Cancer can strike anyone and everyone. It is a deadly disease that has turned out to be an epidemic in the recent years. No longer considered to be a genetic disease, the studies show that around 70% of cancer cases are owing to environmental factors and have no age barrier.
With treatment expenses going as high as 20 lakhs, it can drain out an individual’s lifelong savings. Which is why buying a cancer insurance plan, has gained immense popularity lately and has become an important investment decision.
Let us look at some of the benefits of a typical cancer insurance plan.
Buying a cancer insurance policy can be a life-saver if someone is diagnosed with this disease. Medical costs keep increasing at every stage and the costs related to its treatments can be extremely high which a common man cannot afford.
It ensures that the patient receives all the necessary care and the family receives the financial support.
It offers coverage at every stage, from hospitalization and surgery to chemotherapy and radiation.
The cancers detected in the lung, stomach, breast, prostate, ovarian and hypo larynx are covered.
Cancer is growing exponentially. With 18 lakhs cases detected in 2016, India ranks third highest in cancer patients globally. So it is only natural, that one will want to buy the best cancer insurance plan available in the market. So what does one need to look at, while buying a cancer insurance online?
Compare cancer insurance plans online and find out it what each has to offer, its benefits, compensation at every stage, etc.
In order to avoid increasing treatment expenses at every stage, one can opt for the indexed sum insured plan where the payout increases 10% every year up to a certain limit.
Check for the insurance plans that offer premium waiver after detection of the disease.
After diagnosis, check if the plan offers regular and fixed remunerations.
1. Read the clauses carefully. Some plans offer the sum insured only if the patient survives for 7 days. Similarly, the coverage is initiated only after 180 days of the purchase of the plan.
2. Maximum term is another important feature to look out for. For example, if an insurer buys a plan of maximum term 20 years at the age of 30, he will get coverage only till he turns 50 years. This is an important factor to be considered while buying the cancer coverage plan.
More often than not one ponders over a question, why buy a separate cancer insurance plan when he is already insured under a mediclaim or critical illness plan? Mediclaim or health insurance plan covers only the hospitalization cost whereas a cancer plan covers treatment costs from early to last stages of cancer. Cancer insurance policies are more comprehensive and offer detailed coverage.
A typical cancer insurance plan has the following features to offer.
Sum assured ranging from 5 lakhs to 80 lakhs.
The entry age of the applicant could be anywhere between 18 to 65 years with maximum policy terms ranging from 10 years, 20 years up to applicant turning 70 years.
Most insurance companies offer 25% of sum insured in case of early detection and 100% for last stage detections.
Policyholders receive lump sum monthly payouts.
Policyholders can also avail tax benefits.
Premium plans may vary according to the inclusions. For example, an indexed sum insured plan or a plan that offers 150% payout during the last stage, attract more premium amounts.
Like any other insurance plan, purchasing a cancer insurance plan online is easy and requires minimal documentation. Below are the few simple steps.
Various sites offer insurance plan comparisons online. Why not use them and choose one that fulfills your requirements? Comparisons take not more than a minute.
Once you have decided, complete the online registration form with your basic details.
Upload the necessary documents, make the payment and voila! You are now covered against one of the deadliest diseases prevailing on our planet.
As simple as the steps are, the documentation too, requires minimal effort from your end.
Forage & identity proof, produce a birth certificate, driving license, PAN card, passport or aadhar card.
Address proof could be verified using phone bill, electricity bill, passport, driving license or ration card.
Latest passport size as per the specifications are given online.
This is it! This is all you require to successfully purchase a cancer policy online.
Often one says, “Better late than sorry”. Cancer has physical, mental and practical implications for an individual. These are testing times for a family and an insurance plan can help one deal with it in a better way. Which is why don’t make it late. Buy a suitable plan now and be in a better position to fight this terrifying disease.