Cancer Insurance

As India's economy continues to grow, so does the number of cancer cases in the country. Cancer is a collection of illnesses having comparable symptoms. It may affect any living cell within the body, with each kind of cancer having a unique natural course. Research by FICCI & EY on the condition of India's cancer incidence, the recorded cancer incidence in 2022 is anticipated to be around 19 to 20 lakhs. However, the true incidence is likely to be around 1.5 to 3 times more than the recorded instances. Besides that, the expense of cancer treatment is growing in tandem with the country's medical inflation in India.

In India, the average cancer treatment costs around INR 5 lakhs, with a minimal expense of roughly INR 90,000 and the highest price of somewhere around INR 27.5 lakhs.[2] With the prices only rising in the future, it can be safely said that most of us cannot expect treatment costs without a cancer insurance plan. Most insurance companies in India offer affordable cancer coverage for those who wish to take up this option.

This article will go over everything you need to know about cancer health insurance plans.

If there is anything thing that everyone acknowledges about cancer, it is the fact that it may affect anybody, regardless of family background or lifestyle. Cancer is becoming increasingly common in India as more and more people are diagnosed with this disease each year. This can, at times, be extremely difficult for patients and their loved ones.

Cancer health insurance is a sort of fixed-benefit medical insurance policy that is meant to handle the financial risks connected with the disease. It assists in handling the expenses of cancer treatment as well as provides customers with a lump sum payout if the insured is diagnosed with cancer while the policy is in effect.

While various insurance companies provide cancer health insurance policy coverage, it is vital to conduct some research and have a basic grasp of what a cancer policy is as well as what its advantages are. Some of the most popular benefits provided by most cancer insurance policies are as follows:

Multiple stages of cancer are covered by the health insurance plan.

• Since this is a fixed-benefit plan, the lump sum payout can be used for treatment expenses as well as an alternative income for the time being.
• A premium waiver add-on is available under specific circumstances, such as during the early stages of cancer treatment.
• The sum insured of the plan is increased when you renew health insurance by a pre-set percentage if no claims are filed during a policy year.
• A specific monthly income is handed out for a set period of time, subject to specified requirements, such as the diagnosis of major cancer stages.
• Tax benefits are available up to INR 50,000 for senior citizens and up to INR 25,000 for individuals under 60 years under Section 80D of the Income Tax Act.

However, it is important to note that a cancer health insurance plan is only designed to provide a financial backup when the insured is diagnosed with cancer. It is not a replacement for conventional health insurance plans. If your family background and healthy behaviours put you at an increased chance of developing cancer, cancer health insurance coverage might come in handy when you require it the most. However, be certain that you have robust health insurance coverage in place that covers other medical conditions.

If you are looking for the best health insurance plans in India, here are some points that you need to check when shopping for cancer policies:

1). Entry age

When you compare health insurance plans for cancer coverage, you should consider the entry ages of each policy. Entry ages are generally standardised, and every health insurance policy has one. This, however, is not always the case. Varying insurance companies might establish different entry ages for their plans. You must first determine whether or whether you are eligible.

2). Sum insured

You need to check the sum insured for each cancer health insurance policy. Since they are fixed-benefit policies, if you are diagnosed with cancer, you will get the entire amount as a single payment, so pick wisely. The best health insurance plan in India is one that provides you with the most amount of sum insured at a fair premium rate.

3). Policy term

You need to pay attention to the policy term of your cancer health insurance plan, which is the period when your coverage will be active. This is the time when you can file a cancer claim and get the sum insured. The longer the policy term of your health insurance plan is, the higher value it will have.

4). Waiting period

No cancer health insurance plan covers you from the get-go. There is a pre-set period when you won't be able to file claims for cancer diagnosis. This is called a waiting period. Check for the lowest waiting period when shopping for the best health insurance in India.

There are about 120 different forms of cancer and inherited syndromes. The following are the most prevalent kinds of cancer:

• Bladder cancer
• Colorectal cancer
• Breast cancer
• Lung cancer
• Kidney cancer
• Melanoma
• Lymphoma
• Oropharyngeal & oral cancer
• Prostate cancer
• Pancreatic cancer
• Uterine cancer
• Thyroid cancer

Here are some points that can help you understand why you need cancer insurance.

1). You have cancer in your family medical history.

Having a family background of cancer raises the likelihood of being diagnosed with the disease later in your life. If you've got a family medical record of cancer, purchasing cancer health insurance coverage may be advantageous. Nevertheless, before acquiring cancer insurance coverage, you should be informed that pre-existing cancer disorders will not be insured.

2). You do not have enough financial reserves.

In the event of a medical emergency, having sufficient financial reserves makes a significant difference. It is well recognised that a fatal condition such as cancer can bring in financial issues. Having a good cancer insurance plan as a support not only pays for the price of your therapy but also keeps you financially secure enough to meet your upcoming medical bills.

3). Cancer insurance supplements your ongoing policy

Cancer health insurance plans contain a "coordination of benefits" condition that allows them to work with other medical insurance policies. It doesn't cover the coverage provided by other medical insurance policies under this provision. So, acquiring a cancer insurance policy as well as a complete health insurance policy will offer you both cancer and non-cancerous illness coverage.

4). Growing costs of cancer treatment

Cases of cancer diagnosis in India have increased dramatically in recent years. With the increasing increase in cancer diagnoses throughout the globe, the expense of treatment for cancer is also rising considerably. Cancer insurance policies cover all of these costs and provide financial security for your lifetime.

4). All cancer types are covered.

Cancer insurance covers, among other things, chemotherapy, immunotherapy, surgical treatments, as well as hospital fees for treatment of all popular forms of cancer. You may also be eligible for cancer screening perks and reimbursement for the early diagnosis of cancer, which may be utilised to assist in covering day-to-day expenditures while you concentrate on your recovery.

Here’s a step-by-step process of how to check your eligibility for cancer insurance:

• Check the entry age of the policy. You will be qualified for the insurance acquisition if you are old enough to join the plan.
• Get a medical check-up. Most policies do not accept individuals who have pre-existing cancer conditions.
• Check the waiting terms of the plan. Typically, the cancer health insurance plan involves a waiting time of 160 days. You cannot submit a claim request unless the waiting time has been completed.
• Check the survival clause. Most insurance companies will pay if the insured survives cancer for at least seven days after being diagnosed.
• Check if you can add your kid. In most cases, a minor can be included in the insurance if the coverage covers a parent.

The most common exclusions of cancer insurance include

• Pre-existing cancer conditions are not covered by cancer health insurance policies.
• Major cancer conditions, carcinoma-in-situ, as well as early-phase cancers, are typically not insured if they are caused either directly or indirectly by sexually transmitted illnesses, primarily HIV or AIDS.
• In most circumstances, if a policyholder had a congenital disease that caused cancer, they will not be covered by the cancer insurance policy. This restriction applies regardless of which stage the cancer patient is currently in.
• Cancer insurance policies do not cover cancers that are caused by intoxication from liquor, drugs, or any substances that haven't been prescribed by any certified medical practitioner. This restriction applies regardless of which stage the cancer patient is currently in.
• Cancer, whether identified in the advanced or early stages or as carcinoma-in-situ, is regarded an exclusion from cancer insurance policies if they are triggered either directly or indirectly by pollution from biological, nuclear, or chemical sources.

Here is a step-by-step procedure for filing cancer insurance claims:

• First and foremost, you must notify your insurance company as soon as you are diagnosed with cancer.
• Second, you must survive the survival period stipulated by your insurance company. Most of the time, it is 7 days. However, in some plans, it could be 30 days as well.
• Following that, you must send a filled-out and signed claim application form to the insurance company, together with your medical certificate, prescription, investigation results, banking details, and other relevant documents.
• The firm will review your paperwork and grant or deny your claim.
• If your claim is granted, the insurance company will deposit the sum insured to your bank account.

• Proof of Identity
• Proof of Age
• Medical and diagnostic test reports that indicate the stage of the disease and treatment required

Any other document that the insurance company may ask for while processing the claim made against cancer insurance.