The number of cancer cases has increased a lot in recent years. The risk is greater than ever, and what’s worse is that the number is only rising. In spite of the fact that most malignancies may be successfully treated with high success rates, research demonstrates that India still lags behind because most people cannot afford and easily obtain it. Therefore, consider if you would be able to afford to receive cancer treatment for yourself or a member of your family in the event of an emergency rather than taking a chance.
Did that query make you feel uneasy? Don’t worry, good critical illness health insurance plans can cover your treatment costs for many other terrible conditions as well as cancer. So how can one discover a sound strategy?
- Recognise your needs
Online searches for insurance plans will return a variety of options, but you won’t be able to choose the best one until you know what you need. Make a list of your potential needs based on individual considerations like family history (genetic risk for specific diseases), the age limit you’ll need, the amount of insurance you desire, etc. Once you’ve finished, you may start comparing plans online to see which one best meets your needs.
- Consider your choices.
You have a wide range of options today for defence against the majority of serious illnesses. To begin with, you must choose whether to purchase a separate cancer insurance policy or add it as an addition to your current health insurance plan. It is typically advised to choose a separate plan if you want to cover your entire family because you can choose a bigger sum insured that way. The add-on, however, is a fantastic option for an individual because it adjusts your current plan to provide you with coverage at a reasonable price.
- Seek out the most features.
We all strive to find the most comprehensive coverage at the best price, just like with any other health insurance plans. The amount of diseases you are covered against in a critical illness plan is the first thing to look for. The age restriction is another thing to consider, as most insurance policies cover the insured up to age 70. Choose a plan that offers you coverage for the longest period of time possible as a result.
- Recognise the advantages
Knowing the advantages you will receive if you are given a cancer or other serious illness diagnosis is crucial. Some health insurance with cancer cover offer a payout of approximately 25% upon a cancer diagnosis at an early stage, with the remaining amount only being paid out upon the insured’s passing. Some of them will provide you the choice of a monthly dividend that will simulate earnings and make up for any earnings that you might have lost during that time. *
However, be sure to carefully understand the terms, restrictions, and exceptions. For instance, in order to receive benefits of health insurance reimbursement, the insured must live for at least seven days after receiving a cancer diagnosis. The insurance plan may also specify a waiting period between claims.
- It is not a substitute for your current insurance.
Please ensure that you are aware of the distinctions between your health insurance plan and an insurance plan that is specifically created to cover critical illnesses. Similar to term insurance, a critical illness plan might not provide any benefits upon the insured’s passing.
You can choose a strategy that works best for you and your loved ones with the help of these suggestions. All you need to do is go to the insurer’s website and look at the available options.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
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