What is Cancer Insurance?

Comprehensive Guide to Cancer Insurance

Considering the rising number of cancer cases in India, cancer insurance has become an absolute necessity. It is a specialized form of health insurance that offers financial coverage for the diagnosis, treatment, and other risks associated with the disease. This insurance plan can pay for medical expenses, hospitalization, drugs, and even non-medical expenses such as transportation and accommodation. 

Some cancer insurance policies also offer additional benefits, such as premium waivers, income replacement, and payment for other medical costs. Looking to buy a cancer insurance plan? 

Keep reading this guide for a comprehensive overview of cancer insurance. 

How Cancer Insurance Works?

A cancer insurance policy becomes effective as soon as an individual is diagnosed with cancer. The insurance company pays a lump sum amount that can be used to cover cancer treatment costs. 

Thus, when you are purchasing cancer insurance, the first step is to determine the right coverage amount based on your health status and financial resources. After that, you need to pay the premium amount and file a cancer-related claim when needed. They can be made at various stages of diagnosis, such as minor, major, and critical stages, provided the diagnosis is made within the policy year. 

It is to be noted that your sum insured can be increased by a maximum of 50% as an incentive for enjoying good health and a claim-free year. However, cancer insurance plans usually do not guarantee benefits in terms of death, maturity, and surrender.
Types of Cancer Covered by Cancer Insurance Plans in India 

Take a look at the different types of cancer that are covered under cancer insurance policies at early and advanced stages:

●  Lung cancer
●  Breast cancer
●  Hypolarynx cancer
●  Stomach cancer
●  Ovarian cancer
●  Prostate cancer
●  Cervical cancer

Benefits of Cancer Insurance

Cancer insurance plans are intended to help people in coping with the financial issues that accompany a cancer diagnosis. Below are the key advantages of cancer coverage:

• Comprehensive Treatment Coverage: Cancer insurance covers vital cancer treatments, such as chemotherapy, radiation therapy, and operations, significantly reducing the cost of medical procedures.
• Hospitalization and Medical Tests: The policy pays for hospitalization costs, along with medical tests needed during cancer diagnosis and treatment. This helps provide timely care without any financial concerns.
• Emotional Support: Most cancer insurance policies provide access to counselling sessions or support groups, facilitating emotional and psychological support during the treatment process.
• Lump-Sum Payment for Early Detection: In the event of early cancer diagnosis, a cancer insurance plan can make a lump-sum payout to assist in paying for the treatment expenses from the initial stage.
• More Coverage Choices: Cancer insurance also gives the flexibility to boost your sum assured for greater coverage, keeping you adequately covered when the treatment expenses increase.
• Flexible-Premium and Policy Duration: The policy offers the option to select a convenient premium pay frequency and policy duration. This provides you with the freedom to control your expenses while receiving long-term protection.
• Tax Benefits: Tax benefits are available on the paid premiums of cancer insurance under section 80D of the Income Tax Act.
• Peace of Mind: With a cancer insurance plan, patients and their families feel more comfortable, financially and emotionally, as they go through the treatment process.    

Inclusions Under Cancer Insurance Plans

Mentioned below are the elements that are covered in cancer insurance policies:

●  Compensation for hospitalization costs.
●  Financial aid for surgical procedures.
●  Coverage for costs incurred on these necessary treatments, such as chemotherapy and radiation therapy. 
●  Financial support for the medications and prescription drugs required in cancer treatment.
●  Costs incurred on diagnostic and imaging tests.
●  Expenses incurred for doctor visits and hospital stays.

Exclusions Under Cancer Insurance Plans

Here are the major exclusions of cancer insurance policies:

●  No coverage is provided for pre-existing conditions.
●  Medical costs related to non-cancerous treatments are usually not covered.
●  Any illness due to consumption of alcohol, tobacco, or drugs is not covered.
●  Self-inflicted injuries are not covered by cancer insurance.

To ensure that cancer insurance is available to all, Star Health Insurance provides a comprehensive Star Cancer Care Platinum Insurance Policy. It requires no pre-medical tests and covers medical expenses for both cancer and non-cancer ailments. 

Call us today for a customized quote! 

Also Read:

→ Which Health Insurance is Best for Cancer Patients

→ How to Get Cancer Insurance

→ How to Get Tested for Cancer Without Insurance

→ Which Insurance Cover Cancer

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