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Covering Your Bases: Factors To Consider When Selecting A Private Cancer Insurance Plan In India

Covering Your Bases: Factors To Consider When Selecting A Private Cancer Insurance Plan In India

Selecting the right private cancer insurance plan in India can be complicated. When deciding on a policy, you need to consider factors such as coverage type, premiums, benefits, etc.

Selecting the right private cancer insurance plan in India can be complicated. When deciding on a policy, you need to consider factors such as coverage type, premiums, benefits, etc.

Published on: 9 February, 2023

Published on: 9 February, 2023

In 2022, an incredible 14,61,427 cases of cancer were estimated to have occurred in India. This shocking statistic means that 1 in 9 Indians have a high risk of developing cancer at some point during their lifetime. Lung cancer and breast cancer are the two most common types of cancer among males and females, respectively. 

 

A cancer diagnosis can be a jarring and life-altering experience. Given the high incidence of cancer in the country, treatment expenses are also bound to increase with time. It is always best to be prepared and proactive in seeking protection – opt for private cancer insurance.

 

Buying a private cancer insurance plan is especially important if there isn’t sufficient money saved up in the bank. Medical emergencies do not come with warning, and it can be extremely difficult to afford even the first phase of treatment if you don’t have financial back-up. Having a history of cancer in your family or extended family is yet another reason for the same. Additionally, a cancer policy can be a great addition to the health insurance policy that you already possess, as ‘extra protection’. This is because most health insurance policies generally exclude cancer and other rare diseases from their coverage.

 

Here are some important points to keep in mind while choosing a private cancer insurance policy:

1. Choose a comprehensive policy
Be sure to choose a policy that covers mostly all types and stages of cancers, and also includes all stages of treatment - from pre-hospitalisation to post-hospitalisation, test and ambulance charges, daycare admission costs, etc. Some policies offer complimentary health checks, online consultations, and dedicated health coaches.
2. Choose a policy that gives a lump sum payout
Many private cancer policies in the market today offer a lump sum payout after your diagnosis has been confirmed. The disbursement is usually 20-25% of the insured amount, but in some cases, it can be 100% depending on the severity of your condition. The rest of the premium amount may also be waived off in some cases.
3. Know what a ‘waiting period’ and ‘survival period’ are
A survival period is the period the insured party has to be alive to be eligible to benefit from the policy, while a waiting period is a time one has to wait before the policy starts providing coverage benefits. Almost all cancer plans based in India have a waiting period of 180 days from the start of the policy coverage. The cancer patient is required to survive for 7 days after the cancer diagnosis for the claim to stand.
4. Choose a long-term policy
Always pick a policy that doesn't just insure you and your family for a longer period, but also offers a higher assured sum. In this way, you can enjoy tax benefits while still being ‘cancer protected’ for a number of years. As per section 80D of the Income Tax Act, taxpayers can avail of tax exemptions for maintaining medical insurance policies - this includes cancer insurance policies too.
5. Choose a policy that offers premium waivers
Many private cancer insurance policies in the market today offer waiver of premium at specific stages of treatment. Read the policy document carefully to understand what additional benefits your policy offers before availing it.
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In 2022, an incredible 14,61,427 cases of cancer were estimated to have occurred in India. This shocking statistic means that 1 in 9 Indians have a high risk of developing cancer at some point during their lifetime. Lung cancer and breast cancer are the two most common types of cancer among males and females, respectively. 

 

A cancer diagnosis can be a jarring and life-altering experience. Given the high incidence of cancer in the country, treatment expenses are also bound to increase with time. It is always best to be prepared and proactive in seeking protection – opt for private cancer insurance.

 

Buying a private cancer insurance plan is especially important if there isn’t sufficient money saved up in the bank. Medical emergencies do not come with warning, and it can be extremely difficult to afford even the first phase of treatment if you don’t have financial back-up. Having a history of cancer in your family or extended family is yet another reason for the same. Additionally, a cancer policy can be a great addition to the health insurance policy that you already possess, as ‘extra protection’. This is because most health insurance policies generally exclude cancer and other rare diseases from their coverage.

 

Here are some important points to keep in mind while choosing a private cancer insurance policy:

1. Choose a comprehensive policy
Be sure to choose a policy that covers mostly all types and stages of cancers, and also includes all stages of treatment - from pre-hospitalisation to post-hospitalisation, test and ambulance charges, daycare admission costs, etc. Some policies offer complimentary health checks, online consultations, and dedicated health coaches.
2. Choose a policy that gives a lump sum payout
Many private cancer policies in the market today offer a lump sum payout after your diagnosis has been confirmed. The disbursement is usually 20-25% of the insured amount, but in some cases, it can be 100% depending on the severity of your condition. The rest of the premium amount may also be waived off in some cases.
3. Know what a ‘waiting period’ and ‘survival period’ are
A survival period is the period the insured party has to be alive to be eligible to benefit from the policy, while a waiting period is a time one has to wait before the policy starts providing coverage benefits. Almost all cancer plans based in India have a waiting period of 180 days from the start of the policy coverage. The cancer patient is required to survive for 7 days after the cancer diagnosis for the claim to stand.
4. Choose a long-term policy
Always pick a policy that doesn't just insure you and your family for a longer period, but also offers a higher assured sum. In this way, you can enjoy tax benefits while still being ‘cancer protected’ for a number of years. As per section 80D of the Income Tax Act, taxpayers can avail of tax exemptions for maintaining medical insurance policies - this includes cancer insurance policies too.
5. Choose a policy that offers premium waivers
Many private cancer insurance policies in the market today offer waiver of premium at specific stages of treatment. Read the policy document carefully to understand what additional benefits your policy offers before availing it.
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Are you struggling to cover the cost of cancer treatment even with insurance? Don’t worry, Milaap can lend you a helping hand in seeking financial assistance through crowdfunding. With just a few clicks, you can easily set up a fundraiser for any medical emergency and raise funds to cover the cost of treatment. No matter the situation, we are here to support you and help you get the care you need.

 

Do you know someone who could benefit from fundraising? Simply refer them to us and we’ll be happy to lend a hand. Visit www.milaap.org or call us on +91 9916174848 to get started now.

 

For more information, write to us at cx@milaap.org.


Are you struggling to cover the cost of cancer treatment even with insurance? Don’t worry, Milaap can lend you a helping hand in seeking financial assistance through crowdfunding. With just a few clicks, you can easily set up a fundraiser for any medical emergency and raise funds to cover the cost of treatment. No matter the situation, we are here to support you and help you get the care you need.

 

Do you know someone who could benefit from fundraising? Simply refer them to us and we’ll be happy to lend a hand. Visit www.milaap.org or call us on +91 9916174848 to get started now.

 

For more information, write to us at cx@milaap.org.


Written by:

Aathira Ayyappan


Written by:

Aathira Ayyappan