Better than critical illness plan for the cancer patients:
For the patients, who have the problem of cancer, the cancer insurance plan will be more beneficial as compared to the critical illness plan. By getting the critical illness plan, you will find some of the selected benefits against some kinds of cancers. On the other hand, if you are getting cancer insurance plan, it will provide benefits against all kinds of this disease.
- Buy it before age of 60:
The insurance plans are designed to provide the benefits to people in various health conditions. The companies know that there will be more chances of such problems at the older ages. Therefore, there will be minimised benefits for the policyholder. It will be better if you get such kind of insurance plan before the age of 60. After the age of 60, there will be the very high premium amount and it is never a good option to pay so much and such higher age. It is the right time when you should get this insurance plan.
When Will You Require Cancer Insurance Plan?
Due to the increasing risks of search and soft dangerous diseases, it is important for every individual to stay prepared for such kind of emergencies in future. If you think that you are living in an environment where you may face the serious problem like cancer for any of the family members, you should go with the policy of cancer insurance.
It will worth to invest in the cancer insurance plan if:
- There is any kind of cancer history in your family
- If you are living in an environment where there is a higher risk of Cancer development
- If you don’t have savings to manage the large medical expenses in the future
- If you are the only member for the income source in the family
- When you are not getting enough coverage options with your health insurance policy
Consider These Factors Before Getting Cancer Insurance Policy
The main factor to consider before getting the cancer insurance policy is any kind of cancer history in your family. If there is any kind of such cases in your family, you should opt to choose health insurance policy to prevent any kind of financial risk in future.
Today, the environment is getting polluted all over the world and due to the increase in pollution, there may be chances of Cancer in nearby People. If you are living in such kind of polluted environment, it will worth to invest your money in cancer insurance policy. For the heavy drinkers and smokers, there will be lots of benefits to finding the treatment services in the cases of cancer in the future.
How Will Verified Policy Help to Choose a Perfect Plan?
Because of so many companies available in the market to provide the health insurance plans, it can be a tough decision to make for the individuals. First of all, you want to know if you need an insurance policy or not. After that, you need help to choose the best insurance plan as per your needs and requirements.
To help you to make the right decision, Verified Policy is available as the best hotel to offer the details about all the insurance plans available for Indians. If you need a proper guidance to invest your money in the right insurance policy, just get all the information with us and make your own decisions right for a secure and protected future with the insurance services in the country.
Cancer Insurance – FAQ’s
- Is it possible to make changes and terms and conditions after getting the policy?
It is not possible to make any kind of changes in terms and conditions provided by the insurance company after you got the insurance plan and the coverage has been started. However, you will be allowed to increase the sum assured anytime as for the terms and conditions. Therefore, it is essential to check all the terms and conditions carefully before getting the cancer insurance plan with any company.
- Will I get problems to get cancer insurance plan if I have a family history with cancer?
No, you will not face any kind of such problems if you are going to get a cancer insurance policy and you have cancer history in your family. However, you should not have pre-disease cancer while getting an insurance plan. However, you will need to add the description of cancer history of your family while getting the insurance plan.
- What are the eligibility criteria to get cancer insurance policy in India?
The individuals, who are looking to get cancer insurance policy in India, must meet the age criteria. With most of the companies, it is possible to get cancer insurance plan having age between 18 to 65 years. You will have to make the payment of premium as per your plan and select the sum assured before getting the policy.
- What will be a minimum and maximum sum assured while getting cancer insurance policy?
The amount of sum assured will depend on your selective insurance company. With some of the companies, you will find the option to choose minimum sum assured of Rs 5 lakhs. With some other companies, there will be a higher amount of minimum sum assured. The maximum amount of coverage will also depend on the terms and conditions of an insurance company that you are choosing.
- How can I avail the benefits after diagnosed with cancer?
If you have diagnosed with the disease of Cancer, you will find a different way out options according to your plan. With some of the policies, the customer can get the entire sum assured after diagnosed with cancer. According to some other policies, you will get a certain percentage of sum assured as a lump sum and they will pay the amounts over the regular intervals of time.
- Will I get the insurance benefits in all the stages of cancer?
With most of the cancer insurance policies, you will find the benefits to cover the major as well as minor stage cancer for the policyholders. Therefore, you do not have to worry about the stage of Cancer when you are diagnosed with this disease. You will be able to avail the benefits with your own cancer insurance plan for coverage of all the expenses.
- What will be additional benefits with cancer insurance plan?
There may be various other kinds of benefits that insurance company may provide to the policyholders with cancer insurance plans. However, all these benefits will depend on various factors including the coverage limit, inclusion, exclusion and terms and conditions of your Insurance Company. When it comes to knowing about all the additional benefits, you should confirm it before choosing the insurance plan.
- In the cases of death of cancer patient, will the company provide the payout to Nominee?
Most of the cancer insurance policies do not come with Benefits after that. Therefore, the company will not provide the payout benefits to the nominee in the case of death of cancer patient. However, if your cancer insurance plan has the option of death benefit as per the terms and conditions of the company, the nominee will get the amount in the case of death of the policyholder.
- Will I find the coverage for pre-existing Cancer disease in these policies?
And most of the cancer insurance plans, the companies do not provide the coverage options for pre-existing cancer diseases. To know more about it, you should know about all the exclusions and terms and conditions of your Insurance Company.
- Will there be any waiting period for the insurance policy?
While getting cancer insurance policy, most of the companies will give the waiting period of 180 days. Therefore, if you are diagnosed with cancer during the waiting period provided by the company, you will not be able to get the coverage benefits. With different companies, there may be a different time of waiting period.
- Will there be tax benefits with cancer insurance plans?
Yes, the policyholders will be able to avail the tax benefits according to section 80D of Income Tax Act, 1961 for the premium paid for the cancer insurance policies.
- I already have health insurance policy. Will I require additional cancer insurance plan?
The health insurance plans are available to provide the coverage against lots of diseases and health issues. With health insurance policy, you will be able to get coverage for the critical illness only during hospitalization. When it comes to cover all the stages and kinds of cancer for the patients, you will require cancer insurance policy to get the coverage.
- What about the changes in premium rates during the policy tenure?
There will not be any kind of changes at the premium rates in the duration of policy tenure. However, the insurance company may make the changes in the premium rates at the time of renewal of policy according to your current age, sum assured, lifestyle and much more.
- Can smokers apply for the cancer insurance policies?
Yes, it is possible for smokers to get the cancer insurance policies. However, you will need to declare this fact at the time of purchasing the policy. If you are not declaring it while getting the policy, you may face the situations of rejection of your claim.
- Will I need to get pre-policy medical reports to get this plan?
Yes, you are insurance company may ask for a pre-policy medical test according to your age, lifestyle, sum assured and much more. The pre-medical test will depend on the terms and conditions of your Insurance Company.
- Which documents will be required at the time of claim?
When you are looking to make a claim, you will need to submit the home filled claim form, medical documents including bills and other reports. Your insurance company may ask to include some of the other documents as per the terms and conditions.