Who says that cancer, cardiovascular issues, lung, and liver-related issues, and other chronic illnesses come as hereditary?
If someone says to you that all chronic ailments come as hereditary, tell them – ‘Buy a critical illness cover before life bust that little bubble for you.’
You might be a happy and healthy individual who is free and away from all the worldly temptations of smoking, drugs, alcohol, tobacco, and other harmful substance abuse. Still, these factors don’t guarantee that you will be free from cancer and other deadly diseases because they don’t come with a guarantee of heredity.
This blog will help you understand what a cancer insurance plan is, its importance, and its benefits?
- How is cancer insurance different from health insurance?
- What are the best cancer insurance policies available in India?
What is a cancer insurance plan?
Health insurance is curated to bear all the hospital expenses, while cancer insurance is built to aid the life insured and their family manages cancer risks. A cancer plan helps reduce the costs of receiving high-quality cancer treatment while leveraging the life insured with the necessary financial support.
Cancer treatment can cost over 30 – 35 lakhs, including hospitalization expenditure, surgery (if required), chemotherapy, tons of tests, and other non-hospital costs such as travel, lodging, and many more. It becomes an exhausting process where you will have no clue where all your money went.
Do you have the threshold to bear financial burdens with all the ongoing psychological and physical obligations? If no, then cancer insurance is the answer because critical illness doesn’t come with an invite or specific genes.
You can be financially prepared for cancer treatment with cancer insurance coverage. It will aid in preventing your family from living a debt-free life and bearing the financial burden of your cancer treatment. It is why having a cancer insurance plan is very important in life.
Fact!
- According to the International Institute of Health Management Research (IIHMR), around seven crore Indians will certainly have cancer by 2021.
- Tobacco-Related Cancer (TRC) is a prominent cause, accounting for 30-40% of cancer incidences.
- As per the National Institute of Cancer Prevention and Research, 71% of cancer deaths occur between 30 and 69.
The benefits of cancer insurance are as follows:
- With cancer insurance or a critical illness plan, you can save the family from falling into the clutches of debt.
- Acts as a guardian over your savings from getting exhausted over cancer treatment.
- Gives a lump sum pay-out in specific percentages depending on the stages of cancer. A cancer insurance plan covers all the stages of cancer, so be rest assured. You are secure at every stage and free from financial buffers.
- It covers all the hospital and non-hospital-related costs.
- It comes with a death benefit, which means your family will be secure and not have to adjust or compromise with their lifestyle.
- Cancer is a chronic disease that runs in families. It means that if you have a family history of cancer, the odds are that you will be afflicted as well. Cancer insurance coverage is required to limit the financial risk connected with it.
- With the exponential rise in the prices of healthcare services, there has been a considerable increase in the number of people purchasing cancer care insurance.
- Waiver of premium is another significant benefit because the insurance company understands that there is no turning back after this deadly disease. Then it is a battle with your body where you cannot work. The premium for the next three to five years will be waived off.
- Cancer insurance provides an income benefit option in which the insurer offers a lump payment at various intervals over a predetermined period to compensate for the loss of salary. In the event of the cancer patient’s death, the family will continue to receive income benefits for some period (T&C applied).
Health insurance v/s cancer insurance
As per The Lancet Oncology Journal, approximately 10 lakh people in India are diagnosed with cancer each year, with 6 – 7 lakh dying. By 2035, these figures are expected to nearly treble to 17 lakh new patients and 12 lakh deaths every year.
Health insurance is an important asset, but cancer insurance has equally become an essential asset in today’s time. Let us understand the difference between both to get better clarity.
| Health Insurance | Cancer Insurance |
| A health insurance plan is a basic insurance policy in which the insurer reimburses hospital charges or provides cashless treatment. It is beneficial to defray the escalating costs of hospitalization, therapies, diagnosis, emergency treatment, and many more. | A cancer insurance plan is designed to cover all cancer-related expenses. It is used to pay for medical and non-medical bills and supplement your monthly income. |
| On the other hand, only hospital charges are covered under medical insurance and no additional peripheral costs. | The cancer insurance policy covers all cancer stages and bears other non-medical expenses such as lodging, travel, and many other expenses. |
| Health insurance can be more expensive. | Whereas cancer insurance is a less pricey deal but can cover all the significant stages of cancer. |
One must own health insurance or a critical insurance plan because they are beneficial. After all, it protects you against numerous terminal/uncertain diseases, although a tailored cancer policy can assist you by covering solely cancer treatment expenses. Because the costs are alarming, either health or critical illness plan cannot manage that.
Best cancer insurance policy in India
Under this section, we will bring you the best cancer insurance plans that you can own to save yourself and your loved ones from financial trauma.
Aditya Birla Sun Life Insurance Cancer Shield Plan
It is a comprehensive and affordable cancer shield plan offered by the ABSLI that lends essential protective covers for the life insured suffering from early advance and major stage cancer. This cancer plan comes with plenty of benefits.
Suppose the life insured is diagnosed with cancer (early stage). In that case, they will receive 30% of the sum assured, 70% will be obtained by the life insured if they are in their advanced stage of cancer, and if they are diagnosed with a major stage, the insurance company will release 100% of the sum guaranteed.
The ABSLI Cancer Shield Plan has the following features and benefits:
Premium Waiver Benefit: This perk helps reduce one of the financial stress for life insured, waiving the premium for the next five years or until the plan expires, whichever event occurs first. Policyholders can use the early stage of cancer benefit to authorize a claim under this provision.
Income Benefits: If the policyholder applies for it during the advanced stage of cancer, they will get a monthly income equivalent to 1% of the insured amount for the next five years. They shall also receive the death and income benefits if the life insured passes away when the term plan is active.
Grace Period and Reinstatement: If the life insured cannot pay the premium by the due date, they have 30 days in hand to do so. Furthermore, the policyholder continues to have unrestricted access to the leverages. However, if one fails to pay the premium, including the revised amount, the insurance company will pronounce the cancer shield as terminated.
Tax Benefit: Life insured can avail of the tax benefits under Section 80D of the Income Tax Act, 1961.
Every plan has some T&C and exceptions. In this cancer insurance plan by the ABSLI, there are a few exceptions, and they are as follows:
- Dysplasia, Intraepithelial Neoplasia, or squamous intraepithelial lesions
- Tumours such as benign, borderline malignant, or low malignant potential
- Carcinoma in-situ of skin and Melanoma in-situ
There are other features associated with this plan. To have a detailed walk-through, click ABSLI Cancer Shield Plan to know more about this plan.
Conclusion
Cancer is a phase where one person is broken to their core. And, along with them, suffers their family.
Buying cancer insurance from the right company assures that you can have a good treatment without disturbing your family and savings that you have saved for their future objectives.
