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Do health insurers have specific products for cancer patients?


Is there any insurance coverage for most cancers sufferers or those that have already been identified with most cancers or have been handled for it?

—Title withheld on request

 

Illness administration merchandise are uncommon in India. Traditionally, insurers have been reluctant to subject even regular medical insurance merchandise to individuals who have suffered a serious crucial sickness. Nevertheless, of late, some insurers are experimenting with merchandise for individuals with particular illnesses equivalent to cardiac or most cancers points. Some standalone well being insurers have particular merchandise for most cancers sufferers. This may work just like a daily medical insurance. So, it won’t cowl pre-existing illnesses together with most cancers for a particular ready interval. The principal benefit of this plan is that it’s more likely to get issued to an individual with a historical past of most cancers, than a daily medical insurance plan.

 

I maintain one medical insurance. I might be hospitalized. I don’t wish to make a declare on my insurance coverage now; nevertheless, if it happens once more after 3-4 years, I’ll go for a declare. I wish to do that to safeguard the bonus accrued on my insurance coverage, I don’t wish to forego my bonus insurance coverage now. Am I doing one thing unsuitable?

I wish to know if I’ll nonetheless be required to tell the insurer of this hospitalization and coverings?

Within the yr 2025 (I’ll nonetheless be paying my premiums) what’s going to occur after I make a declare on my insurance coverage for a similar remedy/illness? Will my declare be rejected as a result of I didn’t inform the insurer now about it?

—Title withheld on request

 

Not like in a motor insurance coverage, the no-claim bonus in medical insurance is obtainable by advantage of upper sum assured, and never discount in premium. Somewhat than attempt to predict future claims and match that with no-claim bonuses, it’s best to simply purchase the next sum assured by way of a top-up insurance coverage. Another choice is to extend the sum assured in your current coverage on renewal. Many insurers provide this facility with out further underwriting. Another excuse why you shouldn’t maintain again from submitting a declare is that no-claim bonuses in medical insurance typically doesn’t grow to be zero once you make a declare. So, in case of a declare, your bonus will come down by one degree. Such a loss could be restored within the following yr, if there is no such thing as a declare. Until the medical value of the hospitalization may be very low, my suggestion could be to file a declare. Insurers typically require you to reveal all medical situations earlier than coverage issuance. There is no such thing as a particular requirement to tell the insurer about medical points after you’ve purchased the insurance coverage, if you don’t intend to make a declare.

Abhishek Bondia is principal officer and managing director, SecureNow.in.

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