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.
No comments:
Post a Comment