What Everyone Should Know About Cancer Insurance

Cancer affects a large number of individuals each year. One of the most feared illnesses, it is also the one that kills the most people. According to the ICMR, over 17 lakh people had cancer diagnoses in 2020, and nearly 8 lakh died from cancer.

New cancer treatment options have been developed throughout time due to fast medical developments, yet the prevalence of the illness has increased. The illness may have a serious emotional and physical effect on the patient and their family members in addition to being life-threatening. Not to mention that many people experience severe financial hardship due to the high expense of cancer treatment.

The expense of therapy, which may reach several lakhs depending on the stage and kind of cancer, might quickly drain all of your funds. Health insurance programs are crucial in this situation. It enables you to get coverage for medical costs, such as hospital beds, doctor visits, and post-hospitalization care.

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Consider purchasing health insurance plans specifically covering cancer, such as cancer care plans. When given the illness diagnosis, this coverage pays the amount promised in a lump payment. The money might be used to pay for treatment costs and other debts (if any).

A cancer insurance policy’s premium is much less than that of complete healthcare coverage is one of its many noteworthy advantages. This is so because other ailments are not covered by cancer insurance.

If you’re looking to get cancer insurance for the first time, you need to know key details.

What is the policy about?

It is a fixed-benefit policy and cancer insurance. When an illness is diagnosed, the insurance company provides a lump sum benefit; the amount you get is based on the amount covered, not the cost of the actual treatment. Unless expressed in the policy exclusions, a cancer insurance policy covers all cancer.

It is unnecessary to be hospitalized to receive the insurance benefits.

The ease of filing claims is one of the biggest advantages of cancer insurance. To get the coverage benefits, you do not need to be hospitalized. This implies that you do not need to submit a cashless claim or wait for the insurance company to repay you after paying your expenditures.

Cancer insurance does not have a sub-limit, unlike typical health insurance policies; you may get the whole amount covered upon discovery.

Compensation for income loss

When you get a cancer diagnosis, you may be unable to go to work or fulfill your professional obligations. As a result, your average revenue may suffer. Some insurance firms provide income benefits to cover such losses.

It enables you to receive a portion of the amount insured and serves as a consistent source of income to suit your requirements. Thus, it prevents you from falling into a debt trap and maintaining financial security.

Tax advantages

Cancer insurance is eligible for tax advantages just like other insurance plans. Under Section 80D of the Indian Income Tax Act, you are eligible for a tax exemption of up to Rs. 25,000.

Last Word

The greatest approach to safeguard your finances from the high expense of cancer treatment is to get a cancer insurance policy. Today, take care of your family and yourself.