New cancer cases in India is likely to grow by 25% by 2020, according to the Cancer Registry released by the Indian Council of Medical Research in 2016. Considering this number and the fact that cancer treatment is quite expensive, it is important to take proper care and precautions to stay healthy. However, life is unpredictable and it makes sense to be prepared for meeting all kinds of challenges. To be prepared to manage the cancer treatment expenses, a cancer insurance plan is a good option.
What is Cancer Insurance Plan?
A cancer insurance is a type of health insurance plan that provides financial assistance to individuals diagnosed with cancer. A cancer insurance plan covers the costs associated with cancer diagnosis, treatment, hospitalisation, radiation, chemotherapy, surgery, etc. The money is paid at regular intervals of diagnosis, including minor, critical and major stages. These insurance policies do not give any death, surrender and maturity benefit. One of the main pre-requisites of the policy is that an individual should not have any symptoms or be diagnosed with cancer at the time of application.
Types of Cancer Insurance Plans
1. Prostate cancer
2. Ovarian cancer
3. Lung cancer
4. Stomach cancer
5. Breast cancer
6. Hypopharynx cancer
What all Cancer Insurance Plan Covers?
Here are various types of coverage offered by cancer insurance plan
- It covers all stages of cancer
- On the diagnosis of an advanced stage cancer, a lump sum amount is paid for treatment
- Insured gets income as part of coverage if not in a condition to work due to cancer
- Future premium payment is waived if early stage cancer is diagnosed
How Cancer Insurance Plan Functions?
Let us see how a cancer insurance plan works.
- You can purchase it as a stand alone plan or as a part of the health insurance plan
- On the diagnosis of the disease, the insured get lump sum amount for treatment
- You also get money for the treatment of major stages of cancer
- In case of higher sum assured, the premium will also be high
|Entry Age||18-65 years|
|Maximum Maturity Age||75 years|
|Sum Insured||Rs 2 Lakh-50 Lakh|
Documents Required for Claim Process
- Duly filled in and signed claim form
- Medical certificate
- Investigation reports
- Other procedure reports like that of radiology
Cancer Insurance Plan Claim Process
In case of any eventuality, you need to immediately inform the insurance company and follow the below mentioned procedure:
- Inform the insurance company and submit the dully filled in claim form
- Include the required documents supporting the claim like reports and prescriptions
- On the registration of the claim, the company will appoint a surveyor to assess the case
- If approved, the amount will be given
- Bills are not needed here
- In case of any issue, it might be rejected
Cases Where you Can’t Make Claims for Cancer Insurance Plan (Exclusions)
Though a cancer insurance plan provides various kinds of coverage, it does not cover all cases and situations. These are called exclusions. Here are some cases not covered by this plan.
- Skin cancer
- Any pre-existing condition of cancer or its signs and symptoms
- Any type of cancer caused or triggered by AIDS or HIV
- Nuclear, biological or chemical contamination (NBC)
- Caused or triggered by alcohol or drugs
Companies offering Cancer Insurance Plan in India
Almost all health insurance and life insurance companies offer cancer insurance plans in India. Some of the companies providing the plan are:
- Max Bupa
- ICICI Prudential
- HDFC Life
- Aegon Life
- Max Life
Before purchasing a cancer insurance plan, it is important to understand the plan well in order to reap all the benefits. Let us look at some aspects.
- Analyse the family health history of cancer. Revisit the current health insurance plans and analyse how it will add to the current health insurance policy
- Look at the waiting period before finalising a plan
- Cancer is also covered as a rider under critical illness in life insurance plan. Understand the differences between cancer plan and Critical Illness Plan. Critical illness plan covers expensive treatments related to critical diseases like major organ failures, cardiac arrest, stroke, total blindness, deafness, etc. But it covers only early stage cancer and it does not waive off premium after that. So, you may not get a comprehensive package if the treatment requires a big amount to be paid
Advantages of Buying Cancer Insurance Plan
- Multiple stages of cancer can be covered, including advanced stage
- It offers financial security because cancer treatment can make a big hole in the pocket
- Sum insured amount increases by a fixed percentage if there are no claims during a specific year of the tenure
- On diagnosis of early stage cancer, further premium payment is waived
- For the premium payment, you can avail tax benefits under Section 80D of the Income Tax Act, 1961
Q1. Does a cancer insurance plan offer maturity and survival benefits?
Q2. Can it be a joined plan?
No, it will always be an individual plan.
Q3. Is there any waiting period for availing the benefit of the plan?
It usually has a 180 days of waiting period, but it can vary for different companies.
Read more : Critical Illness Insurance