As we all know, before buying an insurance plan, or for that matter any important purchase that we are going to make, we consider numerous factors. And when it’s about buying a cancer health insurance plan, it is more than important to have a detailed understanding before actually making a purchase.
Now the question that occurs here is, how do we know if it’s the right purchase? Or the more significant question is, what are the factors that we need to consider before buying a critical illness insurance plan? This is where we, at Bajaj, come into the picture. Below we have curated a list of factors that you can go through before availing a cancer health insurance plan. Have a look at the following:
Top 7 Factors to Keep in Mind Before Buying a Cancer Health Plan
High coverage amount
Cancer treatment is an expensive deal. With processes like chemotherapy, diagnostic tests, radiation, and surgeries, it would cost a huge amount to an individual. And if they were to pay on their own, it would be heavy on their pocket. This is why a high sum insured amount would be sufficient to cover all the treatment expenses under your critical illness insurance policy. It will be counted as a benefit when you avail of the Bajaj health insurance premium because cancer treatment is a long-term ordeal. Moreover, it will be a cashless health insurance policy deal for you.
History of cancer (or any critical illness)
There may be instances that if you have been already diagnosed or treated for cancer earlier, you may be counted out of the cancer health insurance plan. However, this may not happen often, but it is always better to have complete knowledge of what could go wrong. This is because individuals with critical illnesses involve higher risks.
Benefit & Indemnity
Let us first understand the difference between the two, so you can easily choose which one will be suitable for you when buying a critical illness insurance plan–
A benefit policy is when the sum insured is paid over the diagnosis of cancer and also completing the tenure successfully. While an indemnity policy comes into the picture when an individual files a claim and receives reimbursement upon the same when the waiting period is over. The reimbursement amount is paid according to the amount paid for the treatment of the illness.
Other pre-existing diseases
It is important to declare if you have any pre-existing illness before buying a critical illness insurance policy. The policyholder must provide truthful details relating to the genetic diseases or history of cancer in the family. In case you fail to provide the right information, it may cause affect on your claims and may also lead you to rejection in availing any other non-cancer treatment reimbursements.
Some health insurance providers come with a co-payment policy. This means a certain percentage of the sum insured will be paid by the policyholder. So, it is important to reconsider the co-payment clause before buying a critical illness insurance plan. Because this will be a long-term deal.
A few insurers keep a sub-limit in accordance with the amount covered on the policy.
For instance, the critical illness policy might be for Rs. 60 lakhs but cancer treatment will get covered for up to Rs. 10 lakhs. In such a case, you need to check the policy terms in detail for a better understanding.
The survival period is the amount of time that the insurers define. The policyholder is supposed to survive this tenure in order to avail the benefit of the policy. This tenure can be post the diagnosis of the disease or post treatment. It is important that keep this in mind to avoid any confusion in the future.
The above-mentioned factors are among the most important points to keep in mind before you purchase a critical illness insurance plan. These factors will help you determine the risks involved, the terms & conditions under the policy, and on what grounds you can consider the health insurance plan. For more details you can visit our Bajaj Finserv app.