Cancer insurance becomes a financial aid while you recover from such a critical illness. Each year, an increasing number of people are diagnosed with cancer. Patients are sometimes burdened with financial obligations in addition to the physical and emotional toll of this condition when medical insurance falls short, or income is harmed. When you’ve been diagnosed with cancer, the last thing on your mind is money. This is exactly where a comprehensive cancer insurance plan plays a critical role.
As per data, males have a 4.67% chance of acquiring cancer of all sites between the ages of 35 and 64, while females have a 6.55% chance, with a 9.05% and 10.2% lifetime risk, respectively. One in every ten men and one in every eight women in India will acquire cancer of some kind after the age of 35. (data source)
Who Is Covered In A Cancer Insurance Plan?
Cancer insurance is for people who want to supplement their health insurance with financial security in the event that they are diagnosed with cancer, and their medical insurance is insufficient to meet their expenses. There are several types of cancer insurance plans depending upon your need and requirement.
A cancer insurance policy is a sort of health insurance that protects you against cancer risks. This coverage covers the costs of cancer treatment, preventing you from having to dive into your resources and allowing you to maintain financial stability.
6 Features To Look For While Buying A Cancer Insurance Plan
- Stages covered
On-time diagnosis and treatment are critical in the treatment of cancer. Unfortunately, it’s impossible to predict when cancer will be diagnosed, but you always have an option to purchase a plan that covers all stages of cancer. However, it would help if you kept in mind that the sum assured may vary according to the stage at which cancer is detected.
- Stage-based payout
A stage-based payout cancer insurance plan facilitates dealing with treatment fees and other connected expenses at various stages. The insurance coverage shall provide at least 25% of the sum assured in the event of a minor-stage cancer diagnosis, and 100% of the sum assured in the event of a major-stage cancer diagnosis.
As a result, selecting a policy that provides support in such situations is critical. Waiver of premium of the cancer insurance plan is one of the greatest cancer insurance policy features in India.
It keeps the policy valid by waiving premium payments for up to three years if the insured has been treated for a serious stage cancer and is also the only breadwinner of the family. In such a case, their family may find it difficult to keep up the insurance premiums.
- Waiting Time
Cancer insurance coverage in India has a waiting period, which is not well known. It is the initial term, which can last anywhere from 180 to 365 days, during which the insured is unable to claim under the insurance policy. As a result, it is recommended that you choose a policy with the shortest waiting period as emergencies are unpredictable and dynamic.
- Tax benefits
Cancer insurance plans, like health insurance policies, are eligible for tax benefits. Section 80D of the Income Tax Act, 1961 allows you to claim a tax deduction of up to INR 25,000. Senior citizens may be eligible for a larger tax advantage. As a result, purchasing such coverage allows you to minimize your tax liability significantly.
- Affordability and availability
When compared to other types of health insurance, one of the key benefits of cancer policies is their affordability. As a result, always buy a cancer insurance plan that you can afford, i.e., pay your premiums on time. With Care Insurance, you may purchase the majority of cancer insurance coverage online. Not only that, but you might be able to find good prices and discounts by shopping online.
With a good insurance company like Care Insurance, you won’t have to spend all of your savings on cancer treatment if you have a cancer insurance policy plan. This also aids in preserving that money set up for the goals you’ve set for yourself and your family’s well-being.