Star Health launches Cancer Care Gold Insurance Plan – Should you opt?
Couple of days back, Star Health and Allied Insurance (SHAI) has launched new cancer care insurance plan. The scheme is named Star Health Cancer Care Gold (SGCG). This is the first health insurance plan in India which covers for individuals already diagnosed with cancer. Since it is unique plan compared to other health insurance plans, this is catching attention in the insurance industry. What is this Star Health Cancer Care Gold Health Insurance Plan? How much insurance cover this Star Health Cancer Care Gold Insurance Plan cover? Are the premiums in this Star Health Cancer Care Gold Health Insurance Plan very high with Cancer coverage? What are the hidden factors in this insurance plan?
Overview about Star Health Cancer Care Gold Insurance Plan
Star Health and Allied Insurance (SHAI) has launched this Cancer Care Gold Insurance plan on pilot project for 5 years. As per Star Health, due to improvement in technology, Cancer care is no more a pain problem, however providing quality hospital treatment would help cancer patients to recover fast. However this involves costs, hence this insurance plan is being floated.
Features of Star Health Cancer Care Gold Health Insurance Plan
Here are the features of this health insurance plan.
- This insurance plan is industry first health insurance plan for people already diagnosed with cancer.
- This scheme is named as Star Health Cancer Care Gold Plan.
- This health insurance plan can be taken for Sum Assured for Rs 3 Lakhs or for Rs 5 Lakhs.
- Any individual who is between 5 months to 65 years of age can take this health insurance plan.
- Individuals who are already diagnosed with cancer for stage-1 and stage-2 can also take this plan.
- No prior medical check-ups are required to take this plan.
- Cancer Patients can submit their prior medical reports and current treatment details while taking this insurance plan.
- This health insurance plan also covers risk of recurrence i.e. spread of cancer or second cancer.
- This health plan provides all other benefits of regular medical insurance. Means this is regular medical insurance with specialized coverage for cancer diseases.
- Refer Star Health Gold Care Plan Brochure for more info.
How does Star Health Cancer Care Gold work exactly?
Based on the age eligibility, one can consider this health insurance plan. Lumpsum payout of half of the entire sum insurance would be paid soon after diagnosis of the cancer disease.
Policy covers surgical and non surgical as well as interventional treatments for non cancer related diseases e.g. accident treatment etc.,
What is the sum assured in Star Health Cancer Care Gold?
There are 2 sum assured under this health insurance plan for cancer patients i.e. Rs 3 Lakhs and for Rs 5 Lakhs.
However the coverage is further divided based on sections (cancer and non cancer related ones). Here is the coverage section wise and sum assured.
What are the premiums of Star Health Cancer Care Gold?
The premiums under this health insurance plan would depend on age and sum assured. The premium ranges between Rs 12,000 per annum to Rs 35,000 per annum.
Here is the complete premium chart based on the age and sum assured.
Does this Sum Assured of Rs 3 Lakhs or Rs 5 Lakhs would be sufficient in current dynamic world?
Once it is diagnosed for Cancer, the cost would be sky rocketing. As per Star Health, they would work on increasing the sum assured gradually year on year. This is only pilot project and they would make changes to the plan in future.
What are the important exclusions? (Applicable for Section 2 and Section 3)
1) Treatment for Cancer and Cancer related ailments).
2) Circumcision, Preputioplasty, Frenuloplasty, Preputial Dilatation and Removal of SMEGMA.
3) Inoculation or Vaccination (except for post–bite treatment and for medical treatment for therapeutic reasons).
4) Congenital External Condition / Defects / Anomalies.
5) Dental treatment or surgery unless necessitated due to accidental injuries and requiring hospitalization) (Dental implants are not payable).
6) Convalescence, general debility, run-down condition or rest cure, Nutritional deficiency states).
7) Psychiatric, mental and behavioral disorders).
8) Intentional self injury.
9) Use of intoxicating substances, substance abuse, drugs / alcohol, smoking and tobacco chewing.
10) Venereal Disease and Sexually Transmitted Diseases,
11) All expenses arising out of any condition directly or indirectly caused due to or associated with Virus or HIV/AIDS.
12) Treatment arising from or traceable to pregnancy, childbirth, family planning, miscarriage, abortion and complications of any of these (other than ectopic pregnancy).
13) Treatment for Sub-Fertility, Assisted Conception and or other related complications of the same).
14) Expenses incurred on weight control services including surgical procedures such as Bariatric Surgery and /or medical treatment of obesity.
15) Treatment of Sleep apnea, treatment for genetic and endocrine disorders.
16) Expenses incurred on High Intensity Focused Ultra Sound, Uterine Fibroid Embolisation, Balloon Sinoplasty, Enhanced External Counter Pulsation Therapy and related therapies, Chelation therapy, Deep Brain Stimulation, Hyperbaric Oxygen Therapy, Rotational Field Quantum Magnetic Resonance Therapy, VAX-D, Low level laser therapy, Photodynamic therapy and such other therapies similar to those mentioned herein under exclusion no.16.
What does Star Health say about this Cancer Care Gold Health Plan?
Star Health COO, S Prakash says that “this is a pilot sage and we will gradually increase the sum insured based on the response and other outcomes”.
Adyar Cancer Institute Chair person, V Shanta says that “Cancer cover is the important in the context of growing treatment costs and the burden has increased from Rs 4.7 Lakhs in 1980s to Rs 12 Lakhs in 2017 now. This is expected to increase to Rs 15 Lakhs by 2020.
Shanta also believes that Cancer is no longer a dreadful disease and due to technology improvements, cancer treatment levels have improved from conservative levels to precision level.
Should you opt for Star Health Cancer Care Gold Health Insurance Plan?
One can’t predict cancer. This is the first of its kind in Indian insurance industry to have insurance plan for already diagnosed cancer patients. The premiums may be little on higher side. However, if an individual has family history of cancer, one should definintely opt for cancer insurance plans. Considering such cancer health insurance plans can help their family to reduce the burden of high cost treatment to some extent.
However one also need to compare several other cancer insurance plans which are available in the market now before opting for this Star Health plan.
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Star Health Cancer Care Gold Health Insurance Plan Review
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