Why Should One Buy A Cancer Insurance Policy?

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One of the comparatively new supplements of healthcare insurance plans is a cancer insurance policy. As revealed by ICMR, over 1300 people in India die every day because of cancer. It is the second biggest killer in this country after heart diseases. Considering the constant rise in cancer cases, cancer insurance policy emerges as a viable product providing complete financial protection.

Advancement of science and the medical world has together brought in hope amongst patients today. Insurance providers nowadays treat cancer as a disease instead of a terminal illness.  They offer feature-rich cancer insurance plans to help patients bear their additional medical expenses effortlessly.

There are some significant reasons why such a unique critical illness insurance plan is essential to buy. Below are a few of those –

  1. These insurance policies cover various types of cancers, including ovarian cancer, lung cancer, stomach cancer, breast cancer, hypopharynx cancer, prostate cancer, etc.
  1. A comprehensive cancer insurance scheme provides coverage for the expenses incurred in multiple stages of the disease. This includes hospitalisation, radiation, blood transfusion, surgery, medicines, chemotherapy, etc.
  1. One of its most important benefits is to reduce the cost of cancer treatment. Depending on the stage, complexity and type of cancer, expenses can run up to thousands of rupees per week. A cancer plan covers a significant portion of the expenditures which a basic insurance policy doesn’t cover.
  1. Some policies also cover the expenses related to the diagnosis. A certain amount is paid if the disease is diagnosed. In case of early-stage detection, providers may waive off the premiums.
  1. Premiums paid towards this insurance plan are subjected to tax benefits. Under Section 80D, customers can enjoy a deduction of up to Rs. 25,000 and bring down their tax liabilities significantly.
  1. If you do not make any claim in a particular year, the insurance provider increases the sum assured.
  1. Insurance providers usually pay the money at different stages – critical, major or minor to smoothly pay for the expenses.
  1. Cost of medicine, expert medical advice, extensive medical treatment, etc. everything is covered by this type of policy.

Lancet Oncology journal published a special research paper which stated that close to 17 Lakh new cancer patients are likely to be diagnosed annually by 2035. The best cancer insurance in India has become a necessity considering this increase in cancer probability and rising treatment costs.

A cancer insurance policy with all the above benefits can be very helpful. Additionally, customers can enjoy income benefit with a monthly sum for a specific period, if diagnosed with some major illness.

Besides cancer, the insurance provider offers a health insurance policy of various types, such as –

  • Maternity Health Insurance Plan
  • Family Floater Health Insurance Policy
  • Individual Health Insurance Policy
  • Top-up Health Insurance Policy
  • Personal Accident Covers
  • Employee/Group Health Insurance Policy, etc

Tips to select the best policy in India

With so many products today, the following tips can help you choose the best cancer insurance policy from a reliable lender.

  • As cancer treatment is expensive, opt for a policy which comes with a high sum assured.
  • Policies having a longer duration are beneficial as cancer-related treatment is a lengthy process.
  • Insurance plans usually come with a few exclusions like cancer from pre-existing conditions, skin cancer, etc. Go for a plan which has the least exclusions.
  • Weigh in the risk factors involved in your case, especially if cancer runs in the family. Accordingly, consider if your chosen plan provides with adequate coverage.

Note that this type of policy doesn’t replace but complements an existing health insurance scheme. A comprehensive cancer insurance policy eliminates the risk of monetary crises and financially aids a patient in recovering soon.

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