While life insurance plans and health insurance plans are the most popular plans for people to choose, they do not cover various ailments. For instance- people with diabetes have to pay extra amount while people with cancer and heart ailments did not have an option of coverage in various policies. However, now insurers have figured that heart and cancer- both issues are incredibly prevalent in the nation and patients need coverage for the same. The expenditures can get high, and people are not always prepared for medical emergencies, especially since they are untimely with both of these conditions. Following is all you need to know about heart and cancer care plans while buying health insurance or a life insurance policy.
Now, as we all know, having a life insurance plan is very beneficial, especially for sole earners of the family. However, the sole earners of the family are also always under the pressure of providing for their family and working as much as they can. This can lead to a very stressful life and then result in issues like heart problems, stress-related issues, etc. In such times, getting quick funding for a medical emergency can be quite challenging and hence, it is recommended to have a health insurance policy which covers issues that your body may be prone to.
If you feel, that it’s all a matter of chance and you can battle with the medical emergency head-on, then here is a statistic for you. Most of the leading health organizations in the world have pointed out that about one out of every four Indians are prone to cancer or heart diseases and may be affected by them before they turn seventy years old. The issue is, that when you plan your retirement- keeping extreme medical expenses aside can be a challenge and hence, opting for a heart or a cancer policy is a great addition apart from a life insurance policy.
Main reason to get a heart and cancer policy
A heart ailment like angioplasty or even a chemotherapy regime may cost anywhere between 1 lakh to 30-35 lakhs depending upon the stage, the medical facility and the seriousness of the disease. Shelling out so much money is quite a task and can leave a massive hole in your expenses. If you are financially disciplined, it is highly essential that you have one of these policies so that you do not have to run around arranging for funds in times of need.
A solution for your issues- Heart and Cancer policies
Most oncologists and heart specialists suggest that in recent times, it is a lifestyle disorder that has to lead to the development of cancer and the development of heart issues largely. However, if you are leading a hectic lifestyle, then the least you can do for yourself is be prepared for the future with your finances kept aside for such times.
Disorders like diabetes, heart ailments, and cancer are on the rise, and while there is medical provision to battle with them, it cannot be afforded by everyone.
What are heart and cancer insurance plans (In a nutshell)
In simplest terms, a heart and cancer insurance plan is a policy that is duration based and provides options to the buyer for high coverage amounts. These policies can be bought for anywhere between ten, fifteen to twenty years and the policyholder can take advantage of coverage of up to seventy-five lakh rupees. There are some policies which are stand-alone for heart ailments, or only cancer problems and they can also be treated as life insurance policies for many. Such plans also double-up as life cover plans. Just like a life insurance policy, if death occurs for the policyholder during the term of the policy, the nominee gets the entire sum assured.
Their mechanism of working
Heart and Cancer policies are customized for people who feel that they are prone to issues arising from these two ailments the most. As mentioned above, you can either pick one of the options or choose to combine both in your plan. These policies cover up as health insurance policies as well as life insurance policies too. You are eligible for coverage during all the stages of this disorder, be it the initial stage, the middle diagnosis or the hardships that come with the critical stage. In case of any of the related events to cancer or heart, the policyholder will get a lump sum amount.
One of the most significant advantages of these policies are compared to other policies is that there is no need to go to a network hospital only. The claims that are made for these policies are based on the diagnosis of the reports and can be given even if they are from a non-network hospital.
The payouts are in a lump sum; there is no necessary affiliation to any particular hospital chain or any complex copayment requirements. Since they come for a long-term, it offers you a long time to save up for these ailments, and you even have the option of waiving off some premiums. However, this is available only for some products and not all. You are advised to read all the terms and conditions of your life insurance policy or a health insurance policy carefully to avoid any last minute hassle. No affiliation with any particular hospitals or any copayment requirements is there. They are available for longer terms, and some products offer a waiver of premiums for a limited duration.
Challenges of normal health insurance policy
What happens in case of a standard health insurance policy is that even though it may offer you comprehensive coverage for many of the medical emergencies- it is mostly reimbursement based and has various tiny clauses that you may not be able to get around. Sometimes, the reimbursements don’t cover consultation visits or room rents. These minor expenses can get very large on the pocket- especially if it is an issue of heart or cancer. Most policies won’t even cover issues that are more complicated and may require them to give a massive payout. Which is why having a specific policy is the best option in the long run.
Our best choice for heart and cancer policy combined:
Not many finance companies have as yet ventured into the market of offering both heart and cancer policies. However, our best choice for maximum benefit for this particular product is- ICICI Pru Heart/ Cancer Protect Policy. It does not only come with an extremely affordable health cover. You can get coverage of up to Rs. 20 Lakh with a premium payment of as less as Rs. 160 per month. However, you need to find out the best plan for yourself and various other factors like your age, your medical condition will come into play when this is being decided.
This plan also comes with benefits for couples. While buying this policy, you can get a discount of 5% for you and your spouse in the first year. The existing customers also get a 5% discount on loyalty. You get a payout on the diagnosis of any of the minor or significant ailment related issues too. Another benefit is of a premium waiver. You can opt for a waiver of premium in case there is permanent disability due to an accident for the policyholder or in case a minor or significant claim is made related to the heart and cancer ailments. Even when it comes to a life insurance policy, it gives quite a lot of benefits, and the nominee is entitled to get an assured payback for the same.
Another unique feature about this plan is that it comes with an option of additional income. You can get as much as 1% of the sum assured as an extra income whenever there is a significant diagnosis made. It also works as an investment, because you have an option of getting a 10% higher coverage for every year that the coverage goes unclaimed. The same policy also offers you a choice of either the heart ailment or the cancer ailment or you can choose both for more benefits.
Advantages of standalone cancer policies
The standalone cancer policies are also beneficial to people who have a genetic inclination towards getting this disease. Cancer treatments can be highly expensive and if there is a cover for them, then you will atleast have the financial burden off your head. The reason why we are choosing an elaborate section for cancer policies is because when a heart disorder is diagnosed, you can rectify your lifestyle and avoid the chances of getting a heart attack later.
But, with cancer- it is challenging to stop the growth of the cancerous cells once its spread in the body. It is also more expensive than usual heart ailments (depending upon the stages) and it is better to have financial preparedness for this. Following are the best options for this policy:
ICICI Pru Cancer Protect
This particular policy offers you an option of choosing both heart and cancer combined as well as provides you with a life insurance policy option too. The main features of this policy are as follows:
- You need to be between 18 to 65 years of age
- The minimum coverage assured for this is 5 Lakh rupees
- The maximum sum assured for this policy is about 23 Lakh Rupees
- The policy term is spread between five to fifty years of age.
The policy has the following benefits:
- It covers all stages of cancer and all types of cancer except for skin.
- The policy comes with an option of a lumpsum payout. You will get around 25% on the first minor claim and you are eligible for a 100% claim in case of a major issuer.
- It also comes with a hospital daily cash benefit and provides you Rs. 5000 for the same.
- Whenever there is a year that does not have any claim, there is a choice of increasing the coverage by 10% till the sum assured doubles.
- In case of a major claim, you also get 1% income benefit every month for a period of upto 5 years.
- It also comes with tax benefits under the Section 80 D
HDFC Life Cancer Care
HDFC Life cancer plan is a double plan for cancer care as well as as life insurance policy. It comes in three tiers- gold, silver and platinum and covers all types of cancer right from the stage of diagnosis up until the stage of recovery.
The basic features to remember:
- You need to be between the age of eighteen years to sixty five years.
- The minimum sum assured for the same is Rs. Ten Lakhs.
- The maximum sum assured for the same is Rs. Forty Lakhs.
- The policy duration starts from ten years minimum and goes up to twenty years.
Benefits of silver plan
- You get a lump sum benefit on minor conditions at 25% and at major conditions of 100% when there is a cancer diagnosis.
- It is eligible for early stages of cancer as well as terminal cancers.
- There is also an option of waiver premium for three years.
Benefits of gold plan
- The sum insured can be increased by 10% every year till it hits the mark of 200%.
- No claim can alter the initial premium amount.
Benefits of a platinum plan:
- You can get an income benefit of up to 1% income for every month on major claims.
- If there is a death during the policy term, the nominee will receive an amount of the remaining payout making it an apt life insurance policy option too.
There are other options as well such as AEGON Religare iCancer Insurance,Max Bupa Life Insurance and Bharti Axa Cancer Insurance for you to choose from.
There are plenty of options available for both heart and cancer ailments. The best part is that they also act like investment options (10% increase for the coverage amount) and come handy in times of need. Opt for one today, because you never know what life throws at you!