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Best Health Insurance Plans From Top Insurers

#Virukipolicy | T&C*

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Life is uncertain and one should always be fully equipped to tackle the hard times in life. Disease like cancer can leave one penniless. The illness is as unpredictable as life. So,  insurance companies offer several health insurance policies and cancer insurance policies.

But it is very difficult to choose one of those keeping in mind all the calculations. PolicyX brings to you the best ways to select one of those policies and what are the things that you should look for while opting for a cancer insurance policy.

Thorough Research on The Policy

While going for a policy a hawk’s eyesight is very necessary. A thorough go-through of the policy how to choose cancer insuranceis as important as buying a policy because if the policy does not go with your requirements then it is only wastage of time and money.

  1. The yearly Claim settlement ratio at the IRDA site gives you a brief and authentic idea of the best insurance policy firm.
  2. At the time of claiming the policy, you can be betrayed as frauds are very common in the insurance sector. 
  3. Other than this you should also do calculations and research relating to your family history. Whether there was someone who has cancer in their medical history as this makes things more certain and you will be clarified in case of any doubts.

Make a List of Your Preferences And Needs

Beginning from queries related to hospitalization facility till the discharging procedure you need to make a note of all the basic requirements that the insurance policy is providing.

  1. Whether you get the facilities until you are cured or the policy lapses midway as few of the policies provide facilities until the cancer is completely cured no matter in which stage it is.

The Policy Covers All The Stages of Cancer

The stages have been mentioned in detail  for further clarification: 

Insurance companies are there who provide the policy for all the stages of cancer and few are which are applicable only in certain stages of cancer. So. it is better to go for a policy that is there for you in all the stages and you get the facilities along with all the policy benefits

Coverage

There are many types of cancer like lung cancer, breast cancer, stomach cancer, cervical cancer, blood cancer, mouth cancer, skin cancer, ovarian cancer, bone cancer, prostate cancer, etc.

  1. So, the treatment you want to take must be included in the cancer insurance policy that you are buying.
  2. The tenure the coverage is applicable for and the renewal process of the policy should be researched.
  3. Skin cancer is not included by many of the insurance policy companies so make a note of that.
  4. The smokers also do not get the privilege.
  5. Detection of cancer instantly after buying of policy and buying a policy when you already have the illness is not considered for the claim 

Provides Treatment Until Completely Cured

Few policies are there that provide you with complete coverage. It goes with you until the disease is completely cured. 

  1. The initial stages of the cancer sufferance are not included in a few of the policies. 
  2. The symptoms of cancer are not considered to be eligible for the insurance policy until and unless you are diagnosed with cancer in one of the stages. 
  3. Few policies also say that you cannot claim the insured sum if you are not hospitalized. 
  4. The claim begins with hospitalization and then the insurer bears the expenses of chemotherapy and other treatments.

So, it is better to go for a policy after researching these things. 

Get Highest Amount Assured

The complete idea of the policy can help you claim the highest amount.

  1. The minimum and maximum criteria of the amount to be paid should be followed as per the policy norms.
  2. The amount mentioned in the terms and policy if not paid can be complained about under the ruling body IRDA.
  3. Any violation of the rules is undertaken by the governing body and the needful action is taken over the matter.
  4. The policyholder needs to keep in-depth knowledge of the policy they are buying and if you have any query can call us at our customer care services and we assure you to provide with the best service and knowledge.

Premiums To Be Paid

Knowledge about the premiums to be paid is important. One should always keep in mind that:

  1. Premiums to be paid should be according to the tenure of the insurance policy.
  2. Online access to the policy is important in the present day of technology. It makes the payment of the premium very easy online. 

Discount or Premiums For The Sum Assured

The discount mentioned in the policy should be functioning at the time the policyholder claims the policy.

  1. One should always keep in mind that the discount and the premiums for the sum assured varies from company to company.
  2. Compare the discount and premium of all the insurance companies before going for anyone. 

Waiver of Premium Under a Certain Situation Like Early-Stage Cancer

This clause is found in the insurance policy, which is beneficial for policy buyers so the analysis of policy and its clauses are important before buying them.

  1. Early-stage cancer is taken as a different domain in comparison to major stages of cancer and the terms and conditions for this stage is entirely different from others. So, it is safe to read the terms carefully.
  2. Symptoms of cancer or a person having cancer from beforehand have no claim to policies according to a few insurance companies.

Sum assured

Clarification of the sum assured plays an important role at the time of treatment as different insurance policy provides different sum. For example:

Cancer Insurance Plans

Sum Assured

Max Life Cancer Insurance Plan

10 lakhs to 50 lakhs

LIC Cancer Cover Plan

10 lakhs to 50 lakhs

HDFC Life Cancer Insurance Plan

10 lakhs to 40 lakhs

TATA AIA Life Insurance Vital Care Pro

20 lakhs to 60 lakhs

So, choose a plan wisely that help you in your hard times. In case of any confusion feel free to call at Policyx customer care services which is always available for you. 

Adequate Hospital Facilities

Negligence in hospital facilities can be very painful for the patient so there should be no compromisation on part of facilities.

  1. Make a note that the facilities start with the hospitalization.
  2. All the tests, chemotherapy, radiation therapy, and bedding facility should be hygienic and on time.  

Yearly Percent Increase In The Assured Sum in Case of No Claim

There is a proposal in the policies of a few of the insurance companies that provide yearly percentage increase assured sum in case of no claim.

  1. These yearly benefits are very helpful for those who do not suffer from the disease with the grace of God.
  2. This motivates you to buy a cancer insurance policy as you are in profit both ways. 

Tenure of The Policy

The tenure policy is serving has to be kept in mind that different companies provide the policy for different tenure. Here is a table presenting a few of them:

Cancer Insurance Plans

Policy Tenure

Max Life Cancer Insurance Plan

10 years to 40 years

LIC Cancer Cover Plan

10 years to 30 years

HDFC Life Cancer Insurance Plan

10 years to years 30

TATA AIA Life Insurance Vital Care Pro

10 years to 20 years 

Additional Benefits of Policy

When you are buying a health insurance policy or a cancer insurance policy always keep in mind there are special benefits mentions like:

Special Benefits For Family Member

  1. Spouse
  2. Parents
  3. Children
  4. Senior citizens.

The policyholder gets the hospitalization expenses, test expenses, chemotherapy expenses and radiation therapy expenses paid by the insurer under certain clause mentioned in the terms and conditions of the policy. 

Never Confuse Between Cancer Insurance And Critical Illness Plans

There are terms like critical illness plans as well as cancer insurance plans and both have a difference.

  1. A few of the health insurance firms put cancer under the critical illness section whereas few have a separate section termed as cancer plan. 
  2. So, it is necessary to read both the clause and insure whether the critical illness plan includes cancer as well or not because if it does not include it then its total waste of money and the policy will not be of any use in time.

Inclusions And Exclusions of The Policy

Every insurance firm has its own set of rules in which they might include few things or exclude a few things. So these sections need to be read carefully before signing the documents. Few of them are given in the following table:

Inclusions

Exclusions

Pre-hospitalization expenses

Smokers do not get the privilege. 

Post-hospitalization expenses

Drinkers do not get the privilege.

Chemotherapy expenses

A person having cancer from beforehand is not considered.

Regular checkup expenses

A person with symptoms of cancer does not fall under the criteria.

Radiation therapy expenses

 

Age Eligibility of The Policy

The eligibility criteria also emphasize on the age factor and there is a scale fixed by the insurance company when it comes to the age factor of the policyholders. The following scales have been set up by a few of the insurance plans:

Cancer Insurance Plans

Minimum Age Limit

Maximum  Age Limit

Max Life Cancer Insurance Plan

10 years

40 years

LIC Cancer Cover Plan

10 years

30 years

HDFC Life Cancer Insurance Plan

10 years

20 years

TATA AIA Life Insurance Vital Care Pro

              10 years

              30 years

The Clause “Coordination of Benefits”

Under this clause, you cannot withhold the benefits of the two insured policies at the same time. If a policyholder has bought both health insurance policy and cancer insurance policy then at the time of using the policy you do not get the double benefit as one facility mentioned in both the plans will be paid off only once at a time.

Tax Benefits

While opting for these insurance policies one can keep in mind that these policies also have tax benefits. The cancer insurance policy of companies has a detailed description of such benefits.

Conclusion

Policyx keeping in mind all the facts and figures have presented you above the essential things that one should keep in mind while opting for a cancer insurance policy. Life is adventurous as well as surprising. So, one never knows what's there to occur in the future. It is better to be prepared for all the possibilities and plan accordingly. And in your planning, Policyx will hold your hand and will guide you on the right path in the darkness of confusion and queries.

Naval Goel is the founder of PolicyX.com. He is an Associate Member of the Indian Institute of Insurance`, Pune. He has been authorized by IRDA to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.
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