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.