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Life sometimes throws unexpected challenges before us. Illnesses are one of them. Among the various ailments known to us, cancer is a critical disease that is one of the chief causes of death across the world. It is a disheartening fact that the number of cancer cases in India has increased over the years. Besides, the prolonged treatment of the disease is expensive. Buying a cancer insurance policy is advisable to safeguard oneself financially.
A cancer insurance policy is a type of health insurance cover that offers lifelong financial protection against various medical expenses resulting from the treatment of cancer at all stages.
The cancer insurance plan is an indemnity-based plan that offers cover for treatment of cancer at all stages. It comes with the following benefits:
In addition to the features we have listed here, the cancer policy allows you to avail of optional benefits and access health services, such as doctor on call and quick recovery counselling.
Technology has made things easy for an insurance buyer. Buying cancer insurance online is now possible in a matter of a few minutes. Before doing so, ensure you make a clear assessment of your healthcare needs and the expenses you would incur due to the treatment. This assessment will enable you to make a better decision.
Three things to consider:
Affordable Premium: You can rely on a health cover that offers you the best coverage at a reasonable premium rate. This way, you spend less and avail of more benefits.
Claims Settlement Ratio: By checking the Claims Settlement Ratio, you can rest assured about getting a hassle-free claim. A high Claims Settlement Ratio indicates a good track record.
No Claim Bonus: You can enjoy the benefits of making no claim in a policy year. The ‘No Claim Bonus’ feature makes you eligible for an increased sum insured for every claim-free year.
You can now select the best cancer insurance plan online by visiting the official website of Care Health Insurance. Choose a suitable policy with your preferred sum insured, calculate and pay the premium online, in just a few clicks.
Here are the easy steps for buying a cancer insurance plan online:
Visit Care Health Insurance official website and select the cancer insurance policy
Enter your mobile number and e-mail id, and click on ‘Get Quote’
Provide the proposer details, including contact details, name and pin code
Fill in details like number of insured persons, gender, & age. Confirm if there are pre-existing conditions
Customise your cancer policy with a preferred sum insured, policy term & other details
Check the premium and click on ‘Buy Now’. Confirm proposer details in the 'quick pay' page
Pay the premium through any secure digital payment mode, such as net banking, debit or credit cards
You will get the health policy documents, including the e-health card on your registered email-id.
A cancer insurance policy protects you from the burden of expensive medical treatment. Consider the following factors before buying one:
Sum Insured: The cost of medical treatment in India is staggeringly high. And, the rate at which it is increasing is equally alarming. Thus, we recommend that you choose a policy with a high sum insured.
Features: Make sure your policy has features such as cover for pre-and-post hospitalization medical expenses, medical procedures like chemotherapy, organ donor cover, etc.
Types and Stages of Cancer: Remember to check if your policy provides coverage for all stages of cancer. Also, check the types of cancer covered by the policy.
Waiting Period: The waiting period must be completed before you can get a claim. So, make sure you check the waiting period when buying a cancer cover policy.
Also, read the policy document carefully to understand the exclusions. Find out if there is an option of paying the premium in monthly or quarterly instalments or a single payment.
There is an initial waiting period of 90 days in the cancer insurance plan. The insurer shall not offer coverage if the insured undergoes a diagnosis of the illness or any surgical procedure during this period.
A health insurance policy has specific exclusions that every policyholder must know. It will help you to prepare yourself for the out-of-pocket expenses.
Given below are the permanent exclusions of the cancer policy:
Act of self-inflicted injury attempted suicide or suicide
Any illness related directly to the consumption of alcohol/ tobacco/ cigarettes, etc.
HIV or any other sexually transmitted disease
Cosmetic or plastic surgeries or related treatment
Pregnancy, miscarriage, childbirth, maternity including C- section, abortion, or complications of any of these
All the hazardous activities
Damage caused by a nuclear, chemical, or biological attack or weapons
Illness or injuries caused due to any breach of law by the insured with any criminal intent
The rising cases of cancers in our country are ringing alarm bells. Unhealthy lifestyle choices, family history, and other factors have made people susceptible to this dangerous disease. The importance of a cancer plan cannot be stressed enough. The progress achieved in cancer research, diagnosis, prevention, & treatment is praiseworthy. However, considering the uncertainties of life, it is always wise to get a health cover to manage any unexpected surge in medical expenditures.
A cancer health insurance policy is a specialised health cover that will act as a vital financial back-up when a person is diagnosed with the disease. It gives a cushion to your regular health plan that alone may not be sufficient to bear the enormous treatment costs.
Here are some reasons why a cancer policy is necessary:
Cancer is a dreaded disease and requires specialised medical care. This indemnity health plan will cover various cancer treatment-related expenses, thus keeping your family financially safe.
A cancer cover is necessary for anyone leading a hectic lifestyle. More importantly, if the disease runs in the family, investing in this policy will be a step in the right direction.
It works as an additional health cover along with your existing health policy. A regular health policy is not enough for covering the treatment of this illness
Cancer treatments have advanced, but you also need to consider how expensive they can be in these times of medical inflation.
The best cancer insurance plans cover various cancers at all stages. You have the advantage of reviewing the options and make a well-informed decision.
Thus, this health insurance for cancer patients provides you with the much-required financial back-up and peace of mind that will enable you to think only about your health and not about finances.
This health insurance for cancer patients thus provides you with the much-required financial back-up and peace of mind that will enable you to think only about your health and not about finances.
No one can deny that being financially prepared helps deal with unforeseen events like illnesses or injuries with ease. It is particularly true, given in the times we are living. New health risks pose roadblocks in the path towards our life goals. Thus, buying a health insurance plan is extremely crucial.
At the same time, if there are risks of cancer owing to environmental factors or family medical history, one should also consider opting for a cancer care insurance policy. It is essential as an existing health policy would prove inadequate to cover the various expenses related to cancer treatment.
Buying a comprehensive cancer insurance policy, such as the one offered by Care Health Insurance, is of utmost importance. A specific health cover for cancer scores over other health policies as the premium is affordable, and there is coverage available for all stages of cancer.
Cancer is a serious ailment, and the treatment is usually long-term. The disease may occur due to other reasons, even if you do not have a family medical history. Being financially prepared to deal with such uncertainties of life is a wise approach towards securing your future. In India, medical inflation has caused severe financial problems for many families. Due to medical advancements, there is a cure possible even for life-threatening diseases like cancer. Early detection is crucial as it helps in treating the disease effectively and prevents complications. However, the cost of diagnosis and treatment can be huge. Instead of depending on one’s savings, it is better to buy a cancer insurance policy.
A cancer insurance cover will provide coverage for expenses beyond in-patient hospitalization. It also offers cover for expensive medical procedures such as chemotherapy, radiotherapy, and organ donor cover. You can also get access to health services like Quick Recovery Counselling with a fixed amount per session, Global Coverage, Doctor on Call, and access to Health Portal.
To avail of the various benefits available under a cancer insurance policy, an insured person must pay the premium to the insurer. The medical expenses will be covered either through a cashless or reimbursement facility. Your ideal cancer protection plan should be selected based on increasing medical inflation.
To receive the coverage, policyholders will have to raise a claim within a specified timeframe. They must be aware of the policy terms, including the waiting period, co-payment clause, and exclusions that will be taken into account.
Let's understand how the cancer insurance plan works.
We shall explain by taking a case wherein an individual has opted for a cancer insurance policy. The relevant details of the policy and the insured person are as mentioned below:
|Insured Person:||A 30-year old, Male, No pre-existing condition|
|Sum Insured Selected:||Rs 50 Lakh|
|Policy Term:||3 Years|
|Total Annual Premium:||Rs 9,878 (includes 18% GST) or Rs 337 Per Month*|
Now, let us assume that this person was diagnosed with cancer at the age of 50 years. He underwent cancer treatment at the metro hospital, and the medical cost he incurred was Rs 70 Lakh. It is quite natural to feel stressed, thinking that the treatment costs have exceeded the sum insured of the cancer insurance policy he bought years ago. However, this worry will be short-lived if he realises that there is a feature of No Claim Bonus in the plan, because of which he became eligible to get an increased sum insured for every claim-free year. Owing to this feature, the sum insured of the policyholder, in this case, is now Rs 1 crore. Moreover, thanks to the lifelong renewability feature, he is stress-free about getting continued coverage and enjoying benefits like No Claim Bonus.
Since this cancer care policy is an indemnity-based policy, it would cover the actual medical expenses incurred by the insured. In this case, the expenses up to Rs 70 lakh would be covered, subject to the policy terms and conditions. The policyholder will have the balance amount of the sum insured available for additional treatment and future medical expenses.
Furthermore, if the treatment is availed at a network hospital, then the expenses will be covered on a cashless basis. In case the insured chooses a non-network hospital, he can raise a claim for reimbursement within the time specified.
The policyholder can apply for a reimbursement claim where one has to submit the duly filled claim form and required documents, as per the policy terms & conditions. One can also avail of the cashless facility, which is available only at network hospitals. The policyholder has to notify us within 24 hours of emergency hospitalization and 48 hours prior to admission in case of planned hospitalization.
*Sum Insured – Rs.50 Lakhs, Age – 18 to 25 years, Monthly Premium Payment Mode including Optional covers included - Room rent modification/ Air ambulance cover/ ISO. Exl GST.
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Zeroing in on a health insurance plan for your family is a tricky choice, given the number of insurers in the market who offer similar policies. It is not wise to simply choose the policy with the lowest amount of premium. You need to compare different policies, their features and benefits. Care Health Insurance (CHI) (formerly known as Religare Health Insurance Company Limited) is a specialist Health Insurer and offers products keeping in mind the needs of a customer in the event of a medical exigency. CHI offers a distinct set of benefits giving a clear choice for providing you with the best possible health insurance.
Awarded as Claims Leader of the year
23 lakh + Claims settled*
Cashless claim processing in approx. 2 hours
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Most Frequently Asked Questions
Yes. If policyholders do not make any claim under the cancer health insurance plan, they get rewarded by us under the No Claim Bonus (NCB) feature. Under this benefit, the sum insured gets increased by a specified percentage for every completed and continuous policy year. Please refer to the policy T&C.
Our Cancer Cover insurance plan is an indemnity-based health insurance plan. We will pay for the actual medical expenses you incur during the cancer treatment, in a policy term, on reimbursement or cashless basis, subject to policy terms and conditions.
Our cancer health insurance plan offers coverage with a minimum sum insured of Rs 10 Lakh to a maximum sum insured limit of Rs 2 crore. We suggest going for a higher sum insured, considering that cancer treatment may be expensive. In addition to the policy benefits, the plan also offers you optional benefits at an additional premium, including unlimited automatic recharge, air ambulance cover, and room rent modification, thus boosting your health coverage.
For hassle-free *claim settlement under the cancer cover policy, the policyholder must notify us within 24 hours in case of emergency hospitalization and 48 hours prior to admission in case of planned hospitalization. The policyholder must submit the claim form along with the required documents. After verification by our claim management team, we will settle the claim (or reject the claim, as the case may be) within 30 days of receipt of all the necessary documents or information required for claim settlement. Upon the acceptance of the offer of settlement of claim by the policyholder, we shall reimburse the medical expenses as per policy T&C within 7 days. *Please refer to the policy document.
There is no medical check-up required before buying a cancer insurance policy. However, a medical check-up may be required at the discretion of the underwriter. The cancer insurance policy is issued based on tele underwriting.
A person opting for a cancer insurance policy is eligible to claim an income tax deduction on the health insurance premium paid, as per Section 80D of the Income Tax Act, 1961, as applicable. These tax benefits are subject to changes in the tax laws in India.
Ideally, when opting for a cancer insurance policy, you must choose a sum insured that would be sufficient to cover the various medical costs you may incur in the future. It would include hospital expenses, diagnostic tests, medication, recovery, etc. Besides considering the coverage amount, do keep in mind other factors, including the waiting period, cover for chemotherapy/radiotherapy, organ donor cover, alternative treatment, etc.
When it comes to dealing with a critical disease like cancer, we must make a thoughtful decision about getting quality healthcare at the best medical facility. Undergoing cancer treatment will involve a lot of expenditures. As medical costs in India are steadily rising, an existing health policy may become inadequate in the future. Therefore, selecting a policy with a high sum insured is recommended. It is all the more essential, given the medical inflation and the associated expenses, which are not only restricted to hospitalization. We always recommend buying a policy with a higher sum insured based on your current medical condition and health risks. For example, Rs 50 lakh is a safe buy that will provide you comprehensive cover for various expenses related to cancer treatment.
A cancer insurance policy offers a safety net for your financial savings. It includes vital benefits such as:
Disclaimer : Information above is just for reference. Kindly read T & C of policy thoroughly, Do refer IRDAI guidelines for tax exemption conditions.
*Claim settlement ratio is for FY 19-20 and *number of claims settled as on June 30, 2020