The key difference between a ‘health insurance policy’ and a ‘cancer insurance policy’ is that the latter cover most forms of cancer at both early and advanced stages. It provides a lumpsum amount which can cover all costs associated with cancer diagnosis and treatment, including hospitalization, radiation, chemotherapy and surgery, among others.
Here are a few things to look for while investing in a Cancer Insurance Policy:
Eligibility for Cover
Generally insurance policies cover most cancers, other than skin cancer1. In addition, claims might not be payable for any cancer resulting due to sexually transmitted diseases like AIDS or HIV. You are also not eligible for a cancer insurance policy if you are suffering from a pre-existing condition.
Based on factors like heredity, lifestyle habits, and screening test results, list out the types of cancers that you could be vulnerable to. Check the cancer insurance policy to confirm if these cancers are covered under the policy.
Stages of Severity
Usually, the payout from a cancer insurance policy is divided into different stages of severity. This means that the amount received depends on the stage of the cancer and claims previously admitted under the cancer policy.
The general stages of the policy are diagnosis, treatment and surgery. This includes pre cancer stage, early stage & major stage cancer. Check the stages of severity your cancer insurance policy duration is divided into and get a better idea of the amount and benefits you are likely to receive.
Track-record of the Insurance Provider
Perhaps one of the most critical aspect to consider is the reputation of the insurance company. A high claim settlement ratio, customer friendly policies and service efficiency are extremely important considerations.
In addition to a high sum assured and wide coverage, an ideal cancer insurance policy should also have features that add convenience and peace of mind. Some of these are premium waivers on diagnosis, no claim bonus (an increase in sum assured), option to increase sum assured, a small waiting period, high renewability period, monthly payments for out-of-pocket expenses, etc.
Max Life Insurance brings you a one-of-a-kind Cancer Insurance Plan that covers all stages of cancer and pays a 20% lump sum on early stage cancer detection and waiver on all future premium payments, we take care of it. The plan also provides cover for smokers. Moreover, the paperless online transaction eliminates purchasing hassles. In case of an unfortunate incident of cancer detection, the proactive financial planning will lend your family a secured financial future while offering you a peaceful state of mind to battle the disease.