Ask anyone and they would name cancer as one of the most feared diseases. As one of the most horrifying diseases, no one wants to be diagnosed with this disease even in their worst nightmares. But you’ll be shocked to know that the risk of cancer has increased manifolds, over the years. Thanks to today’s junk-food culture and the ever-so-busy lifestyle.
It wouldn’t be an exaggeration to say that anyone can fall prey to this deadly disease, irrespective of their age. With the ever-increasing cases of cancer deaths, ever-increasing number of cancer patients, the cost of medical treatment too has sky-rocketed. Quite expectedly, opting for a cancer insurance policy makes for a wise decision.
If you too have been planning to purchase cancer insurance in India, simply read through this article to understand the important factors that you must carefully consider when selecting a policy out of the many available options.
But before we proceed any further, let’s understand what exactly cancer insurance plan is and how does it work.
What is Cancer Insurance?
Cancer insurance comes under a special section that facilitates financial aid for those who are diagnosed with this disease. It also offers you the convenience of free-look period clearly mentioned in the term and conditions of the cancer insurance policy. The policy provides coverage for the costs related to cancer diagnosis and treatments including hospitalization, chemotherapy, radiation, surgery, etc. Depending upon the various stages of diagnosis – minor, major or critical, the sum assured amount is payable. However, any death, maturity or surrender benefit is not offered by cancer insurance policy.
Types of Cancer Coverage Offered by the Policy
- Lungs Cancer
- Ovarian Cancer
- Breast Cancer
- Stomach Cancer
- Prostate Cancer
- Hypo larynx Cancer
What are the Benefits of Cancer Insurance Plans?
- The plan efficiently covers multiple stages of cancer.
- If the insured is diagnosed with cancer, then a lump-sum is paid out.
- In certain cases like that of early-stage cancer detection, premium wavier is available for the policyholder.
- If the policy holder does not make any claims during a year, the amount assured increases by a per-specified percentage.
- In a case of certain conditions when a major cancer is detected, a monthly income is paid out for a specified number of years.
- Up to a certain amount of premium, a discount is available for the policies.
- The insured can also avail tax benefits under section 80C of income tax act.
- Insurance cover is not terminated after the first diagnosis.
Remember, cancer insurance is crucial as most regular health insurance plans don’t really cover all cancer-related costs. Even if they do, there are certain terms and conditions stipulated by the insurer for coverage in different stages.
If you’re wondering whether or not you should invest in cancer insurance, check out the list below. If any of these pointers rings a bell with you, do buy cancer insurance policy right now.
- If you have a family history of cancer.
- If you think that your body has a higher risk of developing cancer due to environmental or other reasons.
- You are not financially strong to pay off your heavy medical bills.
- The regular health insurance policy does not provide sufficient coverage.
- You are the only breadwinner of your family.
Despite the fact that it is important to consider buying cancer insurance policy, there are certain things that should be considered beforehand.
Let’s check out what are these things:
- It is important to know that cancer insurance only works if the insured is diagnosed with cancer. Moreover, the policy does not offer any coverage for any other critical disease.
- If you have two policies, a comprehensive health insurance as well as a cancer insurance plan, it is not necessary that you’ll get double benefit. Many plans come with a coordination of benefits clause under which one plan does not cover the expenses that the other plan does.
In today’s time, you can easily avail cancer insurance policy online by simply filling out some relevant details on an easy-to-fill online application form. If you’re the curious kind, you may browse through one of the popular comparison websites and can get a fair knowledge about the policy.
Thus with the above-mentioned information, it’s no rocket science to understand that cancer insurance is immensely important if you’re planning for a healthy, happy and financially secure life for your love ones.