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What is Cancer Insurance?

Cancer insurance is a type of health insurance plan intended to manage financial risks associated with cancer. It helps the policy holder to manage the costs of cancer treatment and provides the much-needed financial support during the time of crises. It would be wise to prepare for a financial contingency especially against cancer treatment and care and have an insurance policy that especially covers cancer. Cancer care insurance policies are introduced with the very objective to offer a comprehensive coverage against cancer. During time of crises and trauma, the up side of having an insurance will help the patient and members of the family deal better with the situation.

Cancer Insurance Plans in India

Today all leading insurance companies are providing cancer related plans in India.

  • ICICI Proheart and Cancer Protect
  • HDFC Life Cancer Insurance Plan
  • Aegon Life Icancer Insurance Plan
  • Max Bupa Critical Illness Plan that Covers Cancer
  • Max Life Cancer Insurance Plan
  • Bharati AXA Cancer Insurance Plan
  • BSLI Cancer Shield Plan

Types of Cancer Covered by an Insurance Plan

A Cancer Insurance policy provides payouts on diagnosis of early and major stages of cancer. The payment can be used to get better care against cancer. It helps meet chemotherapy and radiation costs, hospitalization and surgery costs. Most leading cancer insurance plans cover all types of cancer i.e. Early Stage and Major Stage Cancer.

Benefits of Buying Cancer Insurance Plan

  • Cancer Insurance plans offer comprehensive insurance related to cancer.
  • Most cancer plans offer waiver of premium benefit for specific period say for 3 to 5 years or for entire policy duration. Some of the plans even offer a regular income benefit for a fixed period of time up to 5 years to cover daily costs of running a household. This is usually a percentage of the sum assured (say 1 percentage monthly).
  • Most cancer insurance plans offer an increase in sum assured as a plan option.
  • One of the most distinguished benefits of buying a cancer insurance plan is that the insurance coverage continues even after the diagnosis of early stage of the disease.
  • Cancer insurance plans also offer tax benefits under section 80D of the Income Tax Act.

Why Do You Need a Cancer Insurance Plan?

Cancer is the one of the worst health related illnesses that can happen to someone. No one wants to be afflicted by cancer as it is the most painful time physically and mentally for the person going through it and also for the family members. Wishing it away is not the solution. Everyone is aware that cancer can strike anyone regardless of family history and lifestyle. The recent rise in cases of cancer in India is of a major worry. Hence, having a cancer insurance is your best bet against the unforeseen health crises in life.

Things to be Considered Before Buying Cancer Insurance Plan

It is recommended to do some research before taking a cancer insurance plan. Below are some of the points that need to be considered before making a decision to go for a specific cancer insurance plan.

Sufficient sum assured

We all know medical expenses have risen over the years. It is often estimated that cost of medical expenses rises by 15% every year. Cancer treatment takes time, so it is advisable to opt for a cancer insurance plan with high sum assured. This will provide you sufficient funds during time of crises.

Payment under a cancer plan

A good plan should offer coverage for all stages of cancer. A Cancer plan will make payment of 30% on early stage and remaining 70% on major stage or the entire on major stage whichever is earlier.

Waiting period and survival period

It is always good to check on the waiting period i.e the amount of time you will have to wait before the policy will start coverage and survival period i.e the amount of time after cancer diagnosis the policy holder has to be alive in order to claim benefits of the policy.

Additional policy benefits

Insurers put add on benefits to make their policy stand out from the competition. Some of the benefits are a waiver of premium or regular income for fixed period. These add-ons are crucial to have as they can provide some added relief during the tormenting period.

Duration

A policy which has a long duration is beneficial as the policy holder is protected for a longer duration.

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