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A cancer insurance plan ideally covers you against cancer-related treatment expenses, both at the early and advanced stages. In India, very few insurance companies are committed to offering cancer cover to the needed. Read more to know about the benefits and coverage provided under cancer insurance.
Cancer is widely-spreading throughout the world at an accelerating speed. There are over 100 types of cancers where the leading type of cancer among women is breast cancer and among men is lung cancer. Cancer stands tall as one of the deadliest diseases worldwide. Further, anyone can fall victim to this dreadful disease. While the likelihood of getting cancer has increased considerably, the cost of its treatment has also gone up in recent years.
This is the reason why a comprehensive health cover against cancer has become the need of an hour. Although most mediclaim policies available in the market today cover all major critical illnesses, including cancer, they are subject to certain limitations. They provide health cover to take care of a wide range of medical problems. However, the health cover provided by such policies comes with sub-limits in different situations. The critical illness insurance policy addresses this problem. The primary purpose of critical illness insurance cover is to help pay for costly treatments required for specific diseases.
Following are some of the benefits of buying a cancer insurance plan designed to provide financial protection against cancer treatment:
Financial Security: The increasing cost of medical treatments and hospitalisation, makes a cancer insurance a much-recommended investment. With a separate cancer insurance policy, you can be assured of being financially safeguarded against the huge cost of medical treatments like chemotherapy, radiotherapy, and surgery, if the need arises.
Extensive Coverage: Cancer insurance plans cover a wide range and stages of cancers. These policies are available at an affordable premium. However, one should check the coverage with insurance companies offering cancer insurance before buying one. Lump-sum Payment: Most of the cancer insurance plans offer a lump sum payout in case of diagnosis of the disease. This payout usually ranges between 20% to 25% or more of the sum insured depending upon the stage of cancer diagnosed and varies among different insurers. The remaining sum assured is paid if the insured is diagnosed with a major stage of cancer.
Waiver of Premium Benefit: This is offered as an add-on or in-built benefit by most of the insurers at a nominal additional premium above the basic premium of cancer insurance plan. This rider waives off the future premium without revoking policy benefits if the insured is diagnosed with an early stage of cancer.
Cancer Insurance Plans in India
Recommended Link:5 Things You Must Know About Cancer Insurance