Cancer insurance is intended to help you financially in case you are diagnosed with cancer. However, there are still some apprehensions in the general public regarding these plans.
Here are answers to some of the most commonly asked questions about cancer insurance plans.
Why do you need cancer-specific insurance?
Cancer can strike unannounced. It can afflict anyone irrespective of age, gender, health, occupation and lifestyle. The treatment and medication for cancer can be very expensive and may erode your savings. Also, in case you are diagnosed with cancer, you will not be able to work, which means there can be a loss of income. It is, therefore, better to be prepared for it with a cancer-specific insurance plan.
Should you go for a cancer plan if you already have health insurance?
Cancer diagnosis and treatments are expensive. You may need to go for routine check-ups, undergo expensive tests and even surgery. The consultation charges of expert doctors, too, can be on the higher side. There may be limitations to the cover provided by the medical insurance. A cancer insurance policy gives out a lump sum when you are diagnosed with cancer. You can use this money to pay for your hospital bills and any other expenses that you may incur. Hence, it makes sense to go for cancer insurance even if you have a health insurance policy.
What stages of cancer does the insurance cover?
Almost every type of cancer policy typically covers three stages-
- Carcinoma in situ (Pre-Cancer)
- Early-stage cancer
- Major stage cancer
Cancer insurance plans usually pay out different percentages of the sum assured depending on the stage at which your cancer is diagnosed. This is mentioned in the policy document.
What types of cancers are covered under the cancer insurance policy? What are the exclusions?
The types of cancers covered under the policy vary with the insurance company and are mentioned explicitly in the policy document.
Some of the common exclusions in the policies are listed below.
- Carcinoma in situ of skin, melanoma in situ
- Cervical Intra-epithelial Neoplasia (CIN 1, CIN 2 and CIN 3) without Carcinoma in situ
- Premalignant lesions and conditions are excluded.
- All tumours which are histologically described as carcinoma in situ, benign, pre-malignant, borderline malignant, low malignant potential, neoplasm of unknown behaviour, or non-invasive
- Any non-melanoma skin carcinoma unless there is evidence of metastases to lymph nodes or beyond
- Malignant melanoma that has not caused invasion beyond the epidermis.
- Most tumours of the prostate
- Thyroid cancers classified as T1N0M0 or below
- Chronic lymphocytic leukaemia less than RAI stage 3
- Non-invasive papillary cancer of the bladder classified as TaN0M0 or below
- All Gastro-Intestinal Stromal tumours classified as T1N0M0 or below and with a mitotic count less than or equal to 5/50 HPFs
Other exclusions may include-
- Any pre-existing cancer
- Cancer resulting directly or indirectly from nuclear, biological or chemical contamination (NBC)
- If the diagnosis or signs or symptoms first occurred during the waiting period
You can check the exclusions in the policy document or consult with your insurance advisor.
Is cancer insurance taxable?
Cancer insurance premiums are eligible for tax benefits under section 80D of the Income Tax Act. Consult with your insurance advisor and check the tax laws in force to know the deductions.
You can check all the cancer insurance benefits in the policy document or consult with the insurance advisor for the same.