As one grows old, it becomes inevitable to be concerned about the probability of getting chronic illnesses like cancer, especially in today’s age. Moreover, cancer, unlike other diseases, does not have a single cause or reason for its occurrence, and there are hardly any preventive measures known to avoid the of cancer. Unfortunately, if you are detected with cancer, all your the life savings can be wiped out due to the high treatment costs involved in cancer treatment. With the ever-rising medical costs, investing in a cancer insurance plan can ensure that one is prepared for exhausting cancer treatment costs and can avail of quality cancer treatments that may arise in the future. Thus, picking the appropriate cancer insurance plan can assist you in planning medical emergencies in your life.
What is cancer insurance?
Cancer insurance is an insurance type designed to provide financial assistance to those people who have been diagnosed with cancer, thus helping to reduce the costs of receiving high-quality cancer treatment. Also, it will help your family avoid the financial burden of your cancer treatment.
This type of cancer insurance plan covers the costs of diagnosis and treatment of cancer, including hospitalisation, radiation therapy, chemotherapy, and surgery; however, it has a waiting period according to the mentioned terms and conditions of the purchased policy that must be met before the coverage starts and protects the insured. Therefore, buying a cancer insurance plan from the best cancer insurance companies is essential.
Why do you need a cancer insurance policy?
Today, the prevalence of cancer is increasing all over the world, and this sharp increase can be attributed to changes in our lifestyle patterns, genetic factors, and environmental exposures. India is one of the top three countries with the highest number of patients who suffer from hematologic cancer.
In addition to the risk of developing cancer, the expense of treatment continues to rise; however, with cancer insurance, you can keep this disease from tearing down your whole life’s savings. In other words, choosing the right cancer insurance policy can aid you in preparing for medical emergencies in your life.
Best cancer health insurance companies
Nowadays, you can easily purchase any one of the finest cancer health insurance plans available in the market online, sitting comfortably right in your home. There are innumerable insurance providers in the market today; however, some have a reputation to provide great products and satisfactory customer service. Here are some of the leading companies that provide cancer health insurance in India:
- Aditya Birla Capital Ltd.
Aditya Birla Capital Ltd. is one of the best cancer insurance companies. It is listed among the Fortune 500 organisation. Aditya Birla Group’s financial services with its presence in over 2300 locations across India and over 10,000 network hospitals make it easy for consumers to access cashless services. The company has a record of insuring over 10 million people and over 1.97 lakh settled claim requests. Furthermore, Aditya Birla Capital has a record to go an extra mile for their customers by guiding their customers regarding the importance of fitness, healthy food, and lifestyle and by rewarding them for good health.
Their Active Secure-Cancer secure plan is one of the many plans tailored to ensure that if, God forbid, you or any of your close ones are diagnosed with cancer, you receive the best possible treatment without any worry. This plan gives financial assistance for your cancer treatment without you needing to stress, and you can focus on your cancer recovery. The eligibility to buy this plan is 18 years and above with no upper limit for age. The sum insured for the earning member is up to 12 times of the annual income (gross), and the non-earning partner, parents, in-laws, and children are insured for 50% of the proposer’s sum.
The key features of this plan are:
- The plan provides payouts based on the stage of cancer as per the policy limits. You get a payout of 50%, 100%, 150% of the sum insured for early-stage, major, and advanced-stage cancer, respectively.
- The policy provides a cumulative bonus ranging from 10% to 100% of the sum insured.
- A wellness instructor can be chosen to monitor your health and assist you in recovery.
- Care Health Insurance
Care Health Insurance Company is another well-known cancer insurance company, which was formerly known as Religare Health Insurance Company Limited. This insurance company offers a variety of health insurance services and products catering to the needs to individuals, corporate bodies, and families. Care Enterprise Ltd.’s health insurance arm has a significant presence in over 1,700 locations in India. In 2012, the Insurance Regulatory and Development Authority of India (IRDAI) approved Care Health Insurance, which has since become one of the most trusted brands within the health insurance industry.
The Care Cancer Mediclaim plan is one of the best cancer insurance plans that Care health insurance offers for individuals and families. Moreover, this plan features lifelong renewability and covers all the stages of cancer with wide-ranging options for the sum insured (10 lakhs to 2 crores). To buy this policy, the minimum entry criterion is 18 years and above with the maximum entry age of 50 years. For children, the entry criteria ranges from 91 days to 4 years. The policy can cover a maximum of six people on an individual basis for a tenure of 1/2/3 years.
Some of the highlights of the policy include chemotherapy and radiation, cashless hospitalisation, annual full-body check-ups, coverage for all major cancer types, and air ambulance coverage.
Some of the key highlights of the policy are:
- Indemnity-based plans
- Easy instalments
- Lifelong renewability
- Rewards for each claim-free year
ManipalCigna has a good reputation and is regarded as one of the top health insurance companies today. ManipalCigna has over 93000 satisfied customers and a network of 8500+ hospitals where you can avail of cashless treatment. You can conveniently renew the policy, file a claim, or speak with an expert by logging into ManipalCigna’s website with your credentials.
The ManipalCigna Lifestyle Protection Critical Care plan is a product that offers coverage for 15 critical illnesses including cancer of specific severity in the basic plan and 30 critical illnesses in the enhanced plan. It also provides you with the complete sum insured when you are first diagnosed with one of the 15–30 major diseases and for other procedures, including a second medical opinion and online access to a wellness program. This plan is available for individuals as well as families. To get this policy, your age should be 18–65 years. You receive a wide range of sums insured from 3 lakhs to 30 lakhs for a tenure of 1/2/3 years.
- Star Insurance
Star Health and Allied Insurance Co. Ltd., or Star Health, is one of the best cancer insurance companies in India, and it was the country’s first standalone insurance provider when it launched in 2006. The company offers a cashless facility for its customers, which is available at 13000+ network hospitals across India, as well as 24-hour multilingual call support. Star Health encourages you to seek the best possible treatment for your ailments by providing a free second medical opinion.
The Star cancer care platinum insurance plan of Star Insurance provides coverage for the treatment expenses incurred by cancer patients (any stage) after a 30-month waiting period and offers indemnity coverage for non-cancer ailments as per the terms and conditions of the policy.
The Star Cancer Care Platinum Insurance policy provides the following benefits:
- Expenses for in-patient hospitalisation
- Charges for emergency road ambulances
- Expenses for pre- and post-hospitalisation
- Coverage for all day care procedures
- Wellness activities
- Pain management and rehabilitation
- Hospice care
- HDFC Ergo
HDFC Ergo General Insurance Company Ltd. is one of the market’s best cancer health insurance companies, with ISO 9001:2008 certification, which means that this company prioritises customer satisfaction and continuously provides services that meet its customers’ needs while adhering to regulatory and statutory guidelines. It has 11000+ crore claims settled till now with a 100% claim settlement ratio and more than 1.5 crore happy customers.
Silver cover cancer insurance and platinum cover cancer insurance are the critical illness insurance policies offered by HDFC Ergo. Also, HDFC Ergo has a huge network of 12000+ hospitals for cashless hospitalisation, which helps its customers in easy hospitalisation.
Some key features of this plan are:
- One-time lump sum payment
- Coverage for up to 15 critical illnesses, including cancer
- Easy renewal along with an option to buy the plan for 1 or 2 years
- Comprehensive plans
Tata AIG General Insurance Company Ltd. (or TAGIC), founded in 2001, has quickly occupied a place on the list of India’s most popular family health insurance companies. From the time it is launched, TAGIC has insured over 5 crore people. TAGIC’s mobile application aids you easily access the policy and locate a suitable facility for you from a huge network of 7000+ hospitals. In addition to that, TAGIC has a claim settlement ratio of 94.21% and does not require any pre-policy medical exams.
TAGIC’s cancer insurance plan covers costs for various factors such as pre- and post-hospitalisation, ambulance cover, domiciliary hospitalisation, and day care procedures depending on the policy terms and insurance. Some of the best TAGIC cancer policies are the critical illness plan, MediCare premiere, and MediCare Protect. Also, TAGIC offers an advantage of getting a second opinion; if you are dissatisfied with a doctor’s diagnosis, you can see another. The insurance policy can cover all of the expenses incurred.
Things to consider while buying a cancer insurance policy
Insured sum: Keeping in mind the ever-increasing medical costs, it is essential to select an appropriate sum insured to avoid additional financial burden.
Features: It is important to read all of the specifications mentioned in the cancer insurance policy ahead of time and select one with the most inclusions.
Cancer types and stages covered: It is advisable to verify the types and different stages of cancer covered by the insurance plan before purchasing cancer insurance. You can make a comparison of various cancer insurance plans from various providers and select one that offers the best-suited coverage.
Waiting time: It is recommended to check the waiting time for cancer insurance before filing a claim to avoid rejections. Also, make sure the waiting period is not too long.
Renewal period: It is critical to check the maximum age of renewal so that you can continue renewing your policy for a longer period and receive a substantial amount if something unfortunate occurs.
After gathering information about the best cancer insurance companies in India, you can easily choose a plan as per your requirements that best suits you. It is advisable to make an early investment in a cancer insurance plan to take advantage of low premium rates. It is also recommended that you purchase an individual plan if you or your parents have a family history of cancer.
Leading insurance companies provide a variety of cancer insurance plans with unique features. Critical illness plans may even be a better option because they cover many critical diseases. Select and purchase a plan that best meets your needs. You can remain well-prepared to face any uncertainties if you have a solid financial backup of cancer insurance.
How do I choose the best cancer insurance company?
There are multiple cancer insurance policies available in the market, but while buying a policy, thorough research is advisable to meet per the individual needs and budget. You must reading through the terms and conditions of the policy.
Following are some of the essential factors that can be considered while purchasing a policy:
• Policy tenure
• Total sum payable
• Waiting and survival periods clauses
• Payouts at various stages of cancer
How many cancer insurance companies are there in India?
There is a pool of companies selling cancer insurance policies in the market currently; therefore, you should purchase a policy only after thorough research and in-depth reading of the terms and conditions of the policy.
Which is the best insurance company in India?
With the heaps of options available in the market, each policy has something unique to offer; however, a few of the top cancer health insurance companies are listed above. Each person’s needs are different; therefore, going through the terms and conditions of policy and benefits the plan offers help you choose the best insurance policy as well as company. Some of the best cancer insurance companies include HDFC Ergo, TAGIC, Star Health, and ManipalCigna.
Which are the top five cancer insurance companies in India?
With the plethora of options available in the market, each policy has something unique to offer; however, a few of the top cancer health insurance companies are listed above. Some of the best cancer insurance companies include HDFC Ergo, TAGIC, Star Health, and ManipalCigna.
What five things should be considered while choosing a cancer health insurance company?
With the innumerable health insurance options available in the market today, you are spoiled for choice. Before purchasing a policy, make sure you have all of the necessary information.
When picking the appropriate insurance policy for yourself, keep the following factors in mind:
• Always select a policy with decent coverage and ensure that the amount is adequate to financially protect you and your entire family.
• Keep a record of your waiting time, maximum limits, and coverage.
• Make sure you understand all the features mentioned in the terms and conditions of your health insurance policy including the waiting period, cumulative bonus, any pre-existing illness clause, and deductibles.
• Because medical costs continue to rise at an alarming rate, it is prudent to choose a policy with a high sum insured.
• Make sure you renew your health insurance policy regularly. If there is a gap between the expiration of your policy and its renewal, you may lose insurance benefits.
• If you purchase health insurance early on in life, you will have a lower premium for the coverage amount you will receive.