Cancer Insurance Policy in India

Cancer Insurance offers financial and healthcare protection against major cancer-related treatment expenses at all stages.
Cancer insurance policy in India
3 Mins

The treatment expenses for treating cancer can drain your savings. The cancer insurance policy gives medical coverage to help you bear the expenses of cancer treatment. Under a cancer insurance plan, the insurance company pays a lumpsum amount equivalent to the expenses incurred during treatment. You can utilise the claimed money during different stages of treatment, given that the pre-determined sum insured does not get exhausted.

What is a cancer insurance plan?

Cancer plan helps you get financial security against treatment expenses, ensuring that you do not finish your savings during treatment. A cancer insurance plan provides you with the required financial support to pay for these expensive treatments.

What are the key features of a cancer insurance policy?

Cancer insurance offers a range of features designed to provide financial support to individuals diagnosed with cancer.

  • It provides comprehensive coverage for medical expenses, including hospital fees, surgeries, chemotherapy, and radiation treatments. This makes sure that policyholders can focus on their recovery without the burden of exorbitant medical bills.
  • A cancer insurance policy offers a lumpsum payout upon diagnosis, which helps cover non-medical expenses like transportation, or alternative treatments.
  • Some cancer insurance plans offer continuous lifetime coverage with no exit restriction to age, ensuring lifelong renewability.

Overall, these key features make cancer insurance a valuable safeguard against the financial strain associated with a cancer diagnosis.

Types of cancer insurance

Cancer insurance plans offer diverse coverage options to address the different types of cancer. You can find cancer insurance plans tailored for:

  • Breast cancer
  • Lung cancer
  • Ovarian cancer
  • Cervical cancer
  • Stomach cancer

Why should you buy a cancer insurance policy?

A cancer insurance policy prepares you to face the financial challenges associated with cancer diagnosis and treatment. Here are some of the main reasons for purchasing a cancer insurance policy:

● Costly treatment expenses

Cancer treatments can be quite expensive. The costs include hospital charges along with the charges for surgeries, chemotherapy, and radiation therapy. Cancer insurance financially equips you to handle these medical costs.

● Elevated ailment risks

There are no determined measures that you can take to reduce the risk of developing cancer. Cancer insurance policy offers a safety net, providing coverage or financial support after the diagnosis.

● To reduce financial struggles

A cancer diagnosis can lead to significant financial strain, impacting not only your medical expenses but also your ability to work and support your family. Cancer insurance helps ease these financial burdens, allowing you to focus on your recovery.

Key features of cancer insurance policy

The following are the key features of a cancer insurance scheme:

● Hospitalisation without cash:

With cashless hospitalisation, you can avail of medical treatment at network hospitals without the need for upfront payment. The insurance provider settles the bills directly with the hospital. You can also check out Bajaj Finance’s hospital cash insurance policy.

● Extensive coverage amount:

A cancer insurance policy provides a high sum insured, ensuring that individuals have substantial financial coverage to address the costs associated with treatments.

● No-claim reward:

Cancer insurance policies often offer a no-claim bonus. It offers increased coverage or reduced premiums after every subsequent year, given that they do not file a claim.

● Renewable for life:

Certain cancer insurance policies come with the feature of renewability. It guarantees that you can renew your cancer insurance policy indefinitely, securing ongoing protection, and support throughout your life.

● Value-added services:

Cancer insurance may include value-added services. These include access to second medical opinions, counselling services, and wellness programs.

Benefits of cancer insurance plans

Cancer insurance plans provide comprehensive financial protection and support for you and your family during their journey of treating the medical condition. Here are some benefits that you can get from a cancer insurance plan:

● Lumpsum benefit

In the event of a cancer diagnosis, policyholders receive a lump sum from their insurance provider. This allows individuals to use the funds as they see fit, whether for medical expenses, alternative treatments, or non-medical costs.

● Comprehensive coverage for various cancer stages:

Cancer insurance plans often provide coverage in various stages of cancer, ensuring financial protection throughout the entire continuum of the treatment. This is from early-stage diagnoses to advanced stages.

● Continual coverage:

The cancer insurance plan offers continuous coverage up to the term. This means you can renew your policies and maintain protection over an extended period. It ensures ongoing support, even in case of relapses or diagnosis of new types of cancer.

Key inclusions and exclusions for cancer insurance plans

First, let us look at the inclusions of this policy:

  • Hospitalisation expenses
  • Ambulance expenses
  • Medical expenses
  • Diagnostic tests
  • Pre-hospitalisation expenses
  • Post-hospitalisation expenses
  • In-patient care at the hospital

Now check out the scenarios when you would not be able to avail the benefit of the cancer insurance plan:

  • Cancer directly or indirectly resulting from, or exacerbated by, AIDS, HIV, or sexually transmitted infections
  • Any congenital abnormality that leads to cancer as well as pre-existing conditions
  • Skin cancer
  • Biological, nuclear, or chemical contaminant-related cancer
  • Any form of cancer brought on by exposure to radiation or radioactivity from a non-diagnostic or therapeutic source

How does cancer insurance work?

A cancer insurance policy can serve as supplementary financial protection alongside a regular health insurance policy. When an individual is diagnosed with cancer, they can file a claim with their insurance provider. Upon approval, the insured person receives a lumpsum amount or gets reimbursement, depending on the policy terms.

Cancer insurance provides financial protection during the challenging period of cancer diagnosis and treatment, easing the financial burden.

When should you buy a cancer insurance policy?

You should purchase a cancer insurance policy when you are in good health and free from any pre-existing cancer conditions. Ideally, you should buy the policy at a younger age. Since the risk of developing cancer is relatively lower, and the premiums are more affordable.

However, anyone can consider purchasing cancer insurance at any stage of life. Especially if they have a family history of cancer and want coverage against the rising incidence of cancer. By purchasing a cancer insurance policy, they can secure peace of mind. It will provide coverage for potential future cancer diagnoses and associated medical expenses.

Things to consider before buying a cancer insurance policy

Before purchasing a cancer insurance policy, carefully consider these factors to make an informed decision. Here are the key points to consider:

● Policy renewal and age limits:

Understand the policy's terms like the conditions for renewal, age limits for enrolment, and coverage continuation. Further, confirm that the policy provides coverage for a sufficient duration.

● Exclusions:

Carefully review the exclusions specified in the policy. Understand what types of cancer or treatments are not covered. Also, know about any excluded pre-existing conditions.

● Customer reviews and reputation:

Research the insurance provider's reputation and read customer reviews to assess its reliability, customer service quality, and claim settlement process.

● Two policies do not provide double protection:

You may not always receive double benefits if you have both a comprehensive health insurance plan and a separate cancer insurance plan.

● Cost of premium:

You also need to see that the premium is within your budget. This does not mean that you need to compromise with the benefit and coverage amount to get a cost-effective premium. You can consider purchasing the Cancer Secure Plan from the list of pocket insurance plans available at Bajaj Finance. It lets you enjoy a high sum insured at an affordable premium.

A cancer insurance policy offers active protection and peace of mind for you and your loved ones. It gives you substantial coverage against various expenses related to cancer treatment. These include medical bills, hospital bills, surgeries, therapy, and other treatments.

Frequently asked questions

Can cancer patients get insurance after the diagnosis?

Most insurance providers consider cancer a pre-existing medical condition, making it difficult for patients to obtain new policies specifically covering cancer-related expenses. However, there may be limited options available under the category of specified disease insurance policies that come with certain limitations and higher premiums.

What is the waiting period for cancer insurance?

The waiting period in cancer insurance refers to the duration between the purchase of the policy and when coverage for cancer-related expenses becomes effective. The waiting period can vary depending on the insurance provider and policy terms.

Is it necessary to buy cancer insurance?

While a regular health insurance policy covers general medical expenses, a cancer insurance policy specifically focuses on covering costs regarding cancer-related treatments. It can provide financial protection to alleviate the burden of high treatment expenses. So, it is advisable to buy cancer insurance for future financial protection, even if it is not necessary.

Can I get an insurance policy for existing cancer patients?

Yes, many cancer insurance plans provide expense coverage for existing cancer patients. You can choose pocket insurance to cover your expenses at affordable premiums.

Is it possible to buy cancer insurance for my family members?

Yes, it is generally possible to buy cancer insurance for family members. Many insurance providers offer family coverage options that allow you to extend the coverage to your spouse, children, parents, or other eligible family members. However, the availability and terms of family coverage may vary depending on the insurance provider and the specific policy.

Can I get a cancer insurance plan if I already have health insurance?

The ailments and critical illnesses covered in any health insurance plan are specified in its policy document. However, you can buy an additional plan to cover any other illness. Therefore, you can get cancer insurance if you already have health insurance.

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