A Few Things To Consider Before Getting Cancer Insurance Plans

Ashok was a healthy 45-year-old father of twins. He had a nagging pain in his stomach and after he decided to get checked, a rare form of liver cancer was detected. Thankfully, Ashok has invested in a good cancer insurance plan and with the help of that, he was able to afford the best treatment and get completely cured of cancer. He made the right choice by getting cancer insurance. If you too want to ensure you have the best policy with you, you need to be cautious when making a purchase. Here are some handy pointers to help you choose the best option from among the many cancer insurance plans:

• Who Needs the Cover

The cancer insurance policies available in India can be taken on an individual basis or on a family floater basis. When choosing the best cancer cover, you need to ensure you choose the right type of cover. If you feel you are at the highest risk ( for reasons such as being the sole breadwinner, being a chain smoker, etc), you can get an individual cancer policy. If you feel your entire family is at risk, get a cancer plan on a floater basis.

• How Much Coverage is Already Available

The next point to consider is the amount of cancer cover you already have. There are many comprehensive health insurance plans that offer cancer coverage. Also, if you have a critical illness plan or a critical illness rider with your health or life insurance plan, you may have a percentage of cancer cover available there too. When choosing the standalone cancer coverage, keep the available cover in mind and then decide accordingly.

• What Types of Cancer are Covered

Most cancer insurance plans do not offer coverage for skin cancer. The different cancer insurance policies from the different health insurance companies have different clauses. Go over the clauses very closely to ensure you understand the scope of cover well. For instance, if you have a family history of breast cancer, you may be at very high risk for it too. Ensure the plan you buy offers comprehensive breast cancer coverage.

• Is The Plan Available Online?

Most modern-day insurance plans are available online. The cancer insurance plans are also available online. You should look to buy cancer insurance online as it is very convenient to do so. 

• What Is The Claim Process?

When choosing the ideal insurance for cancer in India, ensure you choose the best health insurance company. The insurer you choose should have a good claim settlement ratio, should have an excellent customer support system, and most importantly, should have a smooth claim process. Do not opt for an insurer who has a complicated claim process as that may hamper your prospects later on. 

• What Is The Payout Breakup?

The payout depends on the advancement of the ailment. If you are diagnosed at an early stage, you stand to get about 20% to 30% of the total coverage amount. If you get diagnosed at an early stage, you get a full payout. You need to understand the payout structure very carefully when you buy a cancer cover policy. If you have any doubt regarding this, call up the insurer and get it clarified. Compare the payouts of the different companies to understand which structure suits you the best.

• How Much Tax Can I Save

Apart from the financial cushion, the cancer insurance policies in India also offer tax benefits. You can make savings as much as INR 25,000 a year under Section 80D when you buy a cancer insurance plan. 

• Is there a Waiting Period

Like in most other forms of insurance, in cancer insurance too, there is a waiting period clause associated with the cover. You need to wait out a certain period before you make a claim. Most health insurance providers do not offer cancer insurance covers if you already have the disease. Read the terms and conditions very carefully to clearly understand the clauses related to the waiting period. 

• Cost Factor

Everyone needs and wants the best financial protection for themselves and their loved ones. However, every insurance plan costs money and so you need to budget your expenses. It is important to have a cancer cover, but it is also important to find a plan that matches your financial capabilities. It is a very good idea to compare the various cancer insurance plans online to locate the best plan at the best rate. Doing so helps you to find a cover that matches your pocket and keeps you and your family protected in a comprehensive manner.

• Is My Family at Risk? 

And last but not the least, consider the risk your family is at before you buy a cancer insurance cover. Some families are at a higher risk. If there have been family members, such as parents or grandparents who have died due to a specific form of cancer, you and your kids may be at risk too. The same holds true for your spouse. Analyze the family history, your lifestyle conditions (eg – smoking), your exposure to radiation and chemicals, and then assess the amount of risk your family is at. This will help you to choose the ideal cover and keep yourself and all your loved ones safe.

Buy your cancer insurance cover after carefully analyzing all of the points mentioned above.

To Sum it Up

Cancer is quite an unpredictable disorder. While some people can understand their risks, others are left stunned when they get a diagnosis. You may not be able to predict whether or not you can get cancer, but you can surely stay prepared for it. Thankfully, there are some excellent cancer insurance plans that are specifically designed to help you deal with the challenges that arise when you or a family member of yours gets diagnosed with cancer. Do your research and identify the best cancer insurance policy from among the very good covers available.