Get a critical illness insurance policy
A critical illness insurance policy provides the insured with a lump sum benefit amount as per the sum insured opted, if the insured is diagnosed with the illness listed in the policy. This list of ailments varies from insurer to insurer.
The benefit amount is payable once the disease is diagnosed, meeting specific criteria, and the insured survives a minimum number of day, which is the survival period from when the illness was first diagnosed. The survival period defined varies from company to company; however, 14 days is the most typical survival period used.
You can also purchase speficit cancer insurance policies
On the other hand, there are also speficif cancer insurance policies which are designed to provide medical coverage and meet the specific insurance needs of a cancer patient. A cancer care policy ideally covers you against cancer – both at early and advanced stages.
Cancer insurance is typically purchased before a cancer diagnosis, as it is intended to provide financial support in the event of a future diagnosis.
However, if the customer already suffers from Cancer, then it is considered a pre-existing disease which is usually an exclusion under most health insurance policies,” said Bhaskar Nerurkar, Head – Health Administration Team, Bajaj Allianz General Insurance.
Most retail insurance plans reject cancer survivors
“Most retail insurance plans outright reject cancer survivors. However, cancer survivors may be able to get covered through a retail plan with permanent exclusion for cancer related co- morbidities. There are certain plans available that also covers cancer survivors through lumpsum covers for relapse. The pricing for these plans are on par with other retail customers. In certain cases there maybe additional premium loading done at the insurer’s end,” said Anuj Parekh, CEO and Co-Founder of Healthysure.
It is always recommended to purchase health insurance when you are fit and fine. If you buy health insurance at a young age, you can get up to Rs 1 crore sum insured at an affordable price,” said Siddharth Singhal, Business Head – Health Insurance, Policybazaar.com.
If you have an existing policy, treatment is covered
If the Cancer was diagnosed /detected after the policy inception, the cancer treatment will get covered within the policy, and the medical expenses related to cancer will also be payable within the policy period. Also, post treatment, if the cancer resurfaces within the policy period, then the medical expenses related to the same will be covered.
Even relapse is covered
“It is recommended to choose a plan with unlimited restoration benefits up to the sum insured. For example, if you have a health insurance policy with a sum insured of Rs 10 lakh and you make a claim of Rs 8 lakh for cancer treatment, you can still make another claim of Rs 9 lakh within the same policy year if your policy has an unlimited restoration feature. It’s an important feature to consider when looking for a health insurance policy, even for those who are healthy,” said Singhal.
But are all cancer-related expenses covered?
Coverage for expenses related to cancer treatment, including chemotherapy, radiation therapy, and surgery
Coverage for hospitalisation and medical tests
Income replacement or disability coverage to help cover lost income during treatment and recovery
Access to counselling services or support groups for emotional support
Lump-sum payment for early detection of cancer
Option to choose a higher sum assured for more extensive coverage