There are a lot of factors which play a crucial role in helping you choose the best insurance policy for yourself. You need to keep in mind that the health insurance policy should be need-based and not peer-based. Do not make a decision to buy a plan only because it has the lowest premium. It might also be offering lower or inadequate coverage. Also, be very specific about the duration for which you require the cover. With increasing instances of cancer across the globe, this is the right time to be practical and buy a cancer insurance policy.
The mention of the word cancer can instill fear in even the toughest individuals. Getting scared is not a solution, the best way to fight cancer is to prepare yourself physically, mentally and financially. You might seek help of friends and family to prepare mentally to fight cancer but only you will have to prepare financially for the same.
A health cover for cancer can help meet the expensive cost of treatment and this is the reason it is a must-have in your financial portfolio. If you already have a health insurance policy, you can choose to add a cancer cover in the form of a rider or you could opt for a standalone cancer insurance plan. Based on the stage and the treatment options, you could spend anywhere between Rs.2.5-20 lakh for a period of six months of treatment.
Compare the plans available for you
A cancer insurance plan covers different types of cancers including lung cancer, stomach cancer, breast cancer, prostate cancer, ovarian cancer and Hypopharynx cancer. Before you make a decision, check whether the plan offers benefits and payouts at all the stages. If it does, you need to consider the type of benefits which apply at each stage and the total benefits offered under every plan. Next, you need to consider if the plan offers a fixed sum insured throughout the term or if there is an increase every year up to a certain limit. The premium might be slightly higher for this plan, but it is the best cancer insurance to cover for the escalating medical costs.
One of the important factors to consider is the maximum term of the policy. A lot of cancer insurance plans have a maturity age which is fixed at 75. The maximum term can bring a huge difference to your buying decision. You need to choose a health insurance plan for cancer that has the longest period of coverage. Hence, if you are 30 and choose a plan with a 40-year tenure, you will remain covered up to the age of 70.
Bajaj Finserv offers a convenient way to buy cancer insurance online with features such as waiver of premiums, monthly payouts, tax benefits on premiums, diagnosis expenses, etc. All you need to do is provide your health details and share your requirements to enjoy pre-approved offers along with policy coverage.