Why is a Cancer Insurance Plan a Necessity?
A changing lifestyle, combined with pollution, stress, and weakened immunity, is wreaking havoc on our health. People are becoming more vulnerable to serious health issues such as cancer than ever before. Cancer patients will increase by 12% between 2020 and 2025, according to data from the Indian Council of Medical Research (ICMR). Furthermore, the number of cancer patients is expected to reach 1.5 million by 2025.
But why should you opt for a cancer plan when you already have a health insurance plan? The reason is simple, cancer treatment is expensive. A health plan covers for inpatient hospitalization and care in Indian hospitals, it does not cover the entire cost of treatment. These plans have several limitations, leaving your finances susceptible to the high cost of treatment. Such disadvantages can be overcome by selecting a specific serious illness health plan, such as cancer critical illness insurance.
Cancer Insurance: Is It Worth It?
Some people are still unsure about purchasing a cancer insurance plan; if you are one of them, keep reading to learn more about the cancer insurance benefits.
So, what is cancer insurance? It is a type of insurance plan designed to provide financial assistance in the event of a disease diagnosis. The policy has a waiting period after which the coverage begins.
It comes in the form of a lump sum insurance payout. The money provided can help you pay for your medical treatment costs. You can use this money for treatment with any doctor and hospital you want, locally or abroad. All of this at the affordable cancer insurance premium.
Reasons to Buy Cancer Insurance Policy
People with Family History
Because of their genetic makeup, some people are more susceptible to certain types of cancer, such as ovarian and colorectal cancer. If you have a family history of cancer, you should purchase a cancer plan to protect your future.
Comprehensive Coverage
The best cancer care insurance policy in India will secure your interests from all types of cancer. Furthermore, it covers you for all stages of cancer, that is not available with a health plan.
Cover Treatment Cost
Cancer treatment is costly, and it may deplete your savings much faster than you think. Purchasing a cancer plan will provide you with the assistance you require to pay for treatment costs, hospitalization and other related expenses.
Avail Tax Benefits
Buying the best cancer insurance in India provides you tax benefits as per section 80D of the IT Act 1961.
Supplement Existing Health Plan
There are additional benefits to adding a cancer plan to your existing general health insurance policy. It provides comprehensive coverage for all types and stages of the disease, which is critical for covering the financial costs of high-quality care at reputable hospitals.
Things to Consider Before Buying a Cancer Plan
Before buying a cancer critical illness insurance make sure that:
Because medical inflation is on the rise, make sure the sum assured in the policy is adequate.
Read and compare different policies. Examine any additional add-on benefits provided by some insurers, such as premium waivers, fixed-term income, and so on.
Always buy a policy that has a long-term duration period.
Read the fine print and double-check the policy’s waiting and survival periods.
Cancer is becoming a more serious threat in India. In addition to emotional, mental, and family support, you will necessitate financial assistance to fight the disease. Purchasing a cancer plan provides you with the peace of mind and funds you require to receive the best treatment possible.
