Benefits of Cancer Insurance Plan

Cancer is one of the most dreaded diseases of all. The condition causes severe physical pain and emotional stress. Medical reports suggest that cancer accounts for nearly 0.3 million deaths worldwide. As per National Institute of Cancer Prevention and Research(NICPR), a premier institute under Indian Council of Medical Research, in 2018, more than seven lakh people died of cancer in India. 

The figures are alarming, and to make it worse, the disease can strike anyone, irrespective of their age and gender. The symptoms are generally visible only in advanced stages of cancer, and the treatment for cancer can run into lakhs of rupees. Considering the unpredictable nature of the disease, you must protect yourself with a Cancer Protection Plan. Cancer insurance protects you from the deadly illness with a comprehensive medical coverage benefit at all stages of the disease.

If you are still in a dilemma whether to go for cancer insurance or not, knowing these benefits will surely help you make the right choice. 

Who should buy Cancer Insurance?

Sole Breadwinner

A cancer insurance cover is vital for all. But, it is even more critical if you are the only breadwinner in your family. The benefits received provides financial protection against the treatment cost without depleting your savings. 

People with a family history of cancer

Cancer is a chronic condition, and it is hereditary. This means if you have a family history of cancer, the chances are high that you too may be affected by it. To reduce the financial risk associated with it, you must opt for a cancer insurance policy. 

Your health insurance does not cover cancer

You can buy cancer cover as an add-on cover. It is better to have a separate cancer insurance for wider coverage. 

Benefits of Cancer Insurance Policy

Rising Healthcare Cost

In the purview of the exponential rise in the prices of healthcare service, there is a significant rise in the number of people buying cancer care insurance. The insurance provides you with the financial cushion that you can rely on to meet the associated expenses. 

Coverage against different types of cancer

Today, most insurance companies in India provide coverage against various types of cancer. Although the inclusions may vary from insurer to insurer, generally the following types of cancer are included:

  • Lung Cancer.
  • Breast Cancer.
  • Prostate Cancer.
  • Stomach Cancer.
  • Ovarian Cancer.

Lumpsum payment

Cancer comprises of two stages – minor and major stage. Depending on the severity of your condition, the insurance company provides a lumpsum compensation.

Increase in Sum Assured

Some insurance companies also offer the option to increase the sum assured if you do not make any claim during a policy period. Generally, the insurers increase the sum assured by 10% for every year of no claim. 

Premium Waive off

One of the major benefits of cancer insurance plan is the policyholder can continue with the plan even after the diagnosis of early-stage cancer. If the tumour clears at an early stage, some insurance companies offer to waive off premiums for the next three to five years.

Income benefit

Cancer insurance offers income benefit option wherein if the earning member of the family has cancer, the insurance company grants lumpsum in different intervals over a specified period to make up for the loss of income. In the event of the death of the cancer patient, the family will continue to get income benefit for a specified number of years, subject to specific terms and conditions. The nominee receives the income per month.

To sum up, cancer policy is a way of safeguarding your family from the deadly disease without hampering your hard-earned savings. When choosing the best cancer plan, make sure you can avail all the above benefits under one policy, and it compliments well with your Mediclaim or family floater plan.