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.