Things To Consider Before Buying A Cancer Insurance Policy?

Things To Consider Before Buying A Cancer Insurance Policy?

Cancer is one of the most severe health threats in the world today. Increasing pollution, poor lifestyle choices, diet, stress, and a lot of other factors contribute to the rising incidents of cancer patients across the world.

Recent studies show that the number of cancer patients is rising at an exponential rate in India.It is estimated to reach 17.3 Lakh by the end of 2020, with almost 70% of the cases reaching critical stages if preventive measures are not utilised.

Preventing and treating cancer patients is a time-consuming and expensive undertaking. Depending on the severity of a patient it might cost anything between Rs. 2.5 Lakh to Rs. 20 Lakh in the first 6 months of treatment. Such high costs prevent many people from availing quality healthcare to cure the ailment.

To ensure you don’t face any such financial deficiency, you can protect yourself with cancer insurance policies. These insurance schemes provide the financial backing necessary to fund the treatment of such critical diseases. You can avail a cancer insurance from Bajaj Finserv for financial coverage of diagnostic, medicinal, and treatment expenses as well as for any loss of income for a specified time-frame.

These health insurance plans are designed specifically to meet a patient’s unique requirements. However, there are certain factors one should consider while choosing an insurance policy.

  • Medical history – An individual should select a cancer insurance plan after considering the conditions that are known to develop cancer. Consider the conditions covered under insurance for cancer before availing a particular product.

For example, Bajaj FinservCancer Insurance Policy covers the following types of conditions –

  1. Lung cancer
  2. Hypopharynx cancer
  3. Stomach cancer
  4. Prostate cancer
  5. Ovarian cancer
  • Sum assured amount – The sum assured for a particular insurance scheme is the total sum of funds availed as insurance coverage as per the policy terms. Cancer treatment can cost anything between Rs. 5 Lakh to Rs. 45 Lakh in a year including additional expenses.

Ideally, a cancer insurance policy should have a sum insured of up to Rs. 50 Lakh. It should provide for all the calculated expenses along with other unpredicted costs.

  • Coverage – Usually there are four stages of cancer, namely Carcinoma in Situ, early stage, major stage, and critical stage.

Cancer insurance schemes should provide sufficient financial assistance to help you meet your requirement of all these different stages. Major and critical stages require intensive treatment including chemotherapy and radiotherapy, along with continuous diagnostics and professional care. A Cancer insurance policy should disburse the total sum to evenly match the requirement.

  • Longer term – Diagnosis and treatment of cancer can go for an extended period, during which the insurance plan should cover you against any incurred expenses. The minimum and maximum age necessary to avail such insurance schemes should be extensive to ensure that you are covered under multiple aspects irrespectively.
  • Benefits – Bajaj FinservCancer Insurance Plan offer several other types of benefits like tax exemptions, waiver of premiums, etc. For example, the insurance premium will be waived off if the ailment is detected at an early age; similarly, the insured can get tax benefits on the total sum of premium they pay for the insurance.

One can also enjoy an annual hike in sum assured if they do not lodge any claim throughout a year and can add another insurance policy to extend the coverage of the scheme. Individual Health Insurance Plans from Bajaj Finserv come with such features to provide you additional financial assistance and help meet the essential treatment expenses.

These above-mentioned factors are some of the most significant ones that should be considered before availing an insurance scheme to provide protection against cancer. Sort and find the best insurance policy to meet such requirements.

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