Health Insurance

Everything You Want to Know about Standalone Cancer Care Health Insurance?

Dec 03, 2021

You have secured your medical exigencies by taking your regular health insurance plan, which covers you and your family for all general medical conditions. The situation would be a bit different for a critical illness like Cancer, as in such cases, the general health insurance plan will definitely fall short of covering the expenses incurred, for the treatment to cure cancer. The treatments for such critical illnesses are so expensive, that it would be difficult for you to manage the expenses even if you are financially sound and stable.

Stand-alone Cancer Care Health Insurance is definitely a Prudent Choice 

There was a time when Cancer was considered to be incurable. Now, with the advancement of technology and medical sciences, it comes with a ray of hope of getting cured. However, data suggests that Cancer is still the second largest killer in India. The treatment of cancer is expensive and the medical bills can be a serious cause of concern for the family members. To cope with such unexpected medical costs which may catch you by an ugly surprise, it is a prudent decision to opt for a standalone cancer insurance coverage plan. This sort of plan will give you the benefit of a lump sum amount which will prove to be beneficial for your long-term treatment.

Pointers you should keep in mind while choosing a standalone cancer plan

Several health plans launched by insurance companies offer cancer plans in keeping with certain terms and conditions of the plan and are thus not mandatory to buy a new policy. However, there are various other factors that need to be considered and analysed before choosing an apt cancer plan. Let’s take a look at the points to be considered while making a choice for a standalone cancer plan:

  1. Family History of Cancer:

 People with a history of cancer in the family are considered to stand a higher chance of occurrence of the disease. Though cancer has become a very common disease these days, people having cancer in their family background need to be more cautious of their lifestyle and definitely consider thinking of health insurance support like a standalone cancer health insurance plan. 

2. High level of Tobacco Consumption:

 High levels of tobacco consumption can prove to be dangerous in the long run. People who consume tobacco in any form definitely stand a higher chance of occurrence of cancer and should always consider opting for a critical illness insurance plan. Various awareness programmes relating to the consumption of tobacco and the occurrence of cancer have made some difference to the society, but, consumption of cancerous tobacco is still rampant in our country.

3. Disease-Specific Cover:

 It should always be kept in mind to be extremely careful while choosing a Health Insurance plan with critical illness benefits and the decision of the sum insured should be taken wisely. This is because the sum insured is the total cover that you can claim for treatment of cancer which can be a maximum of INR 60 lakhs. So, the sum insured plays a vital role in the purchase and claiming of a policy. 

4. Waiting Period: 

Health Insurance Companies abide by a waiting period of 7 days from the date of diagnosis and 180 days from the date of buying the policy for processing any health insurance claims under the critical illness benefit. Unlike any other reimbursement plan or Mediclaim, cancer plans process the claim of the insurance amount on diagnosis of the disease irrespective of the expenses incurred on treatment. This helps you to decide on your course of treatment and choice of hospital for the treatment as is best suited to you. The lump-sum amount is equivalent to your sum insured for the plan and can take care of the medication, post-treatment expenses and provide you with financial support during the time you recover while being away from work.

However, cancer plans do not pay any lump sum amount, similar to the term plans, in case of the patient’s demise.

5. Exclusions:

It is extremely important that you read the terms and conditions before buying a cancer plan as far as the exclusions are concerned. There are certain plans which do not include diseases like skin cancer and the patient is stuck at the time of claim. Pre-existing diseases will also not be covered in critical illness plans. 

Benefits of a Standalone Cancer Plan

  1. No Sub Limits:
    Standalone cancer plans, unlike the other health insurance plans, do not come with any sub-limits which implies that the entire sum insured is paid out on detection of the disease without being hospitalised for the same. This relieves a person from following up with the insurance company for reimbursement of expenses incurred by you for the treatment of the disease or even for cashless claims. 

     
  2. Lifelong Renewability:
    Since cancer treatment can be prolonged over a period of time, you can choose to renew the policy lifelong. There is no concern of expiry of the plan unless the benefits are paid out and the policy is terminated.

     
  3. Income Replacement Benefit:
    In cancer-only plans, the entire sum insured is paid out on detection of the disease and can be treated as an income replacement option, if the entire amount is not utilised for the treatment purpose. It can also help the insured person to pay off debts, if any, during the recuperating period.

     
  4. Stage based payouts available:
    Payouts of claims are granted in both minor and major stages of cancer. These plans also offer an enhancement in cover as No- claim bonus, in case no claim has been processed for the policy.

     
  5. 80D Tax Benefit:
    Tax benefit exists for all standalone cancer plans with a maximum limit of INR 25,000 for citizens below the age of 60 years and for senior citizens, up to a maximum limit of INR 50,000 under Section 80D.

Conclusion

Buying cancer plans online is not only time-saving but also comes with a large array of benefits. A comprehensive health insurance indemnity plan is non-negotiable. But if you have a risk of cancer, opting for a cancer-only health insurance plan is a good option.

If you still haven’t got a standalone cancer plan done yet, it's prudent for you to add it to your regular Cashless Health Insurance plan in order to get a better cushioning for your hospitalisation and post-hospitalisation costs which, in case of cancer is quite high. A standalone cancer plan will perfectly complement your Health Insurance plan and make your life stress free!

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