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Cancer Insurance – An Unsung Hero!

Cancer has become a leading cause of death in the world today. Cancer cases are rising and many people are getting affected by this deadly disease. While it is dangerous and can get malignant, there is a ray of hope too. Medical advancements have proved to be effective and cancer can be cured in many cases. There are some very good treatment methods that help to cure or control the disease. However, these treatments are long and expensive, and even unaffordable for many people. This is why cancer insurance policies are so useful. If you have a family history of cancer, or due to any factor you are at risk of developing a form of cancer, get cancer insurance coverage right away. Read on to know more.

What is a Cancer Insurance Plan? 

A cancer insurance plan is a type of health insurance policy that pays a lump sum amount of money if you are diagnosed with cancer. There are different payouts for different stages of the illness and its treatment. The payout helps the patient and his/her family to deal with the treatment costs, lifestyle adjustments, gaps in salary, etc.

Features of a Cancer Insurance Plan

Here’s a look at how a cancer insurance plan actually works:

  • Buying the Plan

Anyone above the age of 18 years can buy a cancer insurance plan in India. It is highly advisable for you to get the plan if:

    • You have a family history of cancer
    • You feel you are likely to get cancer due to environmental exposure
    • Your savings are poor
    • Your standalone health insurance plan doesn’t have a cancer protection cover
  • Payouts

The payout in a cancer insurance plan happens in the following ways:

    • If the cancer is detected at an early stage, 30% of the sum insured will be paid right away. If cancer proceeds to an advanced stage thereafter, the remaining 70% is paid out
    • If the cancer is detected at an advanced stage, the entire sum insured is paid out
    • Some insurers also pay an additional 10% of the sum insured to act as an income replacement if the policyholder gets detected with cancer at an advanced stage
    • The future premiums are also waived off if the cancer is detected in an advanced stage

These are the simple mechanisms of a cancer insurance policy. Keep them in mind when you look to get a health policy to cover cancer and its risks.

Benefits of Getting Cancer Insurance 

If you are still wondering why you need a cancer insurance cover, take a look at the benefits it offers and then decide whether or not you want it:

  • Financial Security

The biggest reason why you need cancer insurance is because of the financial security it brings forth. If you are diagnosed with cancer, it doesn’t just call for expensive treatments. You also become too ill to continue working and may be forced to take some time off from work. At such a time, running the house becomes difficult, let alone paying the medical bills. The financial backup of a cancer insurance cover at such a time proves to be extremely handy and beneficial and helps you to keep yourself and your family away from all types of monetary problems during the period of crisis.

  • Comprehensive Cover

The cancer protection plans offer wholesome, all-around protection against cancer. You get a lump sum amount paid out when you are detected with cancer. If cancer proceeds to another stage, you get another payout. Also, if you are diagnosed, later on, you get an income replacement too. 

  • Waiver of Premium 

When you have cancer, you may not be in a position to go out and earn a livelihood. Affording the insurance premiums at such a time gets very taxing. Getting the cancer insurance premium waived off at such times proves to be highly advantageous. 

  • Tax Benefit

Tax benefits are available on the cancer insurance plans. You can get a tax benefit under Section 80D of the Indian Income Tax Act. A tax rebate of up to INR 25,000 here. This is a handy and effective way in which you can plan your tax saving.

  • Online Availability 

A big advantage is that these plans are available online. You can get cancer insurance cover online in a matter of a few minutes. You can compare your options and choose a suitable cover in a quick, easy and convenient way. You can buy the plan directly from the insurance provider without having to go through an agent. Also, the online route allows you to compare and find the best deal.

These are the most powerful benefits you get when you invest in a cancer insurance policy. Explore the plans and get these benefits for yourself.

Choosing the Right Cover

There are some very good standalone cancer insurance plans available in India. You can compare the policies and get a very good policy. Some of the best cancer insurance plans in India are:

  • Max Life Cancer Insurance Plan
  • HDFC Life Cancer Care Plan
  • ICICI Prudential Heart/Cancer Protect
  • PNB Metlife Mera Cancer Care
  • Aegon Life iCancer Insurance Plan

These days some of the health insurance companies also offer cancer insurance cover as a rider along with their comprehensive health insurance plans. The cover is also available as a rider on certain life insurance policies. Do your research, compare the options and see which is the best way for you to find a cancer protection cover. Buy the cover and stay protected.

In conclusion 

As you can clearly see from the points mentioned above, a cancer insurance cover proves to be very handy and useful. This doesn’t just happen for the policyholder, but also for his/her family members. There are many good cancer plans available in India. Compare your options and then make a purchase. Understand your requirements, make a budget and choose a good insurer with a high claim settlement ratio and you will have the best possible cover in no time.

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