While medical insurance policy provides cover against expenses incurred for the treatment of various illnesses, it does not cover diseases or medical conditions chronic in nature. As critical illnesses are widespread today and their treatments are turning costlier, it is also essential to have an insurance policy that covers such diseases too.
One such critical disease is cancer. With a significant prevalence across the globe, cancer has afflicted individuals across the demographic strata. As the treatment for this disease can significantly strain the finances of a family, having a cancer insurance policy protects against this stress.
Today, various insurance companies bring policies for cancer along with favorable terms, conditions, and exclusions. While choosing a plan, you must have a proper idea of which scheme to purchase so that it provides the best cover against cancer’s treatment expenses.
A comprehensive insurance plan for cancer provides the following
- Financial security to the insured through lump-sum pay-outs at different stages of a cancer diagnosis.
- Pay-outs made based on the disease’s severity as well as any previous claims.
- Claim settlement without third party involvement as lump-sum pay-out made for treatment expenses after cancer diagnosis and not as reimbursement.
Know how to choose the best cancer insurance:
Check if the sum assured is of a high
As per trends in the past 5 years, the costs of medical care have risen by up to 15% on a year-on-year basis. As for critical illnesses like cancer, the treatment cost is bound to rise at a higher rate due to the involvement of advanced technology, equipment and treatment methodologies.
Plus, treatment for cancer also extends to a longer duration as against other illnesses. Health insurance for cancer must, therefore, come with a sum assured of the high amount that can sufficiently meet these expenses.
You can check out the Health Insurance policy offered by Bajaj Finserv. The policy offers comprehensive usage of the assured amount and hassle-free claim procedure which makes it one of the best plans. You can buy cancer insurance online as well.
Cover for a longer duration
It is also essential to have a critical illness insurance policy for a prolonged period along with a high coverage value. Such extended duration should be available with the payment of the same premium, if possible.
As cancer has no demographic division and can afflict individuals of any age, the longer you receive policy protection, the better. It will provide you financial cover against cancer for a longer duration, thus ensuring your peace of mind.
The plan should cover all stages of cancer
A good cancer insurance policy provides protection against treatment expenses of cancer for all of the disease’s stages. Some of the policies also follow claim pay-out as per the stages of this disease, thus providing a percentage of the sum assured as per the stage you are diagnosed with.
Make sure you have checked the plan carefully for the plan providing claim settlement for all stages of cancer.
Check the terms and conditions regarding survival and waiting before pay-outs
A Cancer Insurance Plan often comes with a waiting and survival period that an individual must meet to claim the sum assured.
For the former, coverage starts after a waiting period is over. As for the latter, a policyholder should be alive for at least the specified period after a cancer diagnosis to receive the claim amount. The ideal waiting period is 90 days, and the survival period is 30 days.
With these considerations in mind, you can now choose the best cancer insurance policy for you. Read the terms, conditions and other exclusions of your policy before paying your premium amount.