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Cancer Insurance Policy

A Checklist Before Buying A Cancer Insurance Policy

A Checklist Before Buying A Cancer Insurance Policy. Through advancements in medical science have increased the chances of surviving cancer in recent times, the cost of treatment of the disease is pretty high. The research found that expenses in a cancer-afflicted household were 36-44% more than in other homes with similar social standing.

In 2018 alone, there were about 7.84 lakhs deaths caused by the disease in India. Thus, it’s prudent to have a cancer insurance policy in your portfolio. There are certain things that you should tick off your checklist before buying cancer insurance. Keeping the following things in mind will help you make an informed choice.

  • Sum insured

The high cost of cancer treatment can burn a hole in your pocket. Therefore, it’s important to opt for high coverage, which will prevent the depletion of your savings. It’s recommended to opt for coverage ranging between Rs.30-50 lakh to cover the astronomical costs associated with the treatment of the disease.

Note that this amount will not only cover your treatment costs but also provide decent funding when you are unable to go to work while recovering. Unlike a regular health insurance plan, a cancer plan is a fixed benefit policy, which provides a lump sum upon diagnosis of the disease. The lump-sum received helps take care of pre- and post-hospitalization expenses.

  • Policy term

Check the duration for which your cancer Insurance plan will cover you. The policy term depends on your age and varies across insurers.

So, it is better to avail the policy from an insurer offering coverage for a longer duration. If you are ever diagnosed with the disease even at a later stage of life, you are financially cushioned.

  • Waiting period

There is usually a waiting period, starting from the date of issuance of your policy to 30 or 60 days. If you are diagnosed with cancer within this waiting period, your insurance provider will not be liable to pay any amount.

Hence, it’s crucial to check out the waiting period of your insurance policy. Ideally, you must choose a policy with a lower waiting period.

  • Survival period

It refers to the length of time you have to survive after the diagnosis of the disease to receive compensation from your policy. There are very few insurers who do not mandate a survival period. Check the policy details for such features.

  • Types of cancer covered 

There are different kinds of cancer, including lung cancer, breast cancer, stomach cancer, prostate cancer, ovarian cancer, and hypopharynx cancer, among others. Insurance companies do not cover all types of cancers. Do check policy documents to know the types of cancers covered under the policy.

  • Stages of cancer covered

There are several predefined stages of cancer. The payout can vary depending on the stage of the disease. Check for the percentage of the sum insured you will receive at each stage of the disease.

This can be a basis for choosing the type of insurance policy you need. Ideally, you must opt for a policy that covers you right from the initial stages of the disease. This is because chances of survival brighten when the ailment is detected at the beginning.

Claim settlement ratio

If you are diagnosed with cancer, you would want compensation to come as hassle-free as possible. So, it is a good idea to check the claim settlement ratio of the insurer. This ratio indicates the number of claims settled as against claims received. Also, compare quotes online before buying.

Moreover, you can also opt for add-on covers with your cancer insurance policy to enhance the coverage and thereby, enjoy greater peace of mind. Bajaj Finserv has on offered a variety of health insurance plans that offer comprehensive coverage in a range of illnesses and ailments.

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