Cancer Care Insurance

Eleven out of the twelve cities ranked in the World Health Organization’s list of the most polluted cities in 2018 are Indian. Going by the fact that pollution is one of the major causes of cancer, this finding has set alarm bells ringing across the country. Cancer is one of the leading causes of death throughout the world, with statistics being equally high for men and women. Now if you also take into account the current urban lifestyle patterns, sleep cycles, eating habits, and recreation – most of which are damaging to our health in general, the chances of contracting cancer are very high. This is why it is vital to consider a cancer care policy while investing in health insurance.

What is Cancer Care?

Cancer care also referred to as cancer insurance, is a type of insurance that provides financial coverage or assistance to you if you suffer from cancer. Of course, like most other types of insurances, you must pay a regular premium in order for the policy to be valid or functional. It provides financial assistance to you and your family not only when you are diagnosed with the deadly, but also during major and critical stages of the disease’s progression. The costs generally cover hospitalization, surgery, chemotherapy, and radiation; though the breakdown of funds for each depends on the policy you have invested in. Some of the types of cancer that are covered under a typical cancer insurance plan include:

Lung cancer

Throat cancer

Breast cancer

Ovarian cancer

Stomach cancer

Prostate cancer

Hypopharynx Cancer

 

Of course, your policy may cover additional forms of cancer as well. The specifics of the same are usually covered in the policy’s document and it is essential to read the same carefully.

The Benefits of Cancer Care

Investing in a cancer insurance policy can benefit you and your family in many ways. The mental relief that you can experience by having your finances taken care of during one of the most trying times of your life can be immeasurable. Beyond that, many practical benefits come with the leading cancer care policies available in the market.

The following are some of the core advantages of investing in cancer care:

Cancer Care Policies Cover Various Stages of the Disease

When it comes to critical illnesses such as cancer, medical institutions cannot always guarantee how well the disease is controlled. Even with health care measures in place, cancer cells can multiply and grow, leading to the progression of the disease. Of course, this also means a continual drain on your finances as the cost of treatment rises and accumulates with each step taken. Cancer care policies provide financial assistance during different stages of the disease. This helps families cope with the ever-increasing costs of treatment, without having their finances drained entirely. With one major source of stress taken care of, patients and their families can focus their energy on recuperation and creating a stress-free environment, as opposed to worrying about the next hospital bill.

Lump sum payouts on diagnosis

Cancer care policies offer lump-sum payouts when you are diagnosed with the disease. Such payouts can be immensely helpful as they can allow your family to not only hospitalize you with ease but also take care of any pending debts or sources of the additional financial drain and get them out of the way. Cancer is a serious disease and no patient should have to worry about other aspects of his/her life while grappling with cancer.

Sum assured combats inflation

One of the most beneficial features of cancer care is that if there are no claims made within a year, the sum assured automatically increases by a percentage that is specified at the time of purchasing the plan. With hospital and treatment costs continually on the rise, any increase in the sum assured can prove to be a huge advantage for the future. This way, you do not end up berating yourself for investing in a policy that is now yielding an insufficient amount.

Monthly income plans

If you are the sole breadwinner of your family or are responsible for a large chunk of its income, this particular feature can help you rest assured that your family’s finances will remain unchanged even if you are diagnosed with cancer. This feature essentially means that your family will be paid a monthly income for a set number of years (determined at the time of purchasing the policy) if certain conditions are met – such as the diagnosis of late-stage cancer. This is extremely advantageous because the disease can impact your ability to earn, and the policy can protect you and your family from the ramifications of such an event.

Insurance cover continues even after the first diagnosis

Cancer can be terrifying because of its ability to recur. A cancer patient is never truly considered to be cured, they are said to be ‘in remission’, which means that at that time, there are no cancer cells in the body (or, in some cases, their growth is controlled significantly). When you invest in cancer care insurance, your cover continues even after the first diagnosis. Cancer policies will not forsake you just because the disease has struck you once. However, for this to work, you need to invest in cancer care before developing any signs of the disease in the first place.

Premium waivers protect you from further financial obligations

Once the earning capacity of an individual decrease, it is not fair to continue to demand premiums. Most cancer care policies understand this very well and waive off future premiums if certain conditions of the diagnosis are met. Even when the future premiums are paid off, you can continue to enjoy the monetary benefits of your policy until it is valid. The conditions for diagnosis to waive off premiums vary from company to company and it is essential to understand exactly when and how your policy can cover you.

Tax benefits aid you financially

As an individual investing in cancer care insurance, you can enjoy certain tax rebates under Section 80D of the Income Tax Act of India. With lower taxes, you can relish the perks of a higher spending capacity and all that may come with it. The tax laws are applicable to you no matter which policy you end up investing in, while the rebates may vary, based on the premium that you pay.

Critical Illness (CI) Plans Vs Cancer Care

Many people choose not to invest in cancer care as they already have a critical illness plan in place. A critical illness plan can also be an essential investment. It covers the investor from various conditions such as major organ transplants, strokes, kidney failure, cardiac arrest, multiple sclerosis, and so on. Critical Illness plans also cover cancer. However, this does not mean that a critical illness plan is a viable substitute for cancer care. This is because, more often than not, these plans cover the costs of cancer only after the diagnosis of an advanced stage cancer. The costs of hospitalization, treatment, and other expenses that you will incur during the early stages of cancer must be covered by your family, which can lead to a huge dent in your finances. While there is nothing wrong with considering critical care covers, you must consider cancer care as a standalone need, and not something that is a part of your CI plan. If you do, you can put your health and finances in serious jeopardy. Furthermore, investing solely in a critical illness plan comes with many downsides concerning cancer.

Some of these are:

  • A critical illness plan will not cover any complications that arise from cancer, leaving you and your family in the lurch when you need it the most.
  • If you show any signs of cancer within the first 90 days of investing in a critical illness plan, the policy will cease to exist. This is because the first 90 days are the waiting period for this plan to take effect. Cancer care policies also have their own waiting period, which will be discussed further on.
  • If you are diagnosed with cancer after the waiting period is over, you cannot make any financial claims until your cancer progresses to an advanced stage.
 

Choosing the best cancer insurance for your needs

As is the case with any other financial products, many companies offer cancer care policies. The process of selecting the right one for yourself can be daunting. After all, varied policies offer varied benefits and choosing one over the other could mean either the best decision you have ever made or a critical mistake. The following are a few factors that you must consider while choosing the best cancer insurance for yourself:

The maximum term: There is a big difference between the maximum age until you can seek cancer care insurance and the maximum term for cancer care. People often misread documents or policies due to a lack of understanding of this difference. The maximum age that you can be insured until could be 75 under a specific policy, but the maximum term for which the policy is valid is not the same thing. Therefore, if you choose a policy with a maximum term of 10 years at the age of 30, you will only be insured until you turn 40. Choose a policy that has a good term so that you can stay protected for the longest possible time.

Flexible sum assured: Some cancer care insurance policies offer a fixed sum assured through the term of the policy, while others increase the sum assured amount by a percentage (for instance, 10%). The latter is, of course, more beneficial as it helps you take into account inflation. However, it is important to note that the premium for such plans is higher than the premium for plans that offer a fixed sum assured.

Waivers for premiums: While most cancer care policies offer a waiver for future premiums, the stage at which the waiver is applicable may vary from company to company. It is important to evaluate this before investing in a specific policy.

Cancers covered: While there are certain types of cancers that are covered under most policies, the total list of cancers covered may vary from policy to policy. This is certainly something to consider before investing in a specific insurance plan.

Waiting period: A waiting period comes with most types of insurances, and cancer is no exception. As the length of the waiting period may vary, it is important to consider this as well before investing in a plan. The sooner your policy comes into effect, the better it is for you. After all, no one wants to fall prey to the sheer bad luck of being diagnosed with cancer one day before the waiting period is over!

Survival period: A survival period is a type of waiting period. In order to be eligible for your claims, you must survive a stipulated number of days after the diagnosis. More often than not, the survival period tends to be 7 days, though some insurance providers may have a higher one.

Adequate hospital: A cancer care policy may seem great on paper, but may not be viable at leading hospitals. It is important to check the list of hospitals that accept your policy so that you do not have to scramble from pillar to post, looking for a clinic that accepts your insurance.

Types of Pay-outs Under Cancer Care

There are three main types of financial assistance offered by most cancer insurance policies. These are as follows:

The expense incurred: under this option, the insurance company pays for your treatment expenses until the maximum cap identified by the policy is reached.

Indemnity: Under this option, the insurance company pays for specific benefits already defined in the policy document. However, keeping that in mind, it also places a specific limit on the lump sum payout you can expect.

First diagnosis or first occurrence: Under this, the insurance company pays a lump sum amount to you or your family when you are diagnosed with cancer. This is often the most beneficial form of payout as it allows you to have greater control over where the funds go. Leading brands provide such payout options, knowing that no one can understand your needs as well as you do.

It is important to note that your financial assistance and its structure will vary with the plan you invest in. Some plans also create a mix of all three plans so that patients can reap the benefits of cancer care during different stages of treatment according to their needs. However, this can sometimes end up spreading the sum assured too thin, leading to it not being as helpful as it could have been if it was a lump sum amount. Some plans may also offer other payout options; however, these are the most common types. Other options may come with their own strings attached.

 

Features of the top cancer insurance plan!

There are so many cancer care plans available in the market that it can be difficult to determine which one is the top cancer insurance plan. While there are many different features that you can look out for based on your needs as an individual, certain features need to be present no matter what. Some of these key features are:

  • Lump sum benefits on the diagnosis of early cancer and major cancer
  • Different comprehensive plan options to choose from in order to meet your needs in the most beneficial manner
  • Premium waiver benefits apply to the detection of early-stage cancer, allowing you to focus on your health and recuperation without having to worry about the finances
  • Easy process of insurance issuance without the hassles of medicals (based on a short medical questionnaire)
  • Tax benefits under section 80D of the Income Tax Act of India
 

Investing in an online insurance plan

Keeping in mind the ever-evolving needs of current consumers across all lifestyles, Cancer Care is a plan that can be bought and activated online. There are many advantages of investing in an insurance plan online. Some of these are as follows:

  • You can choose to automate your payments so that you never have to worry about missing your premium dates and risking having your plan deactivated
  • You will receive monthly statements regarding your cancer policy and can make informed decisions keeping the same in mind
  • Your documents are all online and you never have to worry about misplacing them or damaging them in any way
  • You do not have to be at the mercy of a pushy salesman who has his own agenda in mind while steering you towards a certain policy
  • You can invest in the plan anytime, anywhere and do not have to go through the hassle of finding a branch near you, waiting in line, and then picking your policy
  • All information is transparent and presented in a manner that is easy to understand so that you can make informed decisions about your health
 

If you choose a leading brand name, you can have the advantage of a wide hospital network. You can buy the cancer insurance online and rest assured that you are taking safe steps to protect your future and health!

Paying premiums for online cancer care policies

Paying your premiums on time is just as easy as investing in a cancer care policy. Some of the ways that you can pay your premium are through:

  • Debit card
  • Credit Card
  • National electronic fund transfers (NEFT)
  • Net bank
  • ECS
 

Eligibility criteria under leading cancer care policies

The following eligibility criteria apply for coverage under most leading cancer care policies are:

  • Minimum age of entry: 18 years old
  • Maximum age of entry: 65 years old
  • Minimum age of maturity: 28 years old
  • Maximum age of maturity: 75 years old
  • Premium paying frequencies must be flexible. One can pay the premiums on an annual, bi-annual, quarterly, or monthly basis
  • Minimum sum assured: 10 Lakhs
  • Maximum sum assured: 40 lakhs

Look for a highly flexible policy that takes into account the needs of different types of investors all over the country. With the wide age parameters, you can ensure that you are covered under the Cancer Care for as long as you live!

So, do you think you need cancer care?

As an individual, you know that your health affects different aspects of your life. As a primary breadwinner, you are bound to notice how it also affects your family’s finances. Safeguarding yourself against unexpected conditions like developing cancer is the best thing that you can do for your family. If you are still wondering whether you need a cancer policy, think of the following:

  • Cancer can affect anyone, at any time. Do not let your age or lifestyle blind you to the possibility of falling sick.
  • Falling sick may affect you the most physically, but it takes a huge mental and financial toll on your family as well. Investing in a policy that can lessen their burden is something you must consider doing for their sake.
  • Cancer cases have increased alarmingly in India, with over 10 lakh new cases diagnosed every year (and 6-7 lakh deaths caused due to the same)
  • Hospitalization and treatment costs are highly expensive. They continue to rise as the years go on. Affording decent health care may just become a privilege of the past!
 

With leading cancer care policies, you do not only have the financial aid that comes with the policy, but also the freedom of being treated at any of the leading hospitals that are under the hospital network of the policy you have invested in. This can guarantee superior treatment and some peace of mind for you as well while you are being treated.

Consider cancer care as one of the most important investments you can make for your health and your future! Have a look at a leading Cancer Care policy today to see how you can benefit from investing in the same.

Smokers without any existing health problems

One of the biggest myths surrounded most health insurance policies, including cancer care, is that insurance providers often reject the application of smokers. This is not true. However, there will be certain caveats in your cancer insurance policy. The biggest difference is the premium. If you declare yourself a smoker, you will automatically be offered steeper premium rates when compared to the rates offered to non-smokers. Furthermore, if your insurance provider concludes that your health is deteriorating primarily because of smoking, then your premiums will be raised to cover the risks of insuring you. Apart from believing that smokers are declined health insurance, other popular mistakes related to the same include:

  • Not seeking health insurance for fear of being asked to quit smoking
  • Not seeking health insurance for fear of being judged and given sub-par services (this does not happen!)
  • Not being honest during your initial declarations (medicals tests are in place to show whether you are a smoker and if so, how frequently you smoke)

Smokers with existing health problems

Another misconception people have about smoking and seeking health insurances like cancer care is that if you are a smoker with an existing health condition, you will not be insured. Of course, smokers with lung cancer or signs of lung cancer cannot seek cancer care as you cannot insure yourself for cancer when you have cancer. However, it is important to note that this rule applies to everyone who has been diagnosed with any type of cancer. A woman with breast cancer cannot seek cancer care either.

The bottom line is, even if you are a smoker, you still deserve health care and can speak to your insurance provider about the options that are available to you. As long as you do not have cancer already, you can seek cancer care, albeit at a much higher premium rate than other people. Do not shirk away from evaluating your options.

At the time of investment, you may find it hard to determine whether you truly need cancer care. Here are some factors that can help you make an informed decision about the same:

A history of cancer

Cancer, like many other serious diseases, tends to have a hereditary component, as well as a lifestyle one. If you have a history of cancer in your immediate family, it is crucial to invest in a cancer policy. This is because you have a higher chance of developing this disease than others without a history of cancer in their family. Of course, your lifestyle habits also play a role in whether or not you develop this disease.

Your savings are not enough to pay medical bills

As individuals, we all aim to save money and allow our funds to grow. However, more often than not, savings do not adequately account for the cost of medical bills. It is not easy to predict what your cost of treatment will be, as that generally varies from person to person (and from hospital to hospital). If you feel that your savings are not enough to pay your medicals bills should you ever get cancer, it is wise to invest in a cancer policy to prevent your worst fears from coming true. To be fair, saving money on your own cannot truly account for hospitalization costs, as your funds must then grow in a manner that takes into account inflation. Squirrelling away savings in your closet cannot help you do that, no matter how large the pile may be.

Your regular health care policy does not offer great coverage

If you feel that your regular health care policy’s coverage may not be enough to combat the costs of treating a serious disease like cancer, it is better to be prudent and invest in a cancer care insurance, rather than to wait and see if you are right about your assumptions! As the old adage goes, it is better to be safe than sorry!

You are the primary earning member in your house

If you are the only earning member in your family or contribute a large chunk towards your family’s total income, then investing in cancer care is necessary for you. This is because a cancer insurance policy will not only cover your treatment costs; it also provides an income supplement after a point. When you invest in cancer care, your family is entitled to a certain monthly income if specific conditions are met. The income is provided for a certain amount of years, and the amount, as well as the period for the same, is usually decided at the time of purchasing the policy. They vary from company to company (and, of course, your earning capacity).

You believe you’re at a higher risk for developing cancer

Certain environmental conditions can contribute to the development of cancer. If you feel that you are at risk of developing cancer because of factors outside your control, such as air pollution, you should invest in a cancer insurance policy. These days, hectic lifestyle conditions, as well as eating habits, are determined largely by professional and familial obligations. It is always better to acknowledge that you may not be living the healthiest possible lifestyle and should take measures to protect yourself from deadly diseases like cancer, should they develop.

Of course, there are certain exclusions in cancer plans that you must also be aware of before investing in cancer care. Many cancer care policies do not cover skin cancer, cancers caused due to complications from HIV/AIDs, or cancers that are caused to due chemical or nuclear contamination, contact with radioactivity (from a non-treatment or non-therapeutic source), or congenital diseases.

What is cancer insurance?

Cancer Care is an insurance policy that provides financial coverage or assistance to you if you are diagnosed with cancer.

Why is it important to think about cancer care?

There are many reasons for individuals to give cancer care some serious consideration. Some of these are:

-          Cancer can affect anyone, at any time. Do not let your age or lifestyle blind you to the possibility of falling sick.

-          Cancer cases have increased alarmingly in India, with over 10 lakh new cases diagnosed every year (and 6-7 lakh deaths caused due to the same)

 

-          Hospitalization and treatment costs are highly expensive. They continue to rise as the years go on. Affording decent health care may just become a privilege of the past!

What kinds of cancers are covered under cancer insurance?

Some of the types of cancer that are covered under a typical cancer insurance plan include:

-          Lung cancer

-          Throat cancer

-          Breast cancer

-          Ovarian cancer

-          Stomach cancer

-          Prostate cancer

-          Hypo larynx Cancer

 

Of course, your chosen policy may cover additional forms of cancer as well, and you should read the policy documents to find out if this is the case.

Can I invest in cancer care even if I have health insurance?

Yes, you can always invest in a cancer care policy even if you have an existing health insurance plan.

Can I invest in cancer care after my diagnosis?

If you are already suffering from cancer, you cannot invest in a cancer care policy. The same holds true if your medical tests indicate signs of cancer as well. 

Is cancer care a substitute for health insurance?

Cancer care is a type of health insurance, but just because you are buying a cancer care policy does not mean that you can make do without a traditional health insurance. A cancer care policy it meant to protect you from the financial repercussions of cancer, while a health insurance policy protects you from other diseases. When investing in such financial products, it is not a case of either/or. 

Do I need cancer care if I have a critical illness plan?

Yes, you should still invest in a cancer care policy even if you have a critical illness plan. By investing solely in a cancer care plan, you put your health and finances at risk. This is because:

A critical illness plan will not cover any complications that arise from cancer, leaving you and your family in the lurch when you need it the most.

If you show any signs of cancer within the first 90 days of investing in a critical illness plan, the policy will cease to exist. This is because the first 90 days are the waiting period for this plan to take effect. Cancer care policies also have their own waiting period, which will be discussed further on.

If you are diagnosed with cancer after the waiting period is over, you cannot make any financial claims until your cancer progresses to an advanced stage.

 

 

How can I decide if I even require a cancer care policy?

Ideally, everyone should invest in health insurance along with accompanying policies like cancer care as you never know when the worst can happen. If you are having trouble deciding whether this investment is a worthwhile one for you, consider the following factors:

Do you have a family history of cancer? If yes, you are more likely to develop this disease.

Do you think you do not have enough savings to be able to pay for expensive treatments? Cancer involves multiple rounds of chemotherapy, radiation, medicines, and hospitalization and the total cost can work out to be very expensive. If your savings cannot cover these costs, it is prudent to invest in a cancer care policy.

Do you have sufficient coverage under your regular health care policy? If you feel your policy is lacking in terms of the coverage it provides, investing in an additional policy such as cancer care can help you combat the disease if need be.

Are you the primary earning member of your family? If so, you must consider the financial impact your inability to earn can have on your family. Cancer care policies can prevent your family from dipping into their savings to pay for your treatment.

 

Do you believe you are at great risk of developing cancer? Certain lifestyle aspects, such as living in a highly polluted city, can raise the risk of developing cancer. If you feel as though you are at a high risk for developing this disease, you should invest in a cancer care policy. 

What are the ways in which a cancer care policy can benefit me?

The following are some of the core advantages of investing in cancer care:

Cancer Care Policies Cover Various Stages of the Disease

Cancer care policies provide financial assistance during different stages of the disease. This helps families cope with the ever-increasing costs of treatment, without having their finances drained entirely.

Lump sum payouts on diagnosis

Cancer care policies offer lump-sum payouts when you are diagnosed with the disease. Such payouts can be immensely helpful as they can allow your family to not only hospitalize you with ease but also take care of any pending debts or other sources of financial drain and get them out of the way.

Sum assured combats inflation

If there are no claims made within a year, the sum assured automatically increases by a percentage that is specified at the time of purchasing the plan. With hospital and treatment costs continually on the rise, any increase in the sum assured can prove to be a huge boon in the future.

Monthly income plans

If you are the sole breadwinner of your family or are responsible for a large chunk of its income, this particular feature can help you rest assured that your family’s finances will remain unchanged even if you are diagnosed with cancer. This feature essentially means that your family will be paid a monthly income for a set number of years (determined at the time of purchasing the policy) if certain conditions are met – such as the diagnosis of late-stage cancer. Some brands offer a total of 1% of the sum insured as your monthly income plan for a total of 5 years. This can help your family stay on their feet while you recuperate.

Insurance cover continues even after the first diagnosis

A cancer patient is never truly considered to be cured, they are said to be ‘in remission’, which means that at that time, there are no cancer cells in the body (or, in some cases, their growth is controlled significantly). When you invest in cancer care insurance, your cover continues even after the first diagnosis.

Premium waivers protect you from further financial obligations

Most cancer care policies waive off future premiums if certain conditions of the diagnosis are met. Even when the future premiums are waived off, you can continue to enjoy the monetary benefits of your policy until it is valid. Some cancer care policies can waive off your premium for as long as 3 years!

Tax benefits aid you financially

 

As an individual investing in cancer care insurance, you can enjoy certain tax rebates under Section 80D of the Income Tax Act of India. With lower taxes, you can relish the perks of a higher spending power and all that may come with it. 

What documents are required to submit a claim?

To submit a claim, you must:

Inform your insurance provider in writing via email

Fill out and submit the claim form provided by your insurance company

Provide a certificate from your doctor confirming the cancer diagnosis

Submit any investigation reports required by the company (these reports will be specified during your communication with the company if they are required)

 

 

Why can’t I save money instead of investing it in cancer care?

There are many reasons why saving money on your own instead of investing in a policy that is designed to protect you does not work. Some of these are:

It is not easy to predict what your cost of treatment will be, as that generally varies from person to person (and from hospital to hospital). Your savings may not be adequate for your needs.

Savings do not account for inflation the way most insurance policies do. Therefore, even if you end up saving money that seems as though it’s the right amount one year, it may end up being inadequate the next year.

 

Insurance policies like cancer care are in place to help you pay for treatment, hospitalization, and so on. Let your savings be emergency funds that you keep aside for the future!

If I never get cancer and the term lapses, do I get my money back?

No. If you do not get cancer and your cancer care term lapses, you will not get your money back. This is because cancer care is an insurance policy and not a financial product that is designed to help you grow your funds. The purpose of investing in cancer care is to protect yourself if you fall sick.

I schedule regular health check-ups and always screen for cancer. Do I still need cancer care?

 

Yes. While it is great that you get tested and checked regularly for any diseases, including cancer, having insurance against the disease will help you in the event that you do come back with a positive diagnosis. You can still continue to get regular check-ups even after you invest in a cancer care policy. The two ideas are mutually exclusive and do not have to affect each other. 

I am an NRI. Can I still invest in cancer care?

Yes, NRIs can invest in health care policies in India, including cancer care. 

What happens if I stop paying the premium before the tenure of the policy is over?

In case the premium is not paid on time during the term of the policy, the policy stands lapsed and the benefits cannot be claimed. A policyholder will not receive any refund on the premiums already paid. 

Can I make a claim during the waiting period?

No, you cannot. If you are diagnosed with cancer during your waiting period, your policy ceases to be in effect. 

How long is the waiting period for cancer care?

The waiting period varies from company to company but usually falls anywhere between 90 days – 180 days. 

Can I skip the waiting period?

There are currently no provisions for people skipping the waiting period of an insurance policy. 

What is a survival period?

A survival period is the minimum number of days that you must survive after you have been diagnosed with cancer. Once you live through this period, you are entitled to receive your claim’s pay-outs. Some Cancer care policies offer a relatively short survival period time of just 7 days.

What happens if I die during the survival period?

Most insurance companies decline financial claims by the family if the insured party dies during the survival period.

What is the difference between a survival period and a waiting period?

A waiting period is a stipulated time period that begins once you have purchased your policy. It outlines the number of days that you must wait in order for the policy to start being in effect. A survival period is a stipulated time period that the diagnosed patient must survive after the diagnosis for the claims to be valid. 

How long is the survival period?

Survival periods are not generally very long. More often than not, they are 7 days. The actual time period does vary from policy to policy. 

What is a maximum term period?

A maximum term period refers to the number of years that you are allowed to be insured under a particular policy. Essentially, it refers to how long the life of a particular policy can be. Some cancer care policies offer a long-term period to their customers, such as a term period of 20 years. 

How long are maximum term periods for cancer care?

This depends on the policy that you have bought. Some policies offer a maximum term period of 10 years while others offer a maximum term period of 20 years. You must read the offer document carefully to know more about this. Leading policies often offer a term period of 20 years. 

My policy says I can be insured until the age of 65, but my insurance provider says that my maximum term period does not allow that. Why?

There is a big difference between the maximum age until you can seek cancer care insurance and the maximum term for cancer care. People often misread documents or policies due to a lack of understanding of this difference. The maximum age that you can be insured until could be 65 under a specific policy, but the maximum term for which the policy is valid is not the same thing. Therefore, if you choose a policy with a maximum term of 10 years at the age of 30, you will only be insured until you turn 40. Choose a policy that has a good term so that you can stay protected for the longest possible time.

What is the best term period to choose?

If you are satisfied with the offerings of your policy, you should choose the maximum possible term period so that you can be covered for as long as possible. 

Can my sum assured increase over time?

Many cancer care policies offer the option of increasing your sum assured over time. If there are no claims made within a year, the sum assured automatically increases by a percentage that is specified at the time of purchasing the plan. Leading cancer care policies offer this as an add-on to the policy. Under their policy, if you do not file any claims during a given year, your sum assured will increase by 10% to negate inflation for the following year. This will continue to grow until the total sum assured increases by 200% or you raise a claim.

Are the premium rates for plans that offer an annual increase in the sum assured higher?

Yes, the premium rates for such plans are generally higher than the plans that do not have this feature.

Is an ‘increasing sum assured’ option better than a fixed sum assured option?

Yes, it is certainly more beneficial than having a static sum assured. With hospital and treatment costs continually on the rise, any increase in the sum assured can prove to be a huge boon in the future. This way, you do not end up berating yourself for investing in a policy that is now yielding an insufficient amount.

How can cancer care substitute my monthly income when I stop earning?

Some cancer care policies offer a monthly income option. This feature essentially means that your family will be paid a monthly income for a set number of years (determined at the time of purchasing the policy) if certain conditions are met – such as the diagnosis of late-stage cancer. This is extremely advantageous because the disease can affect your ability to earn for your family, and the policy can protect you and your family from the ramifications of such an outcome. Under such policies, you can get a total of 1% of your sum insured as your monthly income substitute for your family. 

What kind of income can I expect?

While the final amount depends on the policy that you have invested in, the company generally offers you a monthly income of 1-2% of your sum insured. This can help your family handle household expenses while the policy takes care of your treatment. 

What kinds of pay-outs can I expect from a cancer care policy?

Different policies offer different types of pay-outs or a combination of the same. There are three main types of payout options. These are as follows:

The expense incurred: under this option, the insurance company pays for your treatment expenses until the maximum cap identified by the policy is reached.

Indemnity: Under this option, the insurance company pays for specific benefits already defined in the policy document. However, keeping that in mind, it also places a specific limit on the lump sum payout you can expect.

 

First diagnosis or first occurrence: Under this, the insurance company pays a lump sum amount to you or your family when you are diagnosed with cancer. This is often the most beneficial form of payout as it allows you to have greater agency over where the funds go. Leading brands provide such payout options, knowing that no one can understand your needs as well as you do.

Which type of payout is the best one for me?

This depends on your family’s needs. The best way to determine which type of pay-out will benefit you the most is to discuss the options you have with your family and see what they think about the same. More often than not, lump-sum payouts are the most beneficial as you can then use the funds at your own discretion and do not have to be at the mercy of a policy’s rules. 

Will my policy lapse if I cannot pay the premiums due to cancer?

This depends on the policy that you have purchased. Most cancer care policies offer the option to waive off your future premiums, provided that certain diagnostic conditions are met. If you fall under the eligibility for the same, you do not have to pay your future premiums while you are being treated.

Does the future premium waiver option mean that my premiums are waived off forever?

No. Your premiums will be waived off for a stipulated time period, as determined by your policy documents. Once that time period lapses, you will have to pay the remaining premiums. 

Can smokers seek cancer care?

Yes, it is an urban myth that smokers cannot seek cancer care or health insurance for that matter.

If I smoke a certain brand of cigarettes, will companies refuse to insure me?

This is another urban myth. Many people believe that smoking harder cigarettes or certain cigarette brands like Navy Cut or Wills will result in an immediate rejection of your application. This is not true. 

As a smoker, do I need to pay higher premiums?

Yes. If you declare yourself a smoker, you will automatically be offered steeper premium rates when compared to the rates offered to non-smokers. Furthermore, if your insurance provider concludes that your health is deteriorating primarily because of smoking, then your premiums will be raised to cover the risks of insuring you.

Why do smokers have to pay higher premiums than non-smokers do?

Insurance providers charge a higher premium from smokers because of the higher risk involved. Smokers are more prone to diseases like heart and lung diseases, which results in higher risk for the insurance provider when compared to the case of a non-smoker. 

I used to be a smoker but I have quit. Do I still need to declare myself as a smoker?

For a person to be considered a non-smoker, he or she must not have consumed tobacco in any form in the 5 years prior to signing the term life insurance. If you have not consumed any nicotine or tobacco products in those 5 years, then you are eligible to declare yourself as a non-smoker.

How can I decide whether I qualify as a smoker or not?

Insurance policies classify smokers under three main categories. These are:       

Preferred smokers – someone who smokes occasionally but has no physical ailments

Typical smokers – someone who smokes and has a few supplementary health concerns

Table rated smokers – someone who smokes and also has a major physical condition because of it

 

If you still cannot decide which category you fall into, consider this: have you been smoking in the last 6 months? If the answer is yes, even if you only smoke sporadically, then you are a smoker. You can get medical tests to understand which of these three categories you fall under. 

What is a preferred non-smoker?

The term preferred non-smoker refers to the people who along with no consumption of tobacco, don’t have any pre-existing medical ailments at the time of purchasing the term plan. The criteria for being included in the category of preferred non-smoker are as follows:

No use of any form of nicotine or tobacco-based products in the one year prior to signing the policy

Cholesterol levels of 280 or below

Blood pressure 152/92 or below

No death of either of the parents due to cancer or cardiovascular diseases before 60 years of age

 

 

Do I need to declare myself a tobacco user even if I am an occasional smoker?

Yes. Use of tobacco in all portions counts and even if you are just an occasional user of tobacco or nicotine-based products, you need to declare it in the forms.

Does smoking flavoured hookah make me eligible as a smoker?

Yes, flavoured hookah contains tobacco and make you a smoker. 

Can I insure my spouse or my children under cancer care?

Yes, you can. However, in order to do so, you must purchase a separate policy under their names. Some policies also have different rules for eligibility, and this takes into account age. You may have to check the minimum age for insurance before you buy a policy in your children’s names. 

Is it safe to buy an insurance policy online?

Yes, most leading insurance providers offer the option to buy a term insurance online. Like purchasing other things, purchasing a policy online is safe. You can always rely on the brand name of your insurance provided for added assurance. 

Why should I buy cancer care online?

There are many benefits to holding an electronic term plan. Some of these are:

With papers, there is always a risk of losing policy documents or damaging them accidentally. This does not apply to online policies.

You can automate your premium payments and carry the same out online, ensuring that you never miss the payment date.

You do not have to keep submitting KYC details every time you take out a new policy, as all the details are saved in the company database online.

All the documents and information pertaining to your policy can be accessed anytime you want.

You can make service requests at any time and have all your queries answered online or through a customer service representative.

You receive monthly statements related to your policy on your e-mail and can access them anytime.

 

 

How can I pay premiums online?

There are many ways to pay your premiums online. Some of these are:

Debit card

Credit Card

National electronic fund transfers (NEFT)

Net bank

 

ECS

What is the minimum entry age to be insured under leading Cancer Care policies?

You have to be a minimum of 18 years old to be insured under this policy. 

What is the minimum maturity age under leading Cancer Care policies?

You have to be a minimum of 28 years old for the policy to mature. 

What is the maximum entry age to be insured under leading Cancer Care policies?

You can seek insurance under this policy until to turn 65 years old. 

What is the maximum maturity age under leading Cancer Care policies?

The maximum maturity age under this policy is 75 years old. 

What is the best case scenario for the minimum and maximum sum assured offered under leading Cancer Care policies?

The best Cancer Care offers a minimum of 10 lakhs as your sum assured, and a maximum of 40 lakhs. 

Can I buy Cancer care online?

Yes, Cancer Care is available online. 

What are the exclusions under leading Cancer Care policies?

The exclusions under some leading Cancer Care policies include:

If your cancer is caused due to having a sexually transmitted disease such as HIV/AIDS

If your cancer is caused due to having any congenital conditions

If your cancer is caused due to having a pre-existing condition

If your cancer is caused due to nuclear contamination

If your cancer is caused due to intoxication or drugs

 

If your cancer is diagnosed during the waiting period

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