Cancer Insurance is a unique kind of policy created to provide financial support to people who are diagnosed with the disease beyond the free look-up period indicated in the terms and conditions of the purchased cancer insurance policy. Hospitalization, chemotherapy, radiation, surgery, and other costs related to cancer diagnosis and treatment are all covered by a cancer-specific insurance coverage.
Typically, payments are due at different stages of diagnosis, such as minor, major, and critical stages. Death, maturity, or surrender benefits are, however, not frequently included in cancer insurance contracts. In actuality, it goes beyond only the cost of the hospital stay itself.
The insured person cannot have a history of cancer in order to be eligible for cancer insurance. Cancer insurance is also not available to people who have already received a cancer diagnosis and treatment.
An expensive course of therapy for a variety of specific critical illnesses, such as a stroke, major organ transplant, paralysis, cardiac arrest, multiple sclerosis, kidney failure, total blindness, deafness, etc., is covered by a critical illness (CI) insurance. There are quite a few malignancies that are fatal. When a covered critical illness is discovered, a typical CI plan pays a lump sum benefit that can be applied to deductibles, treatments, co-pays, counselling, or any other connected costs. Because it exclusively covers specific critical illnesses, CI insurance is less expensive than comprehensive medical insurance coverage. You can acquire critical illness insurance as a standalone policy or as an add-on to an existing life or health insurance policy.
The fact that such plans only cover cancer at an advanced stage is a significant downside. For instance, a critical illness plan will cover cancer if an advanced malignant tumour shows unchecked development, invasion, and destruction of healthy tissues. Additionally, a CI plan does not waive upcoming premiums and does not have the characteristic of an enhanced sum insured. When a covered sickness is discovered, the coverage ends.
The detrimental effects that this condition may have on your family's physical, mental, and financial well-being are protected by cancer health insurance plans. If you have a history of the disease in your family or you think you don't have enough money to handle big medical bills, it is a wise choice to get cancer-specific coverage.
No, finding an insurance plan that will cover someone with a cancer diagnosis is really difficult. However, you can supplement your current health insurance plan with critical illness coverage.
The specific requirements of a cancer patient are met by a cancer health insurance plan, which also provides for your financial stability. It offers complete insurance protection for hospitalisation, surgery, chemotherapy, radiation, and other medical procedures.
It is crucial that you take the following aspects into account when choosing the best cancer plan:
• Check the insured sum
• Check the policy tenure
• Cancer insurance pay-outs at various stages of cancer
• Waiting and surviving period clauses
The insurance company will not pay any benefit to the policyholder if the diagnosed cancer was due to any of the following conditions:
• HIV or AIDS (Sexually transmitted diseases)
• Congenital conditions
• Intoxication by drugs or alcohol
• Nuclear, biological, or chemical contamination, also referred to as NBC
• Organ donation