Why Should You Buy Aditya Birla Cancer Insurance Policy?
Cancer is growing at a faster pace in India over the past decade, and the underlying causes are numerous and quite difficult to mention. However, the WHO’s World Cancer Report mentions that one in 10 Indians shall develop cancer during their lifetime, and one in 15 Indians could die due to it. Another study by ICMR (Indian Council of Medical Research) says 15.7 lakh Indians could likely be affected by cancer by the year 2025.
As the name implies, comprehensive medical insurance covers a wide variety of diseases, with the coverage and policy conditions differing based on the insurance company. But, the majority of these policies do not offer coverage to many lifestyle diseases like cancer, which normally costs more and is also quite expensive.
The cost of treatment for cancer, including chemotherapy, radiation, surgeries, etc., is very costly, and with inflation, it is only increasing every year. Therefore, in order to safeguard one’s finances against the costs of cancer, it is recommended to have a cancer insurance policy. They generally cover expenses for treatment, diagnosis, hospitalization, chemotherapy, surgeries, radiation costs, etc. Some common types of cancer that are covered under these plans are ovarian cancer, lung cancer, breast cancer, hypopharynx tumors, stomach cancer, and prostate cancer.
Aditya Birla Cancer Insurance Plan
Activ Secure Cancer Plan, from Aditya Birla Health Insurance, is a cancer health insurance policy that has been created to offer financial protection against cancer. Through this insurance, one can be guaranteed to get a lump-sum payout upon diagnosis of early, major, or even advanced cancer.
Aditya Birla Health Insurance is a joint venture of Aditya Birla Group and South African-based financial services company MMI Holding Ltd. The health insurance company provides a gamut of insurance plans to cover the healthcare needs of individuals. In addition to health insurance for cancer patients, Aditya Birla Health Insurance provides Personal Accident coverage, Critical Illness Health Insurance, Hospital Cash, and more under the Activ Secure plan.
Features of Aditya Birla Activ Secure – Cancer Plan
With the increasing instances of cancer that are being reported, it is essential to prepare well ahead of time as it can strike anyone during their lifetime. The salient features of Aditya Birla Health Insurance Cancer Secure are:
- Any individual above the age of 18 years old is eligible to buy the policy with 65 years being the maximum age.
- Lump-sum payouts are paid based on different stages of cancer: 50 percent of the sum insured for early-stage cancer, 100% of the sum insured for major, and 150% of the sum insured for advanced stages of cancer.
- A cumulative bonus which is 10% up to a maximum of 100% of the coverage, shall be paid for having a claim-free year.
- Shorter survival requirement of 7 days from the diagnosis date.
- A tax deduction is available by claiming a tax deduction for premium paid under section 80D of the Income Tax Act, 1961. If the payments are made for parents, spouses, and children, the maximum deduction allowed is Rs. 25,000 per year if that specific individual isn’t more than 60 years old. If the person is an elderly person, the tax deduction maximum is restricted to only Rs. 50,000.
What is Covered in Aditya Birla Activ Secure – Cancer Plan?
As part of the Aditya Birla group cancer health insurance – Activ Secure – Cancer Plan, the following stages of cancer are covered:
- Minor: With this plan, an individual can be insured for a minor stage of cancer. It also provides a payout at half of the amount (50% of the sum insured) that is covered.
- Major Stage: The individual will receive the full amount of the amount insured (100%) if cancer is found to be at a significant or major stage.
- Advanced: An individual can receive a payout of 150% of the sum that is insured in the event of cancer being detected in an advanced stage.
Exclusions Of the Aditya Birla Health Insurance Cancer Plan
The Activ Secure Cancer plan does have some exclusions and doesn’t necessarily cover all the illnesses or disorders. According to it, no benefits would be paid for any Major Cancer, Carcinoma-in-situ, or Early-Stage Cancer that is directly or indirectly caused due to the following:
- Carcinoma in-situ of skin and Melanoma in-situ
- Any pre-existing condition
- Intoxication is caused by either narcotics or alcohol or by using any substance such as sedative, medication, or drug except for “over the counter” drugs or medications that were taken in accordance with the directions on the package
- Contamination due to Chemical, biological, or nuclear means (NBC)
The following are the required documents that have to be produced in order to purchase the Aditya Birla Activ Secure Cancer Plan:
- Identity Proofs: PAN card, Passport Aadhaar card, etc.
- Address Proof: Aadhaar Card, Passport, Driving license, Passport, etc.
How To Raise Claims for Aditya Birla Activ Secure – Cancer Plan
The insured policyholder is required to provide the following documents within 30 days after the hospitalization or on the diagnosis of the illness:
- Completely filled claim form of the insurance company.
- Certificate issued by a doctor confirming the diagnosis of illness
- Certificate to verify that the claim is not related to any pre-existing condition, injury, or illness discovered within the first 90 days.
- Doctor consultation slips, letters, and prescriptions that were written at the time of diagnosis.
- Any other specific documents that are relative to the condition and which need to be produced to the insurer for the purpose of raising claims.
Cancer isn’t only a condition; it is a whole different tale of distress, pain, emotional breakdown, fear of survival, risks, etc., which needs tremendous grit and willpower for the affected individual in order to push through each day. Cancer is not just a problem for patients but also their whole family and the people who are connected to them. So, it is a must to be ready to face such a deadly disease financially by buying a cancer insurance policy. Cancer isn’t simply a condition, and it tells a unique tale of suffering, stress, emotional breakdown, life-threatening risk, and so on. Cancer does not just affect patients but also their entire family as well as those who are close to them.