A cancer plan from a top insurance company is a good idea for several reasons. It ensures simplicity, security, reliability, affordability and flexibility. A cancer plan can eliminate the out-of-pocket costs of radiation, chemotherapy, surgery, nursing care and drugs. There are about 8,00,000 new cancer cases in India per year. In fact, at any given time, this load is about 2,40,000 cases. This statistic shows that there is a rapid proliferation of this disease and why you might want to invest in the best cancer care insurance policy. But how to make the right choice? You may want to consider these factors.
Type of Plan
It should be an individual, non-participating, non-linked health insurance pure risk premium product. Check the inclusions and features of the plan first. For example, the best company offers cancer critical illness insurance that has a choice of three benefit structures, sum assured reset benefit and in-built premium waiver benefit.
You should be able to get a medical second opinion from a panel of medical experts. See if the claim payouts are independent of the expense amount with an easy and hassle-free process. Further, read the coverage details, definitions, waiting period and risk factors thoroughly before applying.
How the Plan Works
The minimum entry age is 6 years for a child and 18 years for an adult. The maximum entry age is 17 years for a child and 65 years for an adult. See if the policy term is up to 30 years with a premium frequency of yearly, half-yearly, quarterly and monthly payments. The premium rates are usually guaranteed for a block of 5 policy years after which it is reviewed.
You should be able to get 1.2% of the sum assured as monthly income for 3 years in lieu of 40% of the sum assured is payable on diagnosis of a major stage of cancer. Applicants can get a 5% discount on cancer insurance premiums if they buy cancer insurance online.
Waiting Period
If you know what is cancer insurance, learn about the related terms as well. For example, the waiting period is when the policyholders cannot claim some or all the benefits of the ongoing insurance. Make sure the waiting period is not more than 180 days from the date of commencement of risk or revival, whichever is later.
Additional Benefits
Added perks can help you make the most of cancer insurance. For example, the best cancer insurance in India can offer simplified issuance with no medical tests. You should also look for tax benefits and make sure the benefits and payouts are independent of health insurance plans held by you. A balance of 100% sum assured less than any benefits paid earlier on minor stage claims can be payable on diagnosis of the major stage.
Exclusions
Certain conditions under minor and major cancers are not covered. For example, tumours described as carcinoma, non-melanoma skin carcinoma and cervical intra-epithelial neoplasia without carcinoma in Situ are usually excluded from the cancer insurance benefits. Nuclear, biological and chemical contaminations are also not eligible for a cover. Read the sales brochure for an informed choice.
Knowing what is cancer insurance and its many benefits keeps you financially prepared to defeat the disease. Calculate the premium online to get an idea of the payments and choose a suited cover for yourself.
No comments:
Post a Comment