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5 Factors To Consider Before Buying Cancer Insurance

Sep 10, 2018 | 2 years ago | Read Time: 3 minutes | By iKnowledge Team

From premiums to family medical history, there are a number of factors you need to consider to make an informed choice and buy the right cancer insurance plan.

The very mention of cancer can instil fear in the toughest of individuals. When you think about the future, having a critical illness such as cancer is the last thing you imagine. A regular health insurance does not provide the required cover for high cost treatments that cancer demands.

A cancer insurance plan is designed to specifically meet your cancer treatment needs when diagnosed in the specified free lookup period. There are a couple of general tips you must keep in mind when buying any sort of insurance plan, but when it comes to cancer plans you have to be extra cautious.

Benefits of Cancer Insurance - Aegon LifeSource: BankBazaar

These are the 5 factors you need to consider before buying a cancer care plan:

1.  It Has A High Sum Assured

With the steep cost of cancer treatment, it is advisable that you choose a plan which gives you a high sum insured. Depending on the stage of illness, you might have to shell out anywhere between Rs. 2.5-20 lakhs. Most plans give you a sum insured of anywhere between Rs. 10 lakhs to Rs. 50 lakhs. You must ensure that this amount covers everything beginning from your hospitalisation costs right to radiation or chemotherapy charges.

You need to understand that a cancer plan is in no way a substitute for a regular health insurance.

2. It Covers Multiple Stages

There are four stages that most standalone cancer insurance plans outline. You should check for the stage-wise benefit of the plan before investing in it.

  • Minor Stage:

When cancer is detected in its initial stages i.e., the malignant tissue has been detected but not invaded nearby cells.

  • Major Stage:

This stage is characterised by the presence of malignant tissue which has begun invading and destroying the tissues around it. Usually your doctor suggests chemo or radiation therapy at this stage.

  • Critical Stage:

The oncologist refers to this as stage 4. Once the cancer has crossed the major stage, treatment costs shoot through the roof. At this stage you will most likely not be able to work and therefore your cancer insurance must cover the lost income.

If you look up the various existing plans online, you will find different plans that offer different covers at each stage.

3. It Has A Wide Policy Term

Many of the online cancer insurance plans you come across will outline a fixed term through which it will cover you. But since cancer diagnosis and treatment can be a long, drawn out process you should make sure that the plan you choose covers you for a longer period. Most plans will have a maturity age of 75 but it differs across companies. For example, Aegon Life’s iCancer plan has a minimum policy term of 5 years and maximum of 70 years minus the age of entry. This term may also differ depending on the stage your cancer is at.

4. Look Up Period and Flexibility

A look up period is simply the period within which you can review and cancel your plan if you are not satisfied with it. Many plans may not offer this benefit which is why it is essential that you read all the fine print carefully and compare several plans before settling on one.

Coming to flexibility, your cancer care plan must allow you the benefit of choice as to whether you want to pay your premiums monthly, quarterly or yearly, in line with your finances. Moreover, it must not compromise on the tax reliefs that every term plan, health plan and cancer insurance policy in India offers you with under section 80D.

5. Whether Your Medical History Aligns with the Plan

A cancer insurance plan should ideally be taken when your genetic history or environmental conditions make you prone to developing cancer. You should also keep in mind that critical illnesses including skin cancer or cancer arising from sexually-transmitted diseases are not covered in these plans.

At the end of the day, you need to look out for a plan that offers you with the support and coverage that you require by reading about it online. Companies such as Aegon Life offer great online services. This does away with the hassle of coordinating between your agent, oncologist and family.

A personalised online cancer plan is now at your fingertips.

Advt. no.: II/Jul 2018/4238


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