Cancer is curable. With the advent of technology and continuing research, cancer is curable. Speaking of health insurance, many people are not sure if insurers offer health insurance cover, to people who are already suffering from cancer. So, do they?
There’s much confusion on health cover for cancer. Until last year, no health insurers extended coverage to people already diagnosed with cancer. But from last year, a private health insurance company introduced the first health insurance cover for people already diagnosed with cancer.
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Cancer-affected people genuinely need medical and financial assistance. With an increasing number of people suffering from cancer and improvements in medical technology, insurers are now designing new products to cater to the needs of cancer-affected people in India.
This cancer cover health insurance plan has two options vis-à-vis sum assured: The Rs 3 Lakh and the Rs 5 Lakh option. It is suggested that you choose the sum assured carefully. Once chosen, options cannot be changed. The tenure of this policy is a year.
This cancer cover insurance is available for people in the age group of 5 months to 65 years, who have been diagnosed with 1st stage and 2nd stage cancer.
The premium amount for this cancer cover varies depending on the age and sum-insured. It may range from Rs 12,250 to Rs 35,100 excluding tax.
This insurance covers the risk of recurrence, metastasis (the spread of cancer) and second malignancy (second cancer). The insured is offered a lump sum payout, equal to half of the sum insured, soon after the disease is diagnosed. Just like a regular health insurance plan, cancer insurance also covers surgical, non-surgical and interventional treatment for non-cancer-related diseases, accident cover and so on.
This cancer cover insurance policy can be bought without a prior medical check-up (irrespective of age). Customers just need to submit previous medical records like details of the latest treatment.
In the mid-1980s, cancer treatment costs were about Rs 4-5 Lakhs. Now, it’s around Rs 12 Lakhs. By 2020 it is expected to increase to Rs 15 Lakhs.
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Description Of Benefits |
Sum Assured (Rs) |
|
3,00,000 |
5,00,000 |
|
Section 1 (Lump sum): Recurrence, metastasis, second cancer unrelated to the first cancer |
1,50,000 |
2,50,000 |
Section 2 (Indemnity Cover) Surgical and Interventional Therapy |
1,00,000 |
1,50,000 |
Section 3 (Indemnity Cover): Non Surgical and Non Interventional Therapy |
50,000 |
1,00,000 |
If the insured 60 years or above during the inception of the cancer cover policy, they will be liable to co-pay 10%. Co-pay is applicable on respective renewals.
In case the insured fails to renew the policy on the due date, a grace period of 30 days from the date of expiry of the policy is allowed.
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This policy has a free look period of 15 days from the date of receipt of the policy documents. During this period, the insured can review the terms and conditions of the policy. If the insured is dissatisfied, they may seek cancellation of the policy. Free look period is not available at the time of renewal.
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