Insurance can be challenging for cancer patients, So the question that comes to mind is whether I can get cancer insurance or not. Cancer insurance is advantageous for cancer patients since it provides peace of mind knowing that your loved ones will be financially secure in the case of your death, and plans will assist you in paying for medical bills. Before we go into the details, let us understand cancer insurance.
What is cancer Insurance?
Cancer insurance is a sort of insurance that is designed to address cancer-related risks. It helps reduce cancer treatment expenses and provides financial assistance to policyholders. Planning for health-related eventualities such as cancer is necessary to alleviate financial stress. Nobody wants to be diagnosed with cancer, however, wishing it away is not a viable option. If there is one thing that everyone understands about cancer, it is that it may hit anybody, regardless of family history or lifestyle.
Can I get life insurance if I have cancer?
Getting life insurance may be more challenging if you have cancer. If you've had cancer, insurance companies take specific criteria into account. These include the sort of cancer you have and where it is in its progression. The insurance company will contact your doctor or hospital with your permission, and they will request medical information that may have an impact on your coverage. They may also need you to undergo a medical checkup before issuing your coverage. When a policy is issued, the first premiums will be expensive since the insurance firm is at its most vulnerable. For most malignancies, the likelihood of cancer returning decreases with time. So, it is better to go for a cancer insurance policy.
How Does Cancer Insurance Work?
Cancer insurance policies provide coverage for all cancer stages, according to the insurer's unique terms and conditions. It operates by delivering cancer insurance coverage once the plan is purchased. In general, here's how cancer insurance coverage works:
- A person purchases cancer coverage for a specified period by paying the premium.
- When diagnosed with early-stage cancer, the person will get a lump sum payment under the specified cancer insurance plan, depending on the product. In addition, all future Cancer cover premiums are typically waived while the coverage is active.
- Similarly, the promised balance is payable if the sickness worsens to serious stage cancer.
- Some cancer health insurance plans additionally give income benefits in the event of the insured's death or as specified in the policy's contract.
- As the name implies, cancer insurance policies provide coverage for cancer treatment and may or may not provide a death benefit.
Benefits of Cancer Insurance Plans
There are many benefits of buying a cancer insurance plan. So let us take a look at it:
- Payout on Diagnosis: When you are diagnosed with cancer, you are entitled to a lump sum payment under the terms of your cancer insurance policy. This price fluctuates depending on the diagnosed stage of cancer and the cancer insurance plan chosen.
- Get Cancer Insurance Cover at a Low Price: You can select a big sum protected at a low price under the correct cancer insurance plan.
- Quality Treatment: In contrast to many other cancer health insurance policies, a cancer plan from a reputable insurer may also allow you to pick the hospital and cancer treatment using the payment amount. It implies you don't have to limit your search to only network hospitals if you have cancer insurance coverage.
- Tax Savings: You can also save money on taxes by deducting the cost of cancer insurance premiums, and section 80D of the Income Tax Act covers this. Tax benefits are subject to vary based on current tax rules.
- Waiver of Cancer Insurance Premium: You may be eligible for a waiver of cancer insurance premiums under some cancer policies. In some situations, you may not have to pay premiums after a cancer diagnosis. To learn more, you should carefully read the cancer insurance contract.
Factors to Consider While Buying Cancer Insurance
You must consider numerous factors when purchasing cancer insurance online. These are some examples:
- Claim Settlement Ratio: Each insurer maintains a Claim Settlement Ratio, or CSR, which indicates how many claims were settled out of all those received. Purchase cancer insurance from a company with a high CSR.
- Cancer Insurance Premium: The notion of an appropriate cancer policy may differ from person to person. As a result, you should purchase cancer insurance that allows you to pay premiums for as long as you desire. Choose from cancer health insurance policies from reputable insurers that provide comprehensive coverage at a reasonable rate.
- Check Sum Assured: Because most cancer treatments are lengthy, a cancer insurance policy with a longer term will ensure you have appropriate coverage for the duration of your cancer treatment.
How to Buy Cancer Insurance Online?
The following are the steps to purchase the best cancer Insurance plan:
Step 1: Visit the insurance company's official website and click the Get Quote button to get cancer insurance quotes.
Step 2: You must choose the sum covered and the maturity age at this stage of the cancer policy purchasing process. The cancer insurance plan calculator will display an approximate premium cost based on your choices.
Step 3: Once you've decided on your cancer insurance coverage, fill out the extra information and pay the premium. In addition, you must submit the paperwork necessary to purchase our cancer insurance plan.
Before buying a cancer insurance policy, ensure you thoroughly read and understand all of the terms and conditions in the policy agreement. Furthermore, selecting a cancer plan that meets your requirements is strongly advised.
Question: - Is it essential to have a cancer insurance plan even if I have health insurance?
Answer: - The necessity to get cancer insurance online stems from the high expense of cancer treatment and the related dangers. For people at high risk of cancer, paying cancer policy premiums is a better option than basic health insurance.
Question: - Should a healthy person buy a cancer insurance plan?
Answer: - If you feel that you are fit and all your reports are good, then there is no need to have cancer insurance. Even basic health insurance can work.
Question: - Is cancer care insurance taxable?
Answer: - Cancer coverage premiums entitle you to tax breaks under Section 80D.
Question: - Is a sum promised to the cancer insurance nominee in the event of the policyholder's death?
Answer: - The majority of cancer insurance policies do not provide death benefits. Studying the insurance documentation carefully to understand their coverage and exclusions is preferable.
Question: - Can I choose my own hospital under cancer insurance?
Answer: - Most cancer insurance plans do not require seeking cancer treatment at a network hospital. You can utilise the settlement amount to see a doctor of your choosing and receive the necessary therapy.
Question: - What are some good cancer insurance plans?
Answer: - Some of the best cancer insurance plans include LIC Cancer cover, Max Life Cancer Insurance plan, HDFC Life Cancer Care, SBI Sampoorna Cancer Suraksha, and ICICI Pru Heart/Cancer Protect.