Cancer Insurance Plan: Reasons to buy it

Byshaheen shaikh

Being diagnosed with cancer is a horror come true. People with a family history of cancer get their hopes destroyed when they are diagnosed with the deadly disease. However, what brings peace of mind to many is the availability of cancer treatment. Now, the best way to sidestep emotional and financial confusion is to buy the best cancer insurance in India. Cancer insurance plan has become a necessity in today’s day and age for several reasons.

Let’s discover why you too, like millions of other people, should get cancer insurance in India without any delay.

  • Increasing number of cancer cases
  • According to WHO, 1 in 6 deaths occurs due to cancer. Cancer is more prevalent than most people think. As far as the reasons for cancer are involved, they are many, right from smoking and tobacco to wireless radiation.
  • Often, people can do to improve their probability of survival is to buy a cancer insurance policy to get uninterrupted cancer treatment with no financial difficulty.
  • Expensive diagnosis and treatment costs
  • Chemotherapy, radiotherapy, transplant, and surgery are some of the cancer treatment methods that are highly overpriced. Additionally, the costs linked with blood transfusion, hospitalisation, the use of different drugs, equipment, resources, and other medical facilities increase the overall cancer treatment cost is a massive form.
  • Lump-sum benefit
  • Cancer insurance plans are nothing less than a blessing. It gives you peace of mind, financial security, as well as a lump sum payout upon diagnosis with cancer. This lump sum amount is a pre-determined amount, which is a substantial percentage of the sum insured and helps in meeting the entire financial responsibilities one can have at these times.
  • Supplement to existing policy
  • When bought as an additional insurance policy, cancer insurance offers tremendous support in decreasing the sky-rocketing costs linked with cancer treatment. While a regular health insurance plan has a coverage of a less amount, say, 5 Lakh, a dedicated cancer insurance plan will give you a higher range, say, up to Tens of Lakhs.
  • Hence, even if you own a family floater health insurance plan, it is advisable to go for a standalone cancer insurance plan. This will help you always remain covered, even if you file a health insurance claim for cancer.
  • Waiver of premium benefit
  • Waiver of premium is a unique benefit that might not be accessible with many plans. On choosing this particular rider, you can enjoy the benefit of premium being waived off for a specific period of 3-5 years or even for an entire policy duration. This happens only when the claim is accepted under an early or significant stage of cancer.
  • Chances of increasing cover
  • Many health insurance providers have the option of increasing the basic cover by up to 10% every year (up to 200%). Or until a policy is claimed for an early or major stage of cancer.
  • Tax benefits

 When you buy a cancer insurance policy, you become qualified to save taxes. Your tax burden reduces massively. You may get to avail of a tax deduction up to Rs.25, 000 under Section 80D of the Income Tax Act, 1961. Whereas, senior citizens may enjoy a higher tax benefit.