The need for having a comprehensive health insurance policy is more apparent than ever. Lack of insurance is one of the greatest barriers that majority of them face as an access to health care. Lakhs of people have been falling prey to cancer every year in India. The number of cancer cases is rising so fast which doesn’t seem to improve, so is the cost of cancer treatment. In order to meet this requirement, many insurers have their schemes and plans to cover all types of cancers.
What is Cancer Insurance?
Cancer Insurance is another form of Health Insurance that has been created to cover all sorts of risks linked with cancer that needs to be managed as best as they can be. Cancer insurance ensures helping in reducing the costs incurred during the treatment so that the policy holders would have a financial support when they need it the most. Cancer Insurance has gained popularity in the recent years after witnessing an alarming rise in the number of cases, thereby reducing the financial burden of those who have been diagnosed with the condition.
Why is it necessary to buy Cancer Insurance?
You might already own a health insurance plan that strongly makes you believe that you are adequately covered against all the medical emergencies or illnesses. But are you really covered for an illness like cancer? Most health insurance policies are focused on covering primarily accidents, basic surgeries and falls. Such policies are not useful for treating major illnesses that will devastate an individual – physically and financially. An important step to prepare you financially against cancer is by opting for an insurance policy that would support your treatment cost. Cancer insurance policies are launched for the same purpose.
Individuals who wish to add a cancer insurance policy to their existing portfolio will have to ensure that they are not already suffering from cancer since cancer policies do not cover already existing illnesses. It is vital for you to invest in a cancer policy if you have witnessed a story of cancer in your family, or if you do not enough savings to meet medical expenses for critical illness, or if you’re the sole bread winner of the family.
Choosing the Best Cancer Cover in India
If you are considering purchasing a cancer policy for yourself or a family member, here are some of the best listed cancer plans offered by insurance companies you can avail in India:
LIC – Cancer Cover
LIC’s cancer plan is a non-participatory insurance policy that safeguards you financially in case he/she is detected with cancer during the tenure.
1. This policy can be purchased through online or offline channels by the individuals between 20 to 65 years for policy tenure between 10 to 30 years.
2. The sum insured for this plan starts from a minimum of Rs.10 lakh to maximum of Rs.50 lakh, respectively.
3. The general waiting period for this policy is 180 days and the survival period is 7 days.
HDFC Life – Cancer Care Plan
HDFC cancer plan offers the policy holders with a lump sum benefit upon diagnosis of cancer, irrespective of the stage. This policy comes with three options – Silver, Gold, and Platinum to make it easy for the policy holders to avail coverage basis individual needs.
1. Any policy holder between the age of 18 to 65 years can purchase this policy
2. All the three plans offer different coverage
3. One must survive for a period of 7 days in order to avail the benefit
4. The minimum sum assured ranges right from a minimum of Rs.10 lakh to a maxi mum of Rs. 40 lakh
Aditya Birla Sun Life Insurance – Cancer Shield Plan
Aditya Birla’s Cancer Shield Plan is traditional health insurance plan which is non-participating, offering coverage against all stages of cancer.
1. The policy tenure for policyholders ranges from 5 years to a maximum of 20 years
2. Policy buyers have an option of choosing either an increasing cover or a level corner
3. The sum assured for this plan ranges from a minimum of Rs.10 lakh to a maximum of Rs.50 lakh.
4. Premiums for this policy can be paid on monthly basis, quarterly, semi-annually or annually.
5. Prospective policy buyers should be in the age bracket of 18 to 65 years. Maturity age for this plan is 75 years.
Some of the other insurers providing cancer care plans are Bharti Axa cancer Insurance, AEGON Religare iCancer Insurance, PNB Met Life Heart and Cancer Plan. Owning a Cancer care plan along with a Health Insurance Plan is not an either/or option. Individuals should ideally own both plans as a part of their portfolio since both the plans serve different needs. Taking out an insurance policy for your health shouldn’t be a big challenge, so let us help you in taking the right decision.
Image source: Thinkstock/Getty