6 Things to Remember Before Buying a Cancer Insurance Plan in India

Did you know that the cases of cancer in India doubled up in just 26 years, with over 14 lakh reported cancer patients in 2016? What's worse is that the number is only increasing and we are at more risk today than ever before. Research also shows that while most cancers are treatable with high success rates, India still falls back because most people don't find it affordable and accessible. So, ask yourself, in an unforeseen circumstance if you are required to get cancer treatment for yourself   or any of your family members, would you be able to afford it or will you leave it to chance?

 

Did that question make you anxious? Don't worry, a good critical illness health insurance can take care of your treatment expenses not just for cancer but many more such serious diseases. So, how does one find a good plan?  

 

1. Understand your Needs

Looking for an insurance plan online will throw up a number of results, but you'll only be able to pick the right one if you understand your needs. Prepare a list of your possible requirements based on personal factors such as family history (genetic risk of certain diseases), age limit you will require, the sum insured you want etc. Once you are done with that, then begin comparing plans on the internet to find one that suits you best.

 

2. Evaluate your Options

There are many options available for you nowadays for protection against most critical illnesses. For starters, you must decide whether you want to invest in a separate cancer insurance plan or you want to opt for it as an add-on with your existing health insurance policy. If you are opting for coverage for your entire family, it is generally recommended to opt for a separate plan as you can opt for a higher sum insured that way. The add-on, on the other hand, is a great alternative for an individual as it modifies your existing plan to give you coverage at an affordable price.

 

3. Look for Maximum Features

As with any health insurance plan, we all look at getting the most extensive coverage at the most affordable cost. The first thing to check for in a critical illness plan is the number of diseases you are getting coverage for. Niva Bupa provides you coverage against 20 critical illnesses including cancer and kidney diseases. Another factor to look for is the age limit, as most insurance plans will cover the insured up to the age of 70. Hence, look for a plan that gives you coverage for the maximum amount of time possible.

 

Pro-tip: Look for discounts on your premium wherever you can. For example- Niva Bupa offers you a discount on your premium if you opt for a 2-3 year policy period.

 

4. Understand the Benefits

It is essential to know the benefits that you will get if you are diagnosed with cancer or any other critical illness. Some cancer plans will offer a payout of around 25% on diagnosis of cancer at an early stage, with the remainder of the payout given only upon the death of the insured. Some of them will provide you with the option of a monthly payout that will simulate earnings and replace any earnings lost during that period.

 

However, do read the terms, conditions and exceptions carefully. For example, the insured has to survive for at least seven days from the time of diagnosis of cancer for the payout to be made. There might also be a waiting period between claims defined in the insurance plan.

 

5. It doesn't Replace your Regular Insurance

An insurance plan that is specifically designed to cover critical illnesses will not necessarily replace your health insurance plan, so please make sure you understand the difference between the two. Similarly, a critical illness plan might not offer any benefit on the death of the insured, as a term insurance plan will.

 

Consider all your options before you decide on the exact combination that works for you.

 

These tips can help you decide on a plan that works best for you and your loved ones. All you need to do is visit the insurer's website and check out the plans they have to offer. Niva Bupa offers you a separate plan- Criticare (critical illnesses plan), along with an add-on with your existing plan.