Most of us find it tough to pay for cancer treatment since costs can exceed Rs 20 lakh easily. Hence, it is imperative to secure insurance cover. However, choosing the right cancer insurance cover is important, because policy features vary widely.
Basically, there are 3 kinds of policies as summarized below:
A regular health plan covers hospitalisation expenses and cost of treatment, to the extent of sum insured. Even though all major illnesses including cancer are covered, the waiting period is usually 3-4 years. Further, as compared to other plans belo, the policy premiums are high.
Critical illness plans cover a range of diseases, at competitive premiums. However, only advanced-stage cancer is covered, which means that the tumour should be showing uncontrolled growth. On diagnosis, a lumpsum amount is paid and therefore hospital bill is not required. Waiting period is lower at 90 days.
Specialised cancer care plans cover even early stages of cancer. 25% of the sum insured is paid at initial stage and balance 75% at an advanced stage. On diagnosis, future premiums are waived off.