The occurrence of cancer has considerably grown over time. According to the experts in the World Health Organisation (WHO) report published in 2020, one in every ten Indians will develop cancer, and one in every fifteen will die from it. As a result, the risk of developing cancer is substantially higher, implying that having some protection against this deadly disease is always preferable compared to not taking any solution to fight against it.
It is why buying cancer insurance has become necessary in today’s world. Besides increasing cancer cases in India, the cost and rising inflation go beyond our thought.
If we look at the price quoted on one of the pages by Practo. are as follows,
- The minimum expense for cancer treatment in begins from Rs.90,000
- Did you know that the standard cost of cancer treatment can range to Rs.5,00,000
- The top limit for cancer treatment is up to Rs.27,50,000
Now, these are the price rates in different metropolitan cities, and they can vary from place to place depending on the intensity of the cancer stage.
If you continue to read this blog, it will guide you in understanding,
- What is cancer policy?
- Benefits and importance of cancer insurance
- What are the factors to consider while buying a cancer insurance plan?
- What is the best cancer protection plan in India?
What is Cancer Insurance?
Cancer insurance is an essential type from the club of life insurance as it is fashioned to bear expensive hospital and non-hospital expenditures. As the cancer cost has got zero chills and holds the potential to exhaust your financial reserve, it is always better to invest in a cancer policy rather than waiting for the calamity to occur and sweep your hard-earned savings.
People with a hereditary proclivity for cancer or a family history of cancer should always consider a cancer policy to help alleviate fears about being diagnosed and having to endure cancer treatment.
These specially designed plans will cover medical expenses from diagnosis to surgical operations, relieving you of the stress of footing high medical bills. Furthermore, they can also cover non-hospital costs like – lodging, travel, and many more.
However, cancer is a deadly disease that is not limited to hereditary, and anyone can fall prey to it. As this disease comes with zero mercy, it is always better to buy before it gives a surprising knock on your door.
Benefits and Importance of Cancer Insurance
Family Medical History: Yes, if cancer runs in your family as hereditary, you ought to invest in a cancer plan timely because the earlier you do so, the better it will be. However, cancer doesn’t need only to affect those with cancer as family history, but hereditary, they have a higher chance of getting it.
If you believe you are at a higher risk of developing cancer due to certain reasons: Owing to environmental or other factors like working in mines, labs, and other things. Prevention is always better than cure.
Financial Requirement: We all know that cancer is an expensive deal that comes without an invite. And, you don’t need to already have over 30 lakhs in your bank account for a medical emergency and some additional lakhs to run your livelihood and other things. A cancer protection plan will help you sail through this challenging time by safeguarding your savings and aiding the treatment cost without any hiccup.
Health insurance policy does not provide adequate coverage: If you have health insurance, it won’t help cover any critical illness or cancer because they are more costly and have a whole different range for more complex and extensive treatment than those covered in health insurance. It would be best to have critical illness insurance or a cancer plan for such situations.
For Family: Would you want your family members to suffer from debt for the money you loaned for your treatment? If not, you want them to live their best without compromising their lifestyle and future objectives.
According to a survey performed by the Indian Council of Medical Research (ICMR) and the National Centre for Disease Informatics and Research, India might experience a rise of 12% in cancer cases by 2025.
As cancer does not discriminate based on gender, age, region, or socioeconomic status, it can strike anybody at any time. Also, as per the estimate predicated by the esteemed health bodies, by 2025, the number of cancer cases in males may hit 7,63,575 and 8,06,218 in women.
These numbers are nothing less than alarming and cautious, explaining the gravity of the arriving situation in the coming three years. It is why having cancer insurance is vital.
Factors to Consider while choosing cancer insurance
As a cancer protection plan is one of the most essential insurance one owns, it is crucial to consider the following points to ensure that you select the best, most affordable, and most effective cancer insurance plan for yourself.
Factors are as follows:
Offers Ample Coverage: Cancer treatment is expensive. Cancer comes with pricey treatments and tests such as – chemotherapy, radiation, medicines, getting admitted for a more extended period in hospital, surgery, and many more. All these procedures are economically draining. It is why having more extensive coverage would be more advantageous. But, that doesn’t mean that you will go over the board and invest in overpriced insurance.
Exclusions: Even cancer insurance comes with certain checks and balances, which is why it is crucial to look through the terms and conditions and other listed exclusions. It helps make a more wise and aware decision rather than facing a surprise that could have been avoided if you had not overlooked it.
Waiting period: Each health insurance plan establishes a waiting period for specific. These particular waiting periods vary between policies and insurers, so it is advisable to determine the period for the selected cancer protection plan during which one will not be eligible to file medical claims. However, the waiting period applies to this initial purchase.
Survival period: means the insurance company establishes the minimum number of days that a policyholder must survive after a cancer diagnosis or treatment. The insurance benefit is received if the life insured successfully serves through the survival period.
Check whether the plan covers all the cancer stages: Choose a plan that provides a stage-based payout to cover the medication. When they have a plan that works based on the stages, it will give a certain percentage of payout at every stage.
Have a longer-term: Before finalizing your cancer insurance, it is critical to analyze the policy duration. Look for a protective policy that will cover you until you reach a certain age. Cancer can strike you at any age; it is why to look for plans that will keep you covered for a longer period.
Best Cancer Protection Plan in India
Aditya Birla Sun Life Insurance Cancer Shield Plan
This plan by the ABSLI is an extensive plan that will cover you extensively through all the stages and shall give a decent and required percentage of the lump sum that will cater to your needs and requirements when you are battling cancer.
Some of the features of this plan by the ABSLI are as follows:
- The user has the option to vouch for a plan that offers a minimum coverage of Rs. 10,00,000 and maximum cover of Rs. 50,00,000.
- It covers all stages of cancer. And according to the stage-payout model, they give 30% when the life insured is diagnosed with early-stage cancer, 70% is given when the policyholder is diagnosed with major stage cancer, and 100% of the sum assured is given when the life insured is diagnosed with the severe stage.
- Under this plan, if the policyholder is diagnosed with a major stage, they can opt for income benefit for the following five years.
- When the life insured is diagnosed with early stage of cancer in the initial phase, they are eligible to avail of five years of premium waiver. Here, the policyholder benefits from not paying the premium for the prescribed years.
- As per the Section 80D of the Income Tax Act (1961), you can avail of tax benefits.
To know more about this plan, click – ABSLI Cancer Shield Plan.
HDFC Life Care Cancer
As we follow the chronology of the best in the market, this is the next in line. A cancer plan is curated to safeguard you at the time of need without meddling with your savings; then, you have halted at the right junction as this cancer protection plan is one of the decent and affordable ones in the market.
Some of the perks of this cancer plan are,
- Under this plan, you have the opprtunity to choose from three types and they are – silver, gold, and platinum.
- You can pay the premium monthly, annual, half-yearly, or quarterly.
- If the life insured is diagnosed with early-stage cancer, they will get a three-year premium benefit waiver.
- If you are a gold and platinum user, the premium shall be increased by 10% yearly; it is up to a maximum of 200% of the actual sum guaranteed.
- You are liable for availing of tax benefits as per Section 80D of the Income Tax Act (1961), and it provides tax savings on premiums paid up to Rs. 55,000.
- Here, increased benefit is available on both the gold and platinum users. Although, the income benefit is only available for platinum users only.
When buying anything, always go for the best for yourself and your family. A cancer plan is an important asset that needs to be purchased promptly with the best possible coverage at an affordable price.
It is better to be safe rather than feeling sorry, be a responsible person than inviting a possibly known catastrophe.