Cancer Insurance

Cancer insurance provides specialized coverage for medical expenses related to the disease. This type of insurance is invaluable as it provides crucial financial support precisely when it's needed most. Beyond covering medical treatments, many plans also address associated expenses. These can be hospitalisation, radiation, chemotherapy, and surgeries. Due to the costs associated with cancer care, having such an insurance policy provides financial security.

Disclaimer: The prices are indicative and subject to change at the discretion of the insurer.

Cancer is one of the most dangerous diseases known to mankind. There are multiple types of cancers and most of them are very painful and difficult to deal with. However, the financial impact of cancer treatment can be burdensome. Treatment costs can swiftly deplete savings or lead to high debt. Opting for a comprehensive cancer insurance plan ensures access to necessary funds, alleviating the financial strain associated with expensive treatments.

Here is a list of the common types of cancers that are covered under a cancer insurance plan at early and advanced stages:

• Stomach cancer

• Lung cancer

• Prostate cancer

• Ovarian cancer

• Breast cancer

• Hypopharynx cancer
   

Note: This is just an indicative list of the types of cancer covered. To know the full coverage details, it is recommended to read the complete policy document before buying cancer insurance.

Here are the main benefits of buying a cancer insurance plan:

• Financial Security: Cancer insurance plans provide financial support throughout various stages of cancer treatment, offering a safety net in times of need

• Coverage Flexibility: These plans offer coverage for a wide range of expenses related to cancer diagnosis and treatment, including hospitalisation, surgery, chemotherapy, radiation therapy, and more

• Lump Sum Payouts: Depending on the policy terms, policyholders may receive a lump sum payout upon diagnosis, which can help cover immediate expenses

• No Claim Bonus: Some plans offer a No Claim Bonus, where the sum insured increases if no claims are made during the policy term, providing additional financial benefits

• Continued Coverage: Coverage persists beyond the initial diagnosis and continues until the sum insured is exhausted, ensuring ongoing support throughout the treatment journey

• Tax Benefits: Premiums paid for cancer insurance are often eligible for tax deductions under Section 80D of the Income Tax Act, 1961, providing additional financial relief

• Peace of Mind: Having a cancer insurance plan in place offers peace of mind, knowing that financial assistance is available to handle the high costs associated with cancer care

If you require health coverage against various types of dangerous cancers, you can follow the given steps to buy cancer insurance:

1. Go to the ‘Health Insurance Premium Calculator’ page

2. Look specifically for health insurance plans available on the website and then compare and analyse the insurance plans offered by other insurers

3. Select the cancer insurance plan that is the right choice for you and upload the necessary documents

4. Make the online premium payment for your chosen cancer insurance plan

5. Upon successful payment, your cancer insurance policy will be activated

When purchasing cancer insurance, you are provided with a predetermined maximum sum insured, representing the total coverage in case of a cancer diagnosis. However, this amount may not be disbursed all at once. For instance, in the event of an early-stage cancer diagnosis, you may receive 25% of the total sum insured according to the policy terms. 

Subsequently, if your condition progresses to advanced stages, the remaining 75% will be paid out as a lump sum. In cases of direct late-stage cancer diagnosis, you may be entitled to receive the full 100% of the sum insured as a lump sum.

A critical illness plan is a type of health plan that offers a lump sum payout in case you are diagnosed with a serious medical illness such as heart attack, kidney failure, paralysis, late-stage cancer, organ failure, etc. 

Note that a critical illness plan will not pay out any amount in case of an early-stage cancer diagnosis as it would not be classified as a ‘critical illness’. On the other hand, cancer insurance will pay a fixed lump sum for any stage of cancer diagnosis, even for the early stage.

The following are some of the common exclusions under a cancer insurance plan:

• The cancer insurance policy does not cover skin cancer

• It also does not include any cancer developed directly or indirectly due to sexually transmitted diseases

• A cancer insurance plan excludes cancer due to any pre-existing health condition

• It does not cover cancer developed due to biological changes, nuclear contamination, or radiation

Here are a few pointers that you can consider when looking for the right cancer insurance plan:

• Comprehensive Coverage: Select a health plan that offers extensive benefits and coverage. It is recommended to prioritise quality over cost. This ensures optimal coverage in the event of a cancer diagnosis.

• High Sum Insured: Given the escalating medical costs in India, especially for cancer treatments, opt for a plan with a high sum insured. This helps you manage the financial burden associated with prolonged treatment.

• Longer Coverage Duration: As such treatments can extend over several years, opt for a plan with a longer coverage duration. This ensures continuous protection throughout the treatment journey.

• All-Stage Coverage: Ensure that the chosen plan covers all stages of various types of cancers. This includes coverage for early, advanced, and late stages. Such plans must provide comprehensive protection against the disease.

You may now be familiar with cancer insurance plans and have a comprehensive understanding of them. With this, you can decide if you want a standalone cancer insurance plan. Alternatively, you may also consider buying term insurance with critical illness benefits. 

Regardless of your choice, remember that having health insurance coverage is crucial. For comprehensive health insurance options at affordable premiums, explore plans on Bajaj Markets. Select the one that aligns with your specific needs and offers the coverage you require.

Health Insurance Plans Available at Bajaj Markets