Cancer, a killer disease, is one of the most dreaded illnesses. The worst part about this is that it can happen to anyone irrespective of lifestyle and family history. With changing lifestyle, there’s a rise in cancer cases in India. Cancer treatment and post-cancer care is very expensive and can easily dry up your lifelong savings. In case any family member does get detected with cancer, then critical care insurance can help you financially to fight the disease.
What is Cancer Insurance?
Cancer insurance is a special insurance that provides financial support to the insured if s/he is diagnosed with cancer. The best cancer insurance plan will be comprehensive and usually cover costs for hospitalization, radiation, surgery, chemotherapy, blood transfusion, nursing care, and the cost of prescribed medicines among others.
Benefits of cancer insurance
1. Cancer insurance plan covers various stages of cancer. So even if you are detected with later stages, you can get the best treatment without worrying about the finances.
2. In case you are diagnosed with cancer, these plans offer a lump sum payment. This helps you to get better care without any compromises. The good part is that insurance benefits do not cease after the initial diagnosis. A good plan offers payout at all stages.
3. Post a cancer diagnosis, a fixed percentage of the sum assured is provided as monthly income for a specified time, usually five years
4. Post-diagnosis, the premium is waived
Waivers and other benefits
• If cancer insurance is not claimed for the first 5 years, then the sum insured increases by pre-specified percentage. If the increase is by 10%, then at the end of 5 years your total cover is increased to 150% without any increased cost.
• Cancer insurance plans offer tax benefits under section 80D of the Income Tax Act. Premium paid is eligible under the tax benefit.
· Things to keep in mind while purchasing a plan
• Make sure your plan covers all stages of cancer.
• Remember to check the duration of the plan. The longer the duration of the plan, the longer you will be protected.
• Choose a plan with a high sum assured since cancer treatment is extremely expensive.
• Choose a plan that waivers premium post-cancer diagnosis and also provides a monthly income. This is important because after being diagnosed with cancer, a person may be unable to work.
• Make sure to check the waiting period of the policy i.e. the time period you will have to wait before the policy starts providing coverage. Also, check the survival period which is the minimum number of days the insured has to survive after a cancer diagnosis.
• Remember that cancer insurance can only be used if the patient is diagnosed with cancer, it does not cover any other chronic diseases
Cancer is deadly, and hence terrifying. We pray that no one loved one is ever diagnosed with it. By 2020 cancer cases are expected to rise by 20%. These alarming figures highlight the importance of purchasing a critical care insurance.