7 Best Reasons to Buy a Cancer Insurance Policy in India

February 8, 2022 Mutual Fund

Cancer is an unpredictable disease that not only affects the patient physically but also affects the patient and their loved ones emotionally. Unfortunately, cancer cases in India are upsurging at an alarming rate. It can strike anyone, regardless of family health history or lifestyle. Cancer was once thought of as an old age disease, but it has now become a cause of concern for young as well as children. Cancer insurance has become a necessity due to the constantly increasing number of cancer cases and the exorbitant cost of cancer treatment.

What is Cancer Insurance?

Cancer insurance is a type of Health Insurance that covers the cost of cancer treatment and care. It is one way to prepare yourself financially for the expensive cost of cancer treatment.

Several health insurance companies offer cancer insurance policies to offer comprehensive coverage against cancer. With sufficient insurance cover, the patient and their family members can concentrate on their health and recovery, without having to worry about the finances.

What are the benefits of Cancer Insurance?

• The insurance company pays out a lump-sum amount (100% sum assured) on a diagnosis of major cancer conditions

• In case of detection at an early stage, most insurers offer waiver of premiums or 25% of sum assured or both

• For no claim during a policy year, most insurance companies offer an increased sum assured in the next year

• Several insurance companies offer an added benefit of monthly income for a certain number of years on a diagnosis of major cancer conditions

• Most leading insurers have affordable premiums for cancer insurance policies

Why you should buy a Cancer Insurance Policy?

Here are a few reasons why it is worth buying a Cancer Insurance Policy at the earliest:

1. You know you need a cancer cover:

Having a family health history of cancer increases the risk of getting cancer. Therefore, if you have a family history of cancer, it is advisable to purchase a Cancer Insurance Policy. Similarly, if you know that your lifestyle can be a cause for cancer or if you do not have a financial backup to manage the exorbitant cost of the treatment, it makes sense to buy a Cancer Insurance Plan. It can be purchased at an affordable premium and can provide you financial coverage against the deadly disease.

2. Cancer cases are upsurging in India at an alarming rate:

According to the Indian Council of Medical Research (ICMR), cancer cases in India are rising at an alarming rate, and the situation is not going to improve. Although there could be several reasons one gets cancer, Tobacco-Related Cancer accounts for about 30% to 40% of all cancer cases in India. The World Health Organisation (WHO) has stated that 1 out of 6 deaths occur due to cancer. The primary reason behind the increasing number of deaths is less awareness about the disease, because of which it goes undetected and untreated. Many people in India are continuing living with cancer undiagnosed because it remains undetected until the first sign or symptom. However, early detection can prevent untimely death. By covering yourself with Cancer Insurance, you can get timely treatment without financial stress.

3. It provides coverage to all types of cancers:

The Cancer Insurance Policies provide insurance coverage at all stages to all the types of cancers (except if any specific type or condition is mentioned in the policy exemptions), such as lung cancer, breast cancer, liver cancer, stomach cancer, ovarian cancer, etc. Hence, you can get wide a wide coverage at an affordable premium. However, before purchasing the policy, it is advisable to check the list of cancers included and excluded in the policy. Some insurers do not cover certain types of cancers like skin cancer, cancer due to sexually transmitted diseases, etc.

4. The cancer treatment is expensive:

We all are aware that the medical inflation in India is growing. Depending on the type and stage of cancer, a patient may have to undergo several treatments like chemotherapy, radiotherapy, kidney transplant, bone marrow transplant, liver transplant, heart transplant, etc. With the increasing cancer cases and medical inflation, the cost of these treatments is also growing. Arranging for the money while you or your loved ones are battling against the disease can cause financial stress or even affect one’s mental well-being. However, if you have a Cancer Insurance Plan, the insurance company takes care of all these expenses. It not only pays for the medical expenses but can also provide the patient with the monthly income for a certain number of years, provide with child care expenses, loss of income benefit, etc.

5. It can be a supplement to your existing policy:

Most health insurance policies do not cover the cost of cancer treatment. Even if the plan covers it, people usually have less health insurance coverage than what the cancer treatment can cost. Moreover, Cancer Insurance Policies are inexpensive, and you can get a large amount of coverage for an affordable premium. The larger coverage will help cover the entire cost of treatment and provide other benefits like monthly income and other non-financial coverage.

6. It will save your savings:

Managing the extravagant cost of cancer treatment is not easy for most people. Many times they either have to break all their savings or take a loan, which can completely disturb their long-term financial goals like buying a house or child education. However, you can ensure your savings are safe by purchasing a Cancer Insurance Policy and you will not have to take any financial stress to cover the cancer treatment expenses.

7. It offers tax benefits:

Like any other health insurance policy, the Cancer Insurance Policy offers tax benefits on the premiums paid. You can avail of a tax deduction of up to Rs 25,000 under Section 80D of the Income Tax Act, 1961. Senior citizens can enjoy higher tax benefits with a Cancer Insurance Plan.

To Conclude:

To prevent getting cancer, we should focus on healthy eating, exercising, and completely avoid usage of tobacco. However, since cancer is an unpredictable disease that can cost a fortune for its treatment, we should be financially prepared for it by covering ourselves with a good Cancer Insurance Policy. Therefore, before purchasing the policy, make sure you make an informed decision by comparing different plans of different insurance companies with the premium to pay, features and benefits, inclusions and exclusions, terms and conditions, etc.

This article first appeared on PersonalFN here