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Things to know about Standalone Cancer Care Health Insurance

Team AckoNov 17, 2023

The risk of cancer is increasing day by day. According to the reports, it has become so common in India that around 2.25 million people are living with cancer today. Thanks to advanced medical treatments and breakthrough discoveries, early stages of this disease are almost curable. The life expectancy of a person suffering from cancer has also increased to a great extent.

On the other hand, the treatment of this disease is expensive. You need to take active measures in order to create a financial backup. One of such measures is buying critical illness cancer cover. In this article, we will discuss what you should be aware of before buying this plan.

Contents

It is a wise choice to buy a Standalone Cancer Cover plan?
Things to Consider Before Choosing a Standalone Cancer Cover

It is a wise choice to buy a Standalone Cancer Cover plan?

A standard health insurance plan will provide benefits that are limited. When dealing with a critical illness like cancer, you need to take a holistic approach towards your finances. To understand this better we need to take a look at the differences in a normal health insurance plan and a standalone cancer cover.

The most prominent difference between both types of plans is the financial back up you receive in case of medical treatment. A health insurance plan would normally help you pay the hospital bill at the time of or after availing treatment. On the other hand, critical illness insurance may provide a lump sum amount of money when you are diagnosed with the disease.

A health insurance plan is a consolidated plan for a number of ailments, whereas a cancer cover is specifically created to provide a strong financial backup in case the policyholder is detected with this life-threatening disease.

The validity of a health insurance plan may be limited to 1 year for short term policies and 2 to 3 years for long term plans. However, a critical illness policy like this can be useful in the long run depending upon the terms and conditions of the policy. This is because the disease might take many years to show symptoms or get detected at all.

Things to Consider Before Choosing a Standalone Cancer Cover

A critical illness cover is not to be bought simply because it is available. You need to weigh a couple of factors before making a purchase. Here are the things you need to consider:

Family history

According to reports, over a million new cases are being registered in India every year. This is not a rare disease. However, the likelihood of cancer can increase in people who have it in their family. Thus, one should opt for cancer cover if family members have fallen prey to it.

Also read about Family health insurance plans

Exclusions

It is of utmost importance to be aware of the exclusions of your critical illness insurance. Some insurance companies may not cover specific types of cancer, for example, skin cancer. Some insurers decrease the amount of sum insured if the disease is detected in its early stages. The list of exclusions can be very specific to each insurer. Thus, go through the list before making the purchase.

Disease-specific cover

A critical illness policy like cancer cover is specific only to one disease. You will not be able to make a claim if you are detected with any other type of critical illness apart from cancer. The sum insured for critical illness insurance can be as high as 60 lakh rupees. Thus, choose the amount of sum insured wisely as more the returns more will be the cost of your insurance policy.

Waiting and Survival Period

Around 180 days of waiting period from the purchase of the policy and 7 days of survival period from the day of diagnosis of the disease is usually applicable on a cancer plan. If the death of a policyholder occurs within this time-frame, the insurer may not be liable to pay any benefit. This is because a cancer cover does not have a death benefit like life or term insurance, it is merely a financial backup to avail the necessary treatment.

The Bottom Line

With proper treatment and care, it is possible to get rid of the disease that is spreading across the country. Take active measures to stay away from the factors that can cause the onset of this disease. Definitely buy a cancer cover as a precaution.

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Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet; and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content and before making any insurance-related decisions.