Cancer is a fatal disease that comes without prior intimation. This terrible disease costs you quite a bit, both emotionally as well as financially. Therefore, being prepared for this harrowing ordeal is one of the wisest steps you could take. Buying yourself a cancer insurance policy would be one of the ways to do that. Doing so will ensure that your financial needs are taken care of every step of the way while you battle this deadly disease.
Today, a number of insurance companies offer customers great benefits on cancer insurance plans. However, you need to be very selective while choosing a policy as per your needs. A few things to keep in mind before you invest in any cancer insurance plans are:
- Coverage amount
Cancer is a terminal illness that is rather expensive to treat. And given the rising medical costs, these expenses are sky-rocketing. Therefore, selecting a cancer protection plan with a sum assured that is on the higher side would be of great help.
- Your family history
Checking whether your family runs a history of cancer would be important before investing in any of the cancer insurance plans. This gives you a clearer idea of the kind of policy you should opt for.
- Stage coverage
A cancer insurance policy for the purpose of convenience divides the disease into three stages—early, major, and critical stage. While going for cancer plans, make sure to select one that offers you payouts on the basis of these various stages.
- Waiting period clause
A number of cancer insurance products have different waiting period clauses. In some cases, the patient needs to wait for an initial period of 90 to 180 days before he or she can make a claim for the policy. In other cases, the patient would need to wait for a survival period of 7 days from the date of being diagnosed.
- Premium waiver facility
A number of policies waive off future premium payments for a certain period, depending on the stage of cancer the patient is in. This is another important factor to check for before you avail of a cancer insurance policy.
- Income benefit facility
A few cancer protection policies pay patients 1 percent to 2 percent of the sum insured on a monthly basis if they are in the major stage of cancer.
- Wide policy term
Selecting a policy that offers you long-term protection is ideal, as this would cover you for a longer period.
- Limitations of the policy
While most policies promise to offer the best, a lot of them have hidden clauses that act as limitations. Therefore, it is important to check for the limitations of your policy.
Make sure your cancer insurance does not duplicate the offerings of your primary insurance as that would only mean unnecessary expenses.
- Expenses not covered
Many cancer insurance products do not cover miscellaneous expenses like transport, rehabilitation, and home care costs. Look into this carefully before investing in a policy.
Offering a host of benefits, the HDFC Life Cancer Care plan provides complete coverage against this critical disease. It helps to secure your financial future and lets you have the peace of mind you need.