Cancer is a deadly disease, undoubtedly anyone can fall prey to this disease. With few symptoms at the initial stage, this ailment has become one of the most common reasons for unfortunate deaths. Previously insurance companies offered cancer cover along with your base health insurance plan, even these days many insurance companies package it up with your life or health insurance base plan. With HDFC ERGO, the cover for cancer gets included under critical illness insurance along with 14 other major ailments. To choose the apt cancer insurance plan or critical illness health insurance there are several aspects that you need to understand.
What are the several factors that you should keep in mind while buying Cancer Insurance Plan or critical illness health insurance?
Sum insured: Your sum insured is the total cover. Higher the sum insured higher the risk covered. You should always opt for a higher sum insured so that in case of a claim you get higher coverage, this will help you meet your medical requirements.
Type of policy: At times insurance companies offer cancer cover on indemnity basis, which means your health insurance company will pay for the medical expenses related to cancer as and when you submit the bills. However, at HDFC ERGO we offer critical illness cover covering cancer and other ailments on benefit basis. This means that you get the sum insured on lump sum basis in one transaction without submitting any bills. All we need is your diagnosis and investigation report. Our my:health Medisure Classic plan offer critical illness which covers cancer too as an add on benefit. This plan gives you double sum insured for meeting medical expenses related to critical illness on indemnity basis.
Know the policy wordings: You must very well know about the coverage, exclusions, waiting period and survival period before buying the policy.
Survival Period: Every insurance company has a different survival period with HDFC ERGO it is 30 days of survival for receiving the benefit of lump sum payouts or sum insured.
Free-Look Period: It is that period when you can look for better insurance plans. This means that in case you are not satisfied with the policy you can easily look for other plans.
Number of ailments covered: Critical illness plan a wide range of life threatening diseases and not just cancer, hence it’s beneficial. On the other hand standalone cancer insurance will protect you only against cancer.
Tax Benefits: Just like every other health insurance policy, cancer insurance plan will also fetch you tax benefits under section 80 D.
Check for additional benefits, if any: Many insurance companies offer additional benefits like covering family under one plan or offering stage wise payments, always enquire about such policies before buying.
Conclusion: The above factors are responsible for making the right choice. A critical illness insurance plan is indeed an important aspect of your health planning. Without this you are less secured against life threatening diseases. Get critical illness insurance plan for yourself and your family.