Can You Get A Health Insurance Plan For Cancer Patients?

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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Can You Get A Health Insurance Plan For Cancer Patients?

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 1^st stage and 2^nd 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.

 

Salient features of cancer cover insurance for cancer-affected people:

 

• Covers people diagnosed with cancer.
• Two options of Sum Assured: Rs 3 Lakhs and Rs 5 Lakhs.
• Eligibility: Aged between 5 months and 65 years.
• 50% of sum assured is given as a lump sum for recurrence, metastasis, and/or a second malignancy not related to first cancer.
• Covers accidents and illnesses other than just like a regular health insurance policy.
• No medical tests.
• Premium paid on the cancer plan is eligible for a tax deduction under Section 80D of the Income Tax Act, 1961.

 

Advantages of cancer cover insurance for cancer-affected people:

 

• This cover is available for people diagnosed with cancer, those who have already completed treatment and those who are cured of cancer and still incurring medical expenses for ordinary illness such as fever.
• This is a financial protection against increasing cancer treatment costs.
• Second cancer or metastasis or recurrence of cancer is also covered.

     

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Following is the table of benefits:

 

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

 

Co-pay applicable to Section 2 and Section 3:

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.

 

Grace period for renewal of the cancer cover policy:

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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Free look period:

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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