Talking about cancer can make even the bravest of individuals shudder and sigh but rather than being afraid of it, you need to be prepared to fight it. One such way of staying ahead of the unexpected is by purchasing the best cancer insurance policy in India. In this way, should the disease strike, you are financially secure to pay for the exorbitant medical assistance and treatment.
Here are five things to look at before purchasing a good policy.
1) A Good Sum Insured is a Must
Medical inflation is constantly increasing and treating a terminal illness in this scenario is costly. The stage of the cancer, its proper diagnosis and effective treatment can take up a major chunk of your life savings. It is important to find a policy that offers a sum insured that blends in with the cost of treatment.
2) Make Note of the Survival Period, Waiting Period and Fine Prints
You need to know the time duration before the policy starts coverage that is the waiting period and after diagnosis, the amount of time the cancer patient has to be alive to make a claim, known as the survival period. Read the fine print before purchasing a policy.
3) The Duration Period of the Policy
It is always better to sign up for a cancer insurance policy that is valid for a long duration. This ensures the policyholder is covered in a better way and for a longer time limit while maintaining the same premium.
4) The Payment Schedule of the Insurance Cover
Generally, a good cover provides comprehensive coverage for all stages of cancer. For the early stages, around 30% of the expenses are covered and for the later ones, around 70% coverage is offered. The percentage can fluctuate based on the various policies so make sure you choose wisely.
5) Choosing the Right Policy
Based on your preferences, you can opt from various insurance policies. These include specialized cancer insurance, term insurance policy with terminal illness benefit, basic health insurance along with critical illness rider. You have to choose the best one based on your budget and personal medical requirements.
These tips are sure to help you find the best cancer insurance policy in India.