Understanding Waiting Period In Cancer Insurance

Posted on: Jun 26, 2024 | 3 mins | Written by: HDFC ERGO Team

Understanding Waiting Period In Cancer Insurance

There are some excellent cancer insurance plans available these days that help cancer patients and their families. It is important to get such a health insurance plan if you have a history of cancer in the family. Take a look at this article to learn more about health insurance coverage and the clauses associated with it.

What is Cancer Insurance?

Cancer insurance covers are health insurance plans that offer a payout if the policyholder is diagnosed with cancer. Once the payment is made, the policyholder is free to use the money in whatever way, for treatment or to take care of their expenses while the sickness prevents them from working.

Waiting Period for Cancer Insurance

A waiting period in health insurance is a common feature. Therefore, it is common to find a waiting period clause in a cancer insurance plan as well. Most of these policies don't allow you to make a claim unless you complete 90 days (the number varies from insurer to insurer, so read the policy wording carefully) in the policy. In other words, a person who has already been diagnosed with cancer cannot benefit from a cancer insurance policy. Therefore, if you have a family history of cancer, buy the plan at the earliest.

Reasons to Buy Cancer Insurance

There are some very good reasons why you should invest in a cancer insurance plan. They are:

1. Financial cover

Cancer treatment is very expensive, and you may not have enough money saved to pay for it. The cancer plan will pay you a lump sum amount with which your medical bills can be covered.

2. Change at better treatment

When you have a cancer plan, you can get treated in the best hospitals around the world and have a very good chance of recovering.

3. Cover the other goals of life

A cancer diagnosis may prevent you from earning a livelihood. With the payout from the cancer plan, you can meet important financial life goals such as clearing the home loan EMI so that your family always has a roof over their head or paying for your child’s education without any trouble.

Conclusion

Remember that there is a waiting period for cancer insurance. So, if you feel this type of health coverage will help you and your family, get it without any further delay. Do your research and find the most suitable policy.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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