This insurance policy is open to any person upto 70 years provided they have had no cancer earlier. According to the agreement with NIA, anyone who wants to avail of this cover has to become a member of the Indian Cancer Society at a small cost of Rs.200. The policy comes into operation only after the one month of membership.
There is no medical test. Only Declaration of good health signed by a doctor is required.
The Cancer Insurance Policy offers adequate coverage towards the costs of diagnosis, biopsy, surgery, chemotherapy and/or radiotherapy, hospitalization and rehabilitation at an extremely low premium.
Reimbursement of claims is made every quarter for actual expenses incurred, until the entire sum insured is exhausted or the insured person is declared cured, whichever is earlier.
Free access to cancer related literature available with the Society.
At the Society’s discretion, check-up facilities can be made available at its Cancer Detection Centre at Pedder Road, Mumbai. For Cancer Insurance policy holders, first time check up facility for cancer would be free of cost and for the second time onwards, the same facility would be available at 50% of cost.
The entire administration of the policy is done by the society. As a result policy holder does not have to interact with NIA. Both premium payment and claim settlement are handled by society without any hassles for the policyholders.
The Cancer Medical Expenses Insurance Policy offers two options of sum assured: Coverage of Rs. 50,000 + 5% additional sum insured upto Rs. 75,000 for every claim free renewal.
Coverage of Rs. 200000 +5% additional sum insured upto Rs. 300,000 for every claim free renewal.
The policy covers both the member and spouse regardless of whose name the membership is in. But once either of them contracts the disease the other would not be entitled for any benefits under the same policy. However, he/she can always take another policy.
There are two types of insurance coverage which are as follow:
Sum Assured
Rs. 50,000Annual Premium for husband and wife
Rs. 421 (Rs. 200 annual membership fee + Rs. 200 premium + Rs. 21 service tax) + Rs. 75 Entrance Fee
Sum Assured
Rs. 200,000Annual Premium for husband and wife
Rs. 1082 (Rs. 200 membership fee + Rs. 800 premium + Rs. 82 service tax) + Rs. 75 Entrance Fee
The policy can also be extended to cover two dependent children for Rs. 50,000 each, on payment of an additional charge of Rs. 111 for one child or Rs. 221 for two children. The child should be above the age of 1 year and upto the age of 20 years.