Cancer is undeniably one of the most devastating diseases today. The figures of cancer cases are alarming, and making it worse, this disease could strike anyone, regardless of their gender and age. The treatment of the disease usually includes chemotherapy and other such expensive procedures, which can quickly put your financial situation under distress.
In 2020, nearly 500 million people in India were covered under different health insurance schemes. However, the importance of separate cancer insurance is still unknown to the majority of the policyholders. Taking into account the unforeseeable nature of the disease, you should protect yourself with a cancer insurance plan. Cancer insurance protects you from the illness with an extensive medical coverage for different stages of cancer.
Let’s take a look at some benefits of cancer insurance plan:
1. Coverage for all types of cancer
When looking for a suitable cancer insurance policy in India, keep in mind that you should look for one that covers the most common types of cancer. You can acquire adequate financial support for various stages of illness with the help of a good cancer insurance plan.
2. Prevention of monetary struggles
Managing 10 to 25 lakh rupees directly to cover up cancer-related medical costs can result in sudden financial hardships. Regardless of how much sacrifice one individual can make on their day-to-day family lifestyle, needs, and more, there are certain financial obligations which need to be fulfilled. Hence, buying a cancer insurance plan is a wise move to avoid the financial struggle in case of a medical emergency.
3. Exorbitant treatment and diagnosis costs
Chemotherapy, transplant, radiotherapy, and surgery are some of the common cancer treatment methods that are immensely expensive. Additionally, the prices related to the blood transfusion, the utilization of distinctive drugs, hospitalization, resources, equipment, and other medical facilities elevate the general cancer treatment cost.
4. Inflation in the number of cancer cases
Cancer is more common than most people think.
In the current scenario, it can be a smart decision to invest in a cancer insurance plan beforehand.
5. Supplement to current policy
When bought as an added insurance policy over an existing health plan, cancer insurance gives immense support in manage the sky-rocketing expenditures related to cancer treatment.
6. Lump-sum indulgence
A cancer insurance plan provides you financial stability, peace of mind, also a large amount of payout once you are diagnosed with cancer. This payment amount is generally a fixed amount, which is a particular percentage of the sum insured and aids in meeting the financial obligations.
7. Waiver of exclusive benefit
Waiver of premium is an exclusive benefit that may not be available with many plans. On choosing this particular rider, you’ll be able to enjoy the advantage of premium being waived off for a selected period, once you are diagnosed with the disease.
8. Tax benefits
When you purchase a cancer insurance plan, you become eligible to save taxes on the premiums payable for the policy. You can avail of a tax deduction up to Rs.25, 000 under Section 80D of the Tax Act, 1961.
9. Chances of increasing the cover
There are many insurance companies that provide the choice of accelerating the essential cover by up to 10% per annum (up to 200%) or until a claim is formed for a major or early stage of cancer.
10. Coverage for expenditures aside from medical bills
A cancer insurance plan is useful in financing cancer treatment related to medical costs. However, apart from the major treatment cost, there will be other expenses during the treatment procedure. Having a cancer insurance plan will help you get comprehensive coverage against such expenses.
So, make sure you go through the policy features and benefits carefully before you select a cancer insurance plan. Compare the different plans available online and choose the one with a valuable and affordable set of benefits provided by a trusted insurance provider.