We all are aware that before purchasing 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 we made the right choice? Or the more significant question is, what are the factors that we need to consider before buying a critical illness insurance plan? Below we have curated a list of factors that you can go through before availing a cancer health insurance plan.
Top 7 Factors to Keep in Mind Before Buying a Cancer Health Plan
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Wider coverage
Treatment of cancer is an expensive deal. With healthcare processes like chemotherapy, diagnostic tests, radiation, and surgeries, it costs 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 insure amount would be require 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.
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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.
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History of cancer (or any critical illness)/ Hereditary
There may be instances that if you have been already diagnosed or treated for cancer earlier, you may be counted out of the best family health insurance plan. Or if you have a family history with the same disease, you may be charged higher. So, it is always better to have complete knowledge of what could go wrong. This is because individuals with critical illnesses involve higher risks.
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Pre-existing diseases declaration
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 effect on your claims and may also lead you to rejection in availing any other non-cancer treatment reimbursements.
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Co-payment
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.
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Sub-limits
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.
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Survival period
The survival period is the amount of time that the insurers define. The policyholder is suppose 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 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.
Anywhere, Anytime insurance with the Bajaj Finserv
The Bajaj Finserv is a high utility that takes care of all your financial needs including insurance. On the , you can explore multiple health insurance plans from our trusted partners. By just providing a few basic details, you can get quotes from multiple insurers at one go. Plus, you can view product features, compare prices and purchase a plan that is best suite to your needs. All this in a matter of minutes and from the comfort of your home. It truly is becoming the new way to buy insurance.
Bajaj Health Insurance, offer by Bajaj Allianz General Insurance Company, is a comprehensive insurance product designe to provide financial protection and healthcare coverage to individuals and families. With a wide range of plans and benefits, Bajaj Health Insurance aims to meet the diverse healthcare needs of its policyholders.
One of the key features of Bajaj Health Insurance is its extensive network of cashless hospitals, clinics, and healthcare providers. This allows policyholders to receive medical treatment without having to worry about the immediate financial burden. The insurance company settles the bills directly with the network hospital, making the process convenient and hassle-free.
Bajaj Health Insurance plans offer coverage for various medical expenses, including hospitalization costs, pre and post-hospitalization expenses, ambulance charges, daycare procedures, and even alternative treatments like Ayurveda and Homeopathy. Some plans also provide coverage for maternity expenses, critical illnesses, and organ transplant expenses.
Moreover, Bajaj Health Insurance offers additional benefits such as annual health check-ups, no-claim bonus, and lifelong renewability. The policies can be customize according to the specific needs and budget of individuals or families, ensuring that they receive the most appropriate coverage.
With Bajaj Health Insurance, policyholders can have peace of mind knowing that they are protected against unexpected medical expenses and can avail quality healthcare services when needed. The insurance company’s commitment to customer satisfaction and prompt claim settlement further enhances the overall experience of policyholders.
Bajaj Health Insurance is a reliable and comprehensive insurance solution that provides financial security and healthcare coverage. Its wide range of plans, extensive network of hospitals, and additional benefits make it a preferred choice for individuals and families seeking robust health insurance protection.
Disclaimer: T&C Apply. Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third- party insurance products having IRDAI composite registration number CA0101.Please note that BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale.
