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All You Need To Know About Cancer Insurance

Adhil Shetty

The fight against cancer is a long and expensive journey. Not only is cancer a drain on your family’s resources, it also seriously inhibits your ability to work and bring in a regular income. This is where a specialised cancer insurance plan could come to the rescue, and not just save your life, but also provide for a stable life after treatment.

Who Can Benefit From A Cancer Insurance Policy?

While those with a family history of cancer are certainly at a higher risk than others, ancestry alone is not enough to determine the chances of developing the disease. Everyone should ideally consider availing of a specialised cancer insurance policy. This is because even if the chances of this illness seem low at the moment, if the worst comes to pass, you will find that the monthly premium is a small price to pay for potentially life-saving benefits.

What Does The Policy Include?

Most cancer insurance policies are segregated into stages of illness, according to which they pay out a percentage of the sum assured. For example, if you have a Rs. 20 lakh cover and are entitled to a lump sum payment of 25% for an early-stage diagnosis, you will get Rs. 5 lakhs over and above the base Rs. 20 lakhs, which you can continue to use towards your treatment.

Some plans offer 100%, or even 150% lump sum payout on late-stage diagnosis or recurrence. Most policies will cover all costs associated with cancer treatment, including hospitalisation, chemotherapy, and radiation therapy. Some plans may also cover the cost of getting a second opinion. Almost all policies will offer a premium waiver upon diagnosis, contingent upon specified circumstances, and a monthly income paid out for a pre-determined number of years in the case of a late-stage diagnosis.

What Are The Exclusions To The Policy?

Some policies may exclude certain types of cancer or cancers caused by pre-existing conditions. This could include cancer caused by sexually transmitted diseases or non-therapeutic radiation exposure. Many policies are not open to people who have previously suffered cancer. It is important to note that several policies also require a waiting period of up to 6 months, and a survival period of up to 7 days after diagnosis, before a claim can be processed. Some plans may not pay out for cancer-related ailments that are not specifically covered under the policy. So, it is best for you to do your research before optioning for the right plan.

Why Is A Specialised Policy Better Than A Generic One?

Most health insurance plans, including critical illness plans, don’t offer coverage as extensively as a specialised cancer insurance plan does. Very few critical illness plans cover the costs associated with early stage cancer or the ailments that arise due to cancer treatments that fall outside the very stringent policy coverage.

With this information in hand, start planning your finances and consider signing up for specialised cancer insurance to protect yourself and your family from financial woes.

The writer is CEO, BankBazaar., India’s premier online marketplace to compare and apply for the best personal finance products including health insurance, car insurance, life insurance and two wheeler insurance.