Why You Should Consider Getting A Cancer Insurance Plan?

 

Cancer is emerging as one of the deadliest and most critical illnesses plaguing Indians. Lakhs of Indians, both men and women are diagnosed every year with cancer of breast, lung, mouth, cervix uteri and tongue. A study projected the number of male cancer patients in 2020 to be 679, 421 and that of female patients to be 712,758 during the period. The study also stated that one in 68 males and 1 in 29 females are likely to have cancer during their lifetime (0-74 years) This alarming data highlights the need to be prepared to deal with the financial impact of cancer.  While lifestyle changes and regular screening and check-ups are important for early diagnosis, financial preparation is must to deal with the cost of treatment. This is where a cancer critical illness insurance plan can help.

What are Cancer Insurance Plans?

A common question that comes into our mind is the need for cancer insurance plans when health insurance plans are available. The answer lies in the covered expense. What makes cancer plans different from the health insurance plans is that the former cover only the hospitalisation costs. In comparison, a cancer insurance plan covers all expenses including hospitalisation, medication, surgery besides specialised treatments like chemotherapy and radiation. You can buy Cancer insurance online or offline as per your convenience.

Features of Cancer Insurance Plans

• These plans can be bought for individuals aged 18 and above. The maximum age may vary from one insurance company to another.
• The policy amount can range from Rs 5 lakh to Rs 50 lakh.
• Cancer care insurance policies cover most common types of cancers like breast, prostrate and lung cancer while leaving out skin cancer. Coverage for cancers occurring due to sexually transmitted diseases are also generally not included in these plans.
• No claims are accepted for cancers resulting from a congenital condition, any pre-existing condition or due to nuclear and chemical contamination.
• Cancer insurance plans generally cover all costs related to the diagnosis and treatment of cancer including hospitalisation, chemotherapy, radiation, surgery and medication. The payments are made at various stages of diagnosis, treatment and surgery.
• These plans entail payments at various stages of treatment with some companies even offering monthly pay outs that equal a specific percentage of the some assured.
• Cancer insurance premiums are determined by your age, the policy duration and the coverage amount.

Benefits of Cancer Insurance Plans

• Mental Peace- The assurance that in case you are diagnosed with cancer, you will not have to worry about arranging the necessary finances for funding the treatment ensures mental peace. It also aids in better recovery.
• Tax Benefits- Premiums paid for these policies are eligible for benefit under Section 80D of the Income Tax Act, 1961.
• Wider Coverage- These plans cover all expenses related to the diagnosis and treatment of cancer including hospitalisation, chemotherapy, radiation, surgery and medication.
• Cancer Screening- Some plans also offer free regular cancer screening check-ups during the policy term.
• Premium Waiver Benefit- Many cancer critical illness insurance policies also include a premium waiver benefit which is applicable once the policyholder has been detected with major stage cancer. But this is applicable only if all the earlier premiums have been paid on time.
• Monthly Income Benefit Option-Some insurance companies offer a monthly income benefit option wherein a percentage of the sum assured is paid monthly to compensate for the loss of income due to cancer.

Cancer insurance plans offer extensive coverage for a large number of cancer types and are highly recommended in the wake of growing incidence of cancer in India.

Should You Get A Standalone Cancer Insurance Policy?

One of the causes of death in India is cancer. According to statistics, approximately 10 lakh patients are diagnosed with the disease each year, with 6-7 lakh cases dying as a result. However, the most concerning aspect is that by 2035, the number of patients may increase to 17 lakh, with a death ratio touching 12 lakh, according to a study published in Lancet Oncology. 

As the chances of developing cancer have increased, so has the cost of treatment. With improved technology and better diagnosis, the treatment expense has become unbearable and can drain all of your life savings. It is understandable to be concerned under such circumstances. However, one alternative for coping with the situation is to purchase a standalone cancer insurance policy. 

What is Cancer Insurance?

A standalone cancer plan is a cancer-specific policy that provides full coverage once the disease is confirmed. The plan covers the majority of cancers, including those in their early and advanced stages. When a disease is diagnosed, a part of the sum assured is paid as a lump sum payment, and the balance of the money is given to the policyholder at various stages of treatment. 

Cancer insurance provides substantial protection and covers the costs of disease diagnosis and treatment. This includes hospitalization, chemo, radiation, medicine cost, nursing care, and surgery, among other things. Moreover, you can spend the money to seek treatment from any doctor or hospital of your choice. All of this is available at a reasonable cancer insurance premium. 

Features and Benefits of Cancer Plan

The following are some of the most significant features and benefits of purchasing cancer critical illness insurance. 

• Payout on cancer detection

The standalone cancer policy pays a portion of the money assured in a lump sum when the disease is detected. The payment to the policyholder is made in accordance with the various stages of cancer. This helps you to focus on treatment rather than on accumulating bills. 

• Every stage of cancer is covered.

All stages of cancer are covered under the plan, and a policyholder gets separate payments at each stage. 

• Waiver of Premium

If the disease is detected, some of the best cancer care insurance policies waive off future premiums. 

• Income benefit

Most policyholders are unable to work after being diagnosed with cancer. This is a financial setback that the entire family must bear. This is where a cancer policy can come in handy. The plan pays out a portion of the guaranteed money every quarter for a period. These funds can be used to cover treatment expenditures and day-to-day expenses. 

• Tax benefit

Cancer insurance also provides the insured with tax advantages. The premiums paid are exempt from taxation under Section 80D of the IT Act, 1961. 

Who Should Get Cancer Insurance?

With the disease's alarming rise, purchasing cancer insurance is a must today. Individuals having a family history of the disease, on the other hand, are more at risk of getting it later in life. These people are the ideal candidates for purchasing the plan and securing their financial future. In addition, individuals with lifestyle issues or who work in hazardous industries should also obtain insurance. 

Most people lose hope after being diagnosed with cancer owing to their fear of the disease and the cost of therapy. As a result, purchasing a cancer plan can be a valuable asset in ensuring quality care without worrying about costs.