In India, the prevalence of cancer is on the rise. According to estimates, the country’s cancer case count is projected to increase from 14.6 lakh in 2022 to 15.7 lakh in 2025.
Given the financial strain that cancer treatment can inflict on individuals and families, having a comprehensive insurance plan specifically tailored to cover cancer-related expenses is thus becoming increasingly important. However, with a multitude of cancer insurance plans available in the Indian market, choosing the right one can be a daunting task.
It’s therefore critical to consider several important factors before making a choice. The most important of these factors are covered in the sections that follow.
How to Select the Right Health Plan for Cancer Treatment
Evaluating all the available plans on the following listed parameters is important. The policy that excels on these criteria can ensure that cancer patients and their families can avoid financial strain in the face of this severe illness.
Coverage and Benefits
The foremost consideration when choosing a cancer insurance plan is the extent of coverage it offers. Look for plans that provide comprehensive coverage for various stages of cancer, including early-stage diagnosis, advanced-stage treatment, and post-treatment care. Ensure the plan covers expenses such as hospitalisation, chemotherapy, radiotherapy, surgery, medication, and diagnostic tests. Additionally, check if the plan offers benefits like lump-sum payouts, income replacement during treatment, and coverage for alternative therapies
Waiting Period and Survival Period
Most insurance plans come with a waiting period, during which you cannot make a claim for cancer-related expenses. This waiting period can vary significantly across different plans, ranging from months to years. Similarly, there’s usually a survival period, which is the duration you must survive after being diagnosed with cancer to be eligible for benefits. Understand these periods and choose a plan with reasonable waiting and survival periods that align with your needs.
Premiums and Affordability
Assess the premium amount payable for the chosen cancer plan carefully. While it’s essential to opt for comprehensive coverage, ensuring that the premiums are affordable and fit within your budget is equally crucial. Compare premiums across different insurance providers and consider factors such as age, medical history, coverage amount, and term length to find a plan that offers the best value.
Pre-Existing Conditions and Exclusions
Be aware of any pre-existing conditions clauses and exclusions in the policy. Some cancer plans may not provide coverage for pre-existing cancer conditions or specific types of cancer. Additionally, certain lifestyle-related factors such as tobacco or alcohol consumption may lead to exclusions or higher premiums. Thoroughly review the policy document to understand the scope of coverage and any limitations associated with pre-existing conditions.
Network Hospitals and Treatment Facilities
Check the network hospitals and treatment facilities affiliated with the insurance provider. Ensure that the plan offers access to reputed hospitals and cancer care centres in your vicinity. A wide network of hospitals can ensure prompt and quality treatment without the hassle of upfront payments or reimbursement claims.
Health Insurance Claims Process and Settlement Ratio
Evaluate the ease of the claim process and the insurer’s claim settlement ratio. A high claim settlement ratio indicates the insurer’s reliability in honouring claims and providing timely assistance during emergencies. Familiarise yourself with the claim filing procedure, documentation requirements, and turnaround time for claim settlement to make an informed decision.
Policy Renewal and Lifetime Renewability
Opt for cancer insurance plans that offer lifelong renewability without any age restrictions. Ensure that the policy can be renewed easily without any significant increase in premiums as you age. Additionally, check if the insurer offers benefits such as a no-claim bonus or premium discounts for continuous policy renewal.
Add-on Riders and Customisation Options
Explore the availability of add-on riders and customisation options to enhance the coverage of your cancer plan. Riders such as critical illness coverage, hospital cash benefits, and accidental death benefits can provide additional financial protection against unforeseen circumstances. Tailor the plan according to your specific needs and preferences to maximise the benefits.
Customer Reviews and Feedback
Research the insurer’s reputation and customer reviews before finalising the insurance plan. Consider factors such as customer service quality, responsiveness to queries, and overall satisfaction levels among policyholders. Reliable customer feedback can offer valuable insights into the insurer’s reliability and credibility.
Consultation with Insurance Advisor
If you’re uncertain about which cancer insurance plan to choose, seek guidance from a qualified insurance advisor or financial planner. An experienced advisor can assess your individual requirements, analyse various options, and recommend a suitable plan tailored to your needs and budget.
To Sum Up
Purchasing a cancer insurance plan in India requires careful consideration of several factors to ensure comprehensive coverage and financial security in the event of a cancer diagnosis. You can select a plan that offers the best protection for you and your loved ones.
Niva Bupa is one of the most trusted health insurers in India. Their policies can allow you to avail yourself of cashless treatment at 10,000+ network hospitals. From your hospital bills to your medicine bill reimbursement, you can rest assured that your medical expenses will be taken care of. Moreover, Niva Bupa ensures that the health insurance claims process remains hassle-free. You don’t have to worry about third-party involvement, thanks to the direct and 30-minute claim processing facility. Learn more about how Niva Bupa’s policies can help you cover cancer-related treatment bills by visiting their website.
