What is Cancer Insurance? All you need to know about it
Once diagnosed with cancer, a person’s hopes and dreams are shattered utterly. But the advanced treatment methods bring peace of mind to many patients and their family members. By purchasing the best cancer policy, you can avoid mental and financial mayhem during this time. In today’s hectic and fast-paced world, cancer insurance has become a necessity for multifarious reasons. Let’s unearth why you should opt for cancer insurance in India like many others.
What is Cancer Insurance?
Cancer insurance is the newest entrant in the field of the insurance sector. The prime aim of this policy is to lessen the treatment cost and offer a certain level of financial support to policyholders. You can purchase cancer insurance separately, or you can buy it as an add-on rider with your term plan. Cancer cover gives additional protection and offers financial security against the considerable cost associated with cancer treatment. Term insurance plans from various companies come with critical illness health insurance policies that cover your cancer treatment expenditure.
Your family members will get rid of a huge debt for your treatment expenses with proper insurance policies. But it is an arduous job to get a life insurance policy after getting diagnosed with cancer. You may not find a suitable policy with reasonable premiums.
Why do people with a hectic lifestyle need cancer insurance?
People who are continuing unhealthy lifestyles are more susceptible to major health diseases. As a result, they often experience ailment, infirmity, and even death. Because of an unhealthy lifestyle, you may get diseases like obesity, metabolic disorder, heart disease, high blood pressure, and even cancer. Therefore, you should choose a term plan with a critical illness rider to cover serious ailments like cancer.
Term insurance plans are the utmost way to secure your family’s financial future in your absence. These days, the markets are thronged with term plans with rider options that cover critical illnesses. So, India’s best term insurance plans cover critical illnesses like cancer and bring smiles to the policyholders’ faces.
8 Primary reasons to choose the best cancer insurance policy in India
- Cancer cases are increasing day by day
- Offers coverage for all types of cancer and cancer stages
- Expensive diagnosis and treatment costs
- Prevention of financial struggles
- A hefty benefit
- Waiver of premium benefit
- Chances of increasing cover
- Tax benefits
1. Cancer cases are increasing day by day
As per WHO, cancer is responsible for 1 in 6 deaths in the world. Unfortunately, cancer patients are rising exponentially because many people are still addicted to smoking, chewing tobacco, or drinking excessive alcohol. By purchasing a cancer insurance policy, you can benefit from uninterrupted cancer treatment without stretching your financial condition.
2. Offers coverage for all types of cancer and cancer stages
The best cancer insurance policy will embrace you with a wide range of cover for all types of cancer including,
- Breast cancer
- Lung cancer
- Liver cancer
- Stomach cancer
- Colorectal cancer
- Ovarian cancer
- And fallopian tube cancer
Most importantly, cancer insurance offers coverage for all stages of cancer. But critical illness plans only cover a specific stage of the disease.
3. Expensive diagnosis and treatment costs
Common cancer treatment methods are chemotherapy, radiotherapy, and surgery. All of them are heavily expensive. Moreover, some additional costs are drugs, hospitalization, equipment, and other medical facilities are required for the treatment.
| Treatment method | Cost |
| Chemotherapy | Rs. 65000 per session |
| Radiotherapy | Rs 10 lakhs to 20 lakhs |
| Radiotherapy and chemotherapy | Rs. 24 lakhs |
Coverage for other costs apart from medical bills
Cancer insurance will cover not only medical bills but also cover other treatment methods that are associated with cancer treatment. Additional expenses like stay in different cities, non-prescription medicines, special equipment & clothing, etc., are also covered by a cancer insurance plan.
4. Prevention of financial struggles
It would be an uphill task for cancer patients and their family members to manage Rs 10 to 25 Lakh at once to cover all cancer-related treatment because they have other responsibilities (children’s education, a home loan, elderly parents, etc.) that can’t be compromised. In this scenario, cancer insurance could be the utmost choice that helps you manage everything hassle-free.
5. A hefty benefit
Cancer insurance is a boon to the family members of a cancer patient because it offers hefty payment after being diagnosed with cancer. Though this amount is a certain percentage of the sum assured, you can still manage your medical expenses with this amount.
6. Waiver of premium benefit
Many plans offer you the waiver of premium benefits. If you select this particular rider, you can enjoy the benefit of the premium being annulled for a specific time (maybe 3-5 years or throughout the policy duration). But this is only applicable when your claim is accepted under an early or crucial stage of cancer.
7. Chances of increasing cover
Many companies are offering insurance policies where you can enhance the basic cover up to 10% every year.
8. Tax benefits
By purchasing cancer insurance, you can save taxes. You are eligible for a tax deduction of up to Rs 25,000 under Section 80D of the Income Tax Act, 1961. On the other hand, elderly citizens may enjoy more tax benefits.
So, cancer insurance policies will help you stay strong during this grim phase.
Tips on lessening the risks of cancer
- Eat only healthy and wholesome food items like fruits, vegetables, and high-fibrous items. Avoid eating processed, frozen, and oily food.
- Avoid smoking and restrict your alcohol consumption and lead a healthy life.
- To reduce stress and anxiety, incorporate exercise into your regime.
- Try to avoid the sunlight (as much as possible) and direct radiation exposure.
Though medical science is thriving day by day, it is still unable to find a complete cure for cancer. However, by modifying your lifestyle, such as avoiding tobacco, restricting alcohol consumption, and exercising regularly, you can prevent cancer to some extent. Finally, by purchasing a comprehensive cancer policy, you can protect yourself and your family members from the financial stress of this disease.
