What does the best cancer care insurance policy offer?

Having a healthy and happy life is the primary goal of many individuals. But life is uncertain. Any turn of fate can jeopardize both – your health and financial future. Cancer as an illness does just that. It not only hampers your health but also takes a toll on your savings and other financial covers. That’s why you need a cancer care insurance policy.

Along with finances the policy also gives you the mental peace to know that none of your savings are hampered whilst the treatment of the illness.

In this article, let’s look are some of the key features of this insurance policy and discuss what it offers.

What are the key highlights of the cancer care insurance policy?

• Stage-wise lumpsum payout benefit: Based on the benefit structure you have chosen; the policy offers you up to 150% of the sum assured. This may vary from policy to policy so, before you sign up ensure that you have read the terms carefully.
• Comprehensive plan: Generally, some of the best cancer care insurance policies come with three benefit structures to cover different stages of Cancer, they are:

• Minor Stage Cancer (Carcinoma in situ (CIS)& Early Stage cancer)
• Major Stage Cancer
• Advanced Stage Cancer

• Medical Second Opinion: During the tenure of the policy if you are diagnosed with cancer, you can have your diagnosis and treatment plan evaluated by another doctor.
• No medical examination: Unlike a medical insurance policy or other health-related policies, cancer plan is simple and requires no medical examination before you avail for it.

What does this insurance plan offer?

A cancer care insurance policy offers to take care of all your hospital bills. Generally, this insurance policy’s structure is designed to cover minor and major stages of cancer. Several policies also offer an advanced stage cover.

What does the plan offer for Minor Stage Cancer?

• Once diagnosed with Carcinoma in situ (CIS) or Early Stage Cancer, you will a partial payout of the Sum Assured as per your policy.
• You can also claim for one CIS and one Early Stage cancer during the entire policy term. This will give a maximum payout of the sum assured.
• Furthermore, the premiums for the next 5 years since the date of the diagnosis of the first minor stage cancer would be waived off. This waiver differs from insurer to insurer. Hence it is crucial to check your policy and its term before signing up for one.

What does the plan offer for Major Stage Cancer?

• If you are diagnosed with cancer of Major Stage, then the policy pays you almost all of the Sum Assured minus any benefits paid earlier on Minor stage claim.
• With this, you also get an option of seeking a partial payout of the sum assured according to the plan that you have selected.
• Generally, the monthly income benefit would be a partial percentage of the total sum assured selected during the inception. This is a guaranteed benefit. Once you opt for this, you continue to receive the payout for 36 months irrespective of the death of the life assured or termination of the policy contract.

While the above-mentioned are general offerings of a cancer plan, the terms may differ from policy to policy. Hence, you must seek professional advice before you buy a plan.