Breast cancer is one of the challenging health hazards in India that requires expensive and proper medical care. Considering the increasing cancer cases in India, it is essential to get cancer insurance to cover the expenses of its treatment.
Individuals purchasing a cancer insurance policy can get coverage for several cancer-related medical expenses. Thus, instead of worrying about the treatment costs, policyholders can focus on the recovery. Keep reading to learn more about the best breast cancer insurance plans in India.
What is a Breast Cancer Insurance Plan?
A breast cancer insurance plan is a special type of health insurance policy that covers the medical expenses for cancer treatment. It includes hospitalisation, chemotherapy, surgery, radiotherapy, and even post-treatment expenses.
Policyholders can avail a lump-sum payout or reimbursements depending on the stage of diagnosis. Cancer insurance plans usually cover treatment expenses for both early-stage and advanced stages, ensuring continuous financial protection throughout the treatment journey.
What are the Benefits of Purchasing a Breast Cancer Insurance Plan?
Cancer (including breast cancer) insurance provides essential financial coverage to cancer patients during their most challenging conditions. Here are some notable benefits of purchasing a cancer insurance policy:
- Covers Multiple Stages of Cancer
A cancer insurance policy provides financial coverage for multiple stages of cancer. Policyholders can avail the claim amount without focusing on the stage of cancer at which it has been diagnosed.
- Provides NCB (No Claim Bonus)
If the policyholder has not raised any claim against their cancer insurance policy, they can avail a discount on the premium amount while renewing the policy. It can also increase the sum insured by a pre-specified percentage.
- Premium Waiver Benefits
In some cancer insurance plans, policyholders can avail a benefit called a premium waiver. In this benefit, the insurance premium is waived for the diagnosis of early-stage cancer or other specific conditions.
- Monthly Payout Option
Some health insurance plans that cover cancer also provide the option to avail a monthly payout. In this case, you can claim the sum insured as monthly income upon being diagnosed with a major cancer for specific years. However, it may vary depending on the terms and conditions of the policy.
- Lump Sum Payout Option
In this case, the policyholder can avail a lump sum payout upon being diagnosed with cancer.
- Tax Benefits
As per Section 80D of the Income Tax Act, policyholders can avail tax benefits against the insurance premium paid.
What are the Factors to Consider Before Purchasing a Cancer Insurance Plan?
Here are some of the things to consider while purchasing a cancer insurance policy:
- Sum Assured
Choose a plan with a high enough sum assured to cover the expensive treatment costs, such as chemotherapy, surgery, and hospitalisation. A sufficient sum assured reduces financial stress during treatment.
- Coverage Scope
Ensure the plan covers multiple cancer types and all stages, from early detection to advanced disease. Comprehensive coverage ensures protection throughout the cancer journey.
- Policy Tenure
Opt for an extended policy tenure since cancer treatment can be prolonged and may occur anytime. Longer coverage ensures ongoing protection without renewal hassles.
- Waiting Period
Check the waiting period before the policy becomes effective. Shorter waiting periods allow claims to be processed sooner after diagnosis, reducing financial uncertainty.
- Survival Period
The insured must survive a specified minimum time after diagnosis to claim benefits. Shorter survival periods mean quicker access to payout.
- Premium Costs
Balance the affordability of premiums with adequate coverage. Higher sum assured or additional benefits may increase premiums but provide better protection.
- Claim Settlement Ratio
Prefer insurers with higher settlement ratios for faster and hassle-free claims during critical times. For example, Star Health Insurance has reported a final cashless approval rate of 97% within 3 hours across over 14,000 network hospitals in India, ensuring a smooth process while providing peace of mind.
- Additional Benefits
Look for value-added features like a premium waiver on claim, regular health check-ups, coverage for alternative treatments, or a second medical opinion.
Breast cancer insurance plans in India offer a vital financial shield against the costly and prolonged treatment journey of cancer. Opting for a specialised cancer insurance policy ensures that patients receive timely and adequate care without financial distress.
Consider cancer plans that provide extensive coverage for all stages of cancer and unique benefits for holistic care. Choosing the best breast cancer plan with a suitable sum insured and waiting periods can effectively secure one’s health and financial future.
