Eligibility And Documents Required For Buying Cancer Insurance

As India ages, cancer incidences will also double in 20 years, anticipates a study. Are you protected against the disease? Cancer insurance will help you tackle without any financial worry. Read to know who is eligible for cancer insurance and what is the process to avail one.

The critical illness could leave families and the patient grapple with intense emotions. But, one thing that can undoubtedly keep you worry-free in such situations would be ‘Cancer Insurance.’ This type of insurance offers financial protection if one is diagnosed with cancer. The sum assured is paid at various stages – minor, major and critical. The type of cancer covered under the policy varies from company to company. Some insurance companies offer specific cancer policies, while in some cases, the disease is covered in critical illness policy.

Let’s understand the importance of insurance with an example:

  • Mr. Kumar has a term insurance
  • He has secured his family with a comprehensive health insurance

Mr. Kumar must have thought he had made a great decision by securing the future of his loved ones by investing in term insurance that offers lumpsum amount to his family if he dies. But as it is said that life is uncertain, and Mr. Kumar gets diagnosed with stomach cancer. For the treatment, he had to use his savings and his family was forced to sell their house.

This proves that cancer neither spares your savings nor it saves you from growing debt. Therefore, you need to be prepared for the unpredictable by buying cancer insurance. 

 

Three reasons to buy Cancer Insurance

Reduces financial burden:

When you buy cancer insurance, it will not hamper your savings. Post diagnosis, the cancer insurance company pays the sum assured depending on the intensity of the stage. It will give you financial relief and keep your family stress-free during difficult times.

Saves you from expensive treatment cost:

The cost of cancer treatment can run into lakhs. You will have to spend a maximum of Rs. 20 lakhs to get cured. Treatment costs such as this can put any person in debt. However, cancer insurance can cover all the expenses – right from radiation, chemotherapy, nursing care, surgery, blood transfusion, hospitalization to drugs.  

Covers all cancer types:

Comprehensive Critical Illness Insurance covers Cancer insurance for all kinds of cancers. But you still need to evaluate with the insurance company to find out what types of disease it covers under the policy. Below are the commonly included:

  • Lung Cancer
  • Breast Cancer
  • Ovarian Cancer
  • Stomach Cancer
  • Hypopharyngeal cancer
  • Prostate Cancer

Cancer Insurance Benefits:

  • You get lumpsum payment post-diagnosis of cancer
  • At all stages, the insurance company provides necessary cover
  • Some insurance companies pay monthly income for a certain period in case of a significant diagnosis
  • If you have not placed a request for a claim, your sum assured gets increased by a certain percentage 
  • Tax benefit under Section 80D of the Income Tax Act
  • Avail premium waiver at the early stages of the disease

Eligibility for Cancer Insurance:

  • The cancer plan usually has a waiting period of 160 days. Without the completion of the waiting period, you cannot place a claim request
  • The insurance company offers cover if you’re able to survive cancer at least seven days post the diagnosis.
  • Minor’s name can be added under the policy only if the plan also protects one of the parents

Standard documents required to buy cancer insurance:

  • If you are buying cancer insurance, you need to submit ID proof, address proof and age proof
  • You also need to provide medical reports that prove you do not have cancer at the time of purchasing the policy
  • You will need to submit a bank statement and passport size photographs
  • Apart from this, the insurance company may ask for documents depending on a case-by-case basis

 

Conclusion:

You may feel that your health insurance is enough to take care of your medical emergencies. But critical illness like cancer can affect anybody in today’s world. The dreadful disease can bring a financial blow, mainly if you belong to a middle-class family. Cancer insurance can act as a great aid and save you from financial stress.