Cancer is a severe concern in India, with the estimated incidence of cases increasing each year. According to the data from the ICMR, the number of cancer cases in India was 13,92,179 in 2020, 14,26,447 in 2021, and 14,61,427 in 2022. Unfortunately, many people in India cannot afford the cost of cancer treatment, so it is essential to consider purchasing a cancer cover policy.
With a policy that provides insurance coverage for cancer patients, you can rest assured that at least your treatment expenses will be covered, letting you focus on your treatment rather than the related costs that come with it. For finding good health insurance for cancer patients, it’s essential to do your research, compare different options, and make sure the coverage fits your needs and budget.
[Also check: Benefits of Health Insurance]
What are the Six Factors to Look for in Cancer Insurance?
Determine your needs
Before searching for an insurance plan, take the time to understand your specific needs and requirements. This may include considering factors such as the
- Family history of certain diseases,
- Age, and
- Desired sum insured.
Once you have a clear idea of what you want, you can choose which plans to compare.
Assess your options
When it comes to critical illness health insurance policy, you have several options.
- Decide whether you want to purchase a separate cancer policy or add it to your existing health insurance policy.
- If you are considering coverage for your entire family, opt for an individual plan as it allows you to choose a higher sum insured.
- An add-on can be a cost-effective option for an individual looking to modify their existing plan and obtain coverage at an affordable price.
Seek maximum features
- It is essential to look for a critical illness plan that provides the most extensive coverage at the most affordable cost. For example, TATA AIG offers different plans for different types of cancer with separate coverage like Critical Illness, MediCare Protect, MediCare Premier, Wellsurance Plans, etc.
- Check the number of diseases the plan covers; some may cover more than others.
- Consider the plan’s age limit, as many medical insurance plans will cover the insured up to the age of 70. Look for a plan that gives you coverage for the maximum amount of time possible.
- Keep an eye out for discounts on premium options.
Understand the benefits
- Understanding the cancer policy benefits, you will receive if you are diagnosed with cancer or any other critical illness is essential.
- Some cancer plans may offer a payout of 25% on early-stage diagnosis, with the remainder given only upon death.
- Other plans may offer a monthly payout to replace lost earnings during treatment.
- Be sure to carefully read the plan’s terms, conditions, and exceptions, such as a waiting period between claims or a requirement for the insured to survive for at least seven days from the time of diagnosis for a payout to be made.
Understand the difference
- A cancer policy plan does not replace your regular health insurance plan, so it’s essential to understand the difference between the two.
- An insurance cover for cancer patients may not offer any benefit on the insured’s death, as a term insurance plan will.
- Before deciding on a plan, consider all options and determine the combination that best suits your needs and those of your loved ones.
These tips can assist you in choosing the right plan for you and your family.
Summing up
Purchasing cancer insurance in India requires careful consideration of several factors. With the increasing incidence of cancer cases in India, protecting yourself and your loved ones from the financial burden of treatment expenses is essential. By considering these factors and researching, you can find a plan that best suits your needs and budget. Also, remember that different insurance companies offer other plans, and it is always beneficial to compare them before making the final decision.
