Given the rapid rise in the cost of treating cancer, choosing a good cancer insurance plan is extremely important. If you are not financially secure, you can lose all years of savings in a few months of expensive treatment. Apart from this, one needs to buy a cancer insurance plan which can serve them well if ever needed. To understand which cancer plan can better cover treatment costs, it is important to buy one that not only saves you financially, but also ensures you to treat this life-threatening disease. Private sector health insurance firm Star Health and Allied Insurance launched it last year. It covers people between five months to 65 years of age. The special thing is that in which the first and second stages of the disease are detected, they can also take advantage of this policy.
The cancer insurance plan you choose should have these characteristics:
Coverage for early and advanced stages of cancer
It is important that your cancer insurance plan covers you in various stages of cancer. For a plan that provides coverage for all phases, including minor and major.
Stage based payout availability
It is important that a cancer insurance plan provides a stage-based payment to easily withstand treatment costs and other associated expenses at various stages. Cancer insurance scheme should provide at least 25 percent insurance for the diagnosis of early stage cancer and 100 percent of the sum insured in the major stage of cancer.
Long period of cover
Cancer can strike at any age so that the duration of coverage is better for financial security and peace of mind. Buy a cancer insurance plan that provides protection over the long term, preferably, up to the age of 80.
No medical examination is required
Many times, the fear of medical examinations and its long process can keep away from buying cancer insurance. The good news is, Future Generally offers a “no medical exam” cancer insurance plan, which can be purchased with just a few clicks. Simply put, you can easily purchase coverage and protect yourself and your family for a medical exam, without the need to find extra time in your schedule.
Premium Waiver on Diagnosis of Cancer
Diagnosis of cancer means intensive treatment and worsening of health due to illness. While undergoing treatment, the person diagnosed is unable to work, which essentially hits his or her source of income. In addition, his family may also struggle to manage household expenses or pay premiums.
Therefore, it is important to choose a cancer insurance plan that provides much needed financial support by providing solutions to these situations. Premium waiver is one such feature of the best cancer insurance plans, as it keeps the cancer plan active, mostly three, by waiving premiums for the next few years.
Buy only the plan with maximum insurance amount
He said that while purchasing cancer insurance plan, only the plan with maximum insurance amount should be purchased. It is also important to understand the details of the entire sum insured, as the treatment for each type of cancer varies. The maximum insured amount allows the insured to get the best cancer treatment with the latest technology without spending his entire life savings. He said that considering the cost of treatment in India, it would be good to buy a plan of at least Rs 20-25 lakh.
Choose a plan with a shorter waiting period
Aggarwal said that while taking a cancer insurance plan, attention should be paid to its waiting period, as it cannot claim insurance before this period. So buy a policy that has a minimum waiting period. Generally, the waiting period of most insurance plans is between 180 days to 365 days.
He said that under the Cancer Insurance Plan, the sum assured is paid in all stages of cancer, which is 20 to 25 percent in the initial stage, and 100 percent in the advanced stage, although in many policies 150 of the sum assured is 150. Percentage is paid.