What is Cancer Insurance Plan?  

Someone has quoted that “When the going gets tough, the tough get going.” It would be wrong to say that those who have survived cancer wouldn’t have faced it successfully if it wasn’t for a strong will. Cancer can strike anybody at any point of life. But, do you think those who have conquered the battle against cancer have done with strong will alone? No. The disease is indeed common, but one should not forget that it is also one of the most expensive treatments. Hence, to fight such a dreadful illness, one needs to be prepared by investing in a cancer insurance plan. Cancer insurance is a unique and standalone critical illness plan that gives complete financial support to those diagnosed with the dangerous disease.

Facts about Cancer

  • India ranks third in cancer cases following China and the US.
  • Each year, 9.6 million people die from cancer all over the world.
  • 70% of most deaths occur in low to middle-income countries.
  • Cancer treatment costs up to Rs.20 Lakhs.

Types of Cancer Insurance

  • Lung Cancer.
  • Breast Cancer.
  • Ovarian Cancer.
  • Stomach Cancer.
  • Cervical Cancer.

How is Cancer Insurance different from Critical Illness plan?

Under cancer insurance plan and critical illness, the person suffering will get lumpsum payment upon diagnosis, which covers major and minor stages of cancer.

Cancer cover policy offers premium waiver during the early-stages and gets tax benefits for the premiums paid under Section 80D, Income Tax, 1961.

In case of a critical illness plan, you get extensive coverage benefits for almost all significant illnesses or surgical procedures.

A cancer cover gives you cover up to a specific period without any hike in premiums paid.

Why should you buy a Cancer Insurance Plan?

One of the statistics by the Indian Council of Medical Research (ICMR) indicates that there will be 17 lakh new cancer cases in India, with over 8.8 lakh deaths, by 2020.

If you have a family history where cancer has affected any of your family members, then you must choose a cancer cover policy. It is better to be prepared for the worse than suffer in silence. Most cancer cases in India have low survival rates because people cannot afford optimal treatment and diagnosis.

A major misconception is that it affects people who are prone to tobacco or smoking; however, it can affect anyone, irrespective of lifestyle-related choices and family history. If you’re planning to buy cancer insurance plan because of the nature of your job or environment reasons, it is best to complement it with your family floater plan. It will help to reduce the financial burden of your family.

The fact that the cost of cancer treatment is quite high, it can burn a hole in your pocket. The treatment comprising of chemotherapy, radiation, admission in the hospital, drugs, etc. can result in a massive amount of hospital billing for a week. Hence, cancer insurance will help you to tackle these financial gaps with ease. A cancer insurance plan will offer cover against all cancer types; at the same time, it is significant that you read terms and conditions carefully before selecting any cancer plan.

When it comes to cancer cover, the expenses are not just limited to hospital bills; you may also require travelling to a new place to seek better treatment. Cancer insurance plan aims to provide maximum financial support to get the family through the tragic condition.

The above are a few reasons why you should invest in a standalone cancer insurance plan.

How to select a cancer insurance plan?

Quick Claim Assistance: An insurance policy can be trusted if there is a quick claim settlement from the company. The claim process differs from company to company. The faster it is, the better you can trust. Hence, make sure you consider looking at the claim settlement ratio.

Cover for Minor Stage of Cancer: Always choose a cancer insurance policy, which offers payment benefit for a minor condition

Premium & Policy Term: Make sure the insurance plan has a lower premium value and flexible term period. It will help you to manage premium payment for both family floater and cancer insurance.

As people are growing aware of the financial risks associated with cancer, many people today are investing in a standalone cancer insurance policy to mitigate the risks. It is the most definitive way to get financial protection against the treatment of cancer.
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