Any disease can be tackled with adequate care and specialised treatments, even cancer! Although its treatments and check-ups can be expensive. But that’s where an effective insurance plan can help you!
Many people rely on a standard healthcare policy. But these plans often fail to fulfil the demands of cancer treatments. This inefficiency led to the emergence of cancer-centric insurance plans. But the question arises what is cancer insurance plan, and how does it work? Read this article to get answers to these questions.
What is Cancer Insurance Policy?
A cancer insurance plan is a type of best health insurance that specifically focuses on providing coverage for cancer-related expenses. Unlike regular healthcare insurance, cancer insurance policies are designed to address the unique challenges associated with diagnosis and treatment.
Which Types of Cancer are Covered Under a Cancer Insurance Policy?
Cancer insurance policies typically cover various types of cancer. This ensures that you have financial support when you need it the most. Types of cancer that are covered in cancer coverage insurance are:
- Breast cancer
- Lung cancer
- Prostate cancer
- Skin cancer
- Pancreatic cancer
- Brain cancer
How Does a Cancer Insurance Policy Work?
A cancer insurance plan functions as an additional insurance coverage that works alongside your health plan. If you or your loved one is diagnosed with cancer, you can file a claim with your cancer insurance provider to receive financial benefits.
This financial assistance can be used to cover cancer expenses, such as chemotherapy and surgery. The payout from a cancer insurance policy is typically made as a lump sum. This allows you to use the funds as needed.
What are the Features of a Cancer Insurance Policy?
Some of the features of having cancer healthcare plans are:
1. Coverage of Income Loss
Cancer cover insurance provides financial support against the loss of income due to treatment or inability to work. This coverage helps ease the burden and maintain financial stability during a challenging time. It is usually paid as a lump sum or monthly basis.
2. Coverage for Various Stages
Cancer insurance policies may provide coverage for different stages of cancer, including early-stage and advanced-stage cancers. This facilitates financial support at different points in the treatment journey.
3. Stage-Based Payout Option
Cancer-centric insurances offer different payout amounts based on the stage of cancer you are suffering from. This payout usually ranges between 25% to 100% of the coverage insured for minor and major stages. Thus, strengthening you with adequate resources to tackle each stage of cancer.
4. Lifetime Renewability
Cancer insurances typically offer lifetime renewability. This means you can renew your policies even after making a claim or reaching a certain age.
5. Waiting Period
Every cancer healthcare insurance has a period after the purchase where no claims can be made. This period usually ranges from 180 days to a year.
What are the Advantages of a Cancer Insurance Policy?
Here are some of the advantages of having cancer cover insurance are:
1. Access to Quality Treatment
With cancer insurance, you can get timely access to quality treatment. This includes coverage of advanced therapies and medications that may not be covered by regular healthcare insurance.
2. Supplement to Existing Insurance
Cancer insurance can also be used to assist existing healthcare insurance. This fills the gaps in coverage and provides additional financial support tailored explicitly to your cancer-related needs.
3. Tax Exemptions
As per Section 80D of the Indian Income Tax Act, up to ₹25000 of tax can be deducted based on your insurance premium. This feature ultimately helps you save money and enjoy cancer insurance’s benefits.
4. Waiver of Premium
A cancer insurance policy exempts you from paying premiums if you have been diagnosed with cancer. This eases the financial burden during treatment and recovery.
5. No Claim Bonus
No claim bonus is a reward that can be availed on cancer healthcare insurance. It is awarded if you do not make any claims against the insurance in the respective financial year or treatment phase.
Now that you’re aware of what is cancer insurance and the benefits it offers. You must consider investing in a cancer insurance policy. But always remember to ensure that you thoroughly review the policy terms. You must also understand the coverage provided and consult with insurance providers to find the best cancer insurance policy per your needs.
To explore the ideal cancer insurance plans and other health insurance options, visit the Niva Bupa Health Insurance website today! They are the most reliable insurance providers with over 1 crore customers. Niva Bupa also has 30 mins cashless claim processing, ensuring a speedy and on-demand claim settlement.