What Does the Best Cancer Care Insurance Policy Offer?

Cancer treatment costs 4 times higher than treatment of other conditions. This can distress anyone without a sound financial backup. Subsequently, it affects the overall well-being of your family. Therefore, it is of paramount importance to know what is cancer insurance and how it works. With the proper support, you are likely to be financially prepared to face any medical adversity in the future.

You could also become mentally strong enough to deal with the challenges. Studies have also found that the proper care at an early stage might reduce the spread of the cancerous cells and cure the condition completely.

Therefore, it is crucial to insure yourself against different types of cancers. Here’s some useful information on cancer plans and what the best one offers.

What is Cancer Insurance?

Cancer insurance is an individual, non-participating, non-linked health insurance pure risk premium product.

The best cancer insurance in India ensures the following:

• Easy enrolment and pay-out process.
• Flexibility to choose monthly income benefit option.
• Security via stage-wise lumpsum pay out; up to 150% of sum assured based on the benefit of the structure chosen.
• Reliability with a second opinion from medical experts.
• Affordability through reasonable premium.

The cancer insurance benefits also cover a few non-medical expenses. For example, loss of income, rehabilitation or counselling, and change of lifestyle. Sometimes good financial support can protect you from selling a house or liquidating your life savings.

What are the Features of Cancer Care Insurance?

The cancer care insurance policy comes with attractive features. Though you might never consider yourself at risk, it is beneficial to know the policy better.

• Offers cashless treatment at any network hospital. This can ensure immediate medical intervention without delays.
• It covers all kinds of extra expenses like radiotherapy and chemotherapy, in-patient care, pre- and post-hospitalisations, OPD costs, day-care needs, ambulance costs and, organ donor cover if any.
• Tax benefits are offered on cancer insurance premiums. However, these are subject to change from time to time. Do consult your advisor for details.

What Does an Insurance Offer?

The policy offers comprehensive care for various male and female cancers. After you buy this insurance online, here’s what you can expect:

• Premium waiver benefit on the diagnosis of minor or major stage cancer.
• A second medical opinion from a panel of medical experts. This is a service that enables life assured to receive another consultation regarding diagnosis and treatment by a second doctor. However, this insurance must be in force.
• Offers three benefit structure: Minor Stage Cancer (Carcinoma in Situ), Early-Stage Cancer to Major Stage Cancer and Advanced Stage Cancer.

However, while understanding what is cancer insurance and its advantages, know that there is no death benefit, maturity benefit or surrender value under this product. Further, premiums are to be reviewed after every 5 years. You will be given a notice of 3 months before the revision along with the revised instalment amount.