Why independent cancer health insurance plan is a must? Amjad Khan of Anand Rathi Insurance Brokers explains

economictimes.indiatimes.com:

Amjad Khan, Executive Director — Employee Benefit Practice & Workplace Wellness, Anand Rathi Insurance Brokers, says “even if you buy a new cancer policy, there is a waiting period of three years. It depends from company to company. Some companies give you for two years but in case you are diagnosed with cancer before the three years waiting period, that claim would not be admissible.

So, it is always better to buy at a younger age, probably 30-35, to get an independent cancer insurance plan.”Let us move on to another topic of insurance, which is having a cancer policy. The big question over here is does one really need to have a separate cancer protection policy or just having a critical illness covered on your basic health insurance plan could be enough?Critical illness is a great rider to have on your existing health insurance plan but what we are seeing in the last 10 years – you can look at the hospital data – the number of cancer cases are climbing very fast and the cost of cancer is not a one-time hospitalization. It is a recurring cost and that is why the cost of hospitalization under cancer care cannot be predicted and even Rs 20 lakh might be insufficient.

That is where insurance companies are coming up with exclusive cancer health insurance plans which have a limit of almost Rs 1 crore or even Rs 3 crore as well. From that perspective, people should look at an independent cancer health insurance plan going ahead.Let us dive deep in specific cancer insurance health policies. We have a couple of them – Bajaj Allianz, Healthcard, Platinum, HDFC Ergo Optima Secure, Tata AIG, Global Combo and ManipalCigna Prime Advantage. These are specific cancer insurance policies. If you are diagnosed with cancer, can these