Cancer is a deadly, unpredictable disease that can affect anyone. Fortunately, advancements in modern medicine are helping people to fight this godforsaken disease. However, the costs associated with the treatment of cancer can cause a massive dent in your finances.
A standard health insurance may not provide the required financial cover to treat this disease. That is when a cancer insurance policy comes into the picture.
In this article, let us look at this policy and see how it eases your financial burden.
What is a cancer insurance policy?
It is an insurance policy that is designed to offer financial assistance to those diagnosed with the disease. This policy covers various costs associated with disease and its treatment. It takes care of hospitalisation, chemotherapy, radiation, surgery, among others.
The plan offers financial help at various stages of diagnosis, including minor, major, and critical stages. Unlike other insurances, this policy does not offer death, maturity or surrender benefits.
To qualify for the benefits of this policy, the insured cannot be suffering from pre-existing cancer conditions.
What are the features of this policy?
Some key features of this policy are:
- It offers three benefit structures to cover different stages of cancer starting from Minor Stage Cancer (Carcinoma in Situ (CIS) & Early-Stage cancer) to Major Stage Cancer, and Advanced Stage Cancer.
- The policy provides a stage-wise lump sum pay-out benefit – up to 150% of Sum Assured, based on the selected benefit structure.
- You have an option to avail 40% of the sum assured at inception as a monthly income benefit. The remaining can be paid out as a lump sum benefit in case of a claim under Major Stage Cancer.
- All benefits and payouts from this policy are independent of any other health insurance plans already held by the policyholder.
- The policy also offers tax benefits as per the prevailing norms under Section 80D of the Income Tax Act, 1961, for premiums paid*
Who should opt for a cancer insurance policy?
- Have a family history of cancer
- Are the sole breadwinner of the family
- Do not have adequate financial corpus to take care of massive medical bills
- Lead a lifestyle that can put them at a higher risk of developing this disease
Today, there are several cancer insurance policies available in the market. It is advised to seek professional help to ensure that you select the plan which best suits you. Additionally, many financial advisors also guide you to use various tools which can come in handy while buying this plan such as the cancer insurance calculator.