Cancer Protection Plan: What Is It? Who Needs It?


Cancer Protection Plan: What Is It? Who Needs It?
Cancer Protection Plan: What Is It? Who Needs It?
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Kws: why buy cancer insurance, why insurance against cancer is critical, what is cancer insurance coverage, what health insurance covers cancer, who buys cancer insurance, 

Introduction

What is a Cancer Protection Plan?

What is cancer insurance coverage?

Why buy a cancer insurance plan?

Who buys a Cancer Protection Plan?

Conclusion

Introduction

Ajay, aged 35 years, suffered from lung cancer. He was a smoke addict and tobacco caused cancer in him at an early age. Even though there were no signs of disease in the family, Ajay was the first one to have contracted the disease. Office life and almost no exercise routine left him in a poor health state. This further left his body to deteriorate more. He was lucky to have been diagnosed with an early stage of cancer. It gave Ajay a lot of hope to battle the disease and win over it.

The expenses on the treatment could easily be recovered with the cancer insurance plan because Ajay bought one a few years ago. 

Not everyone is wise enough like Ajay who purchase for themselves insurance covers to protect their savings. People wonder and remain undetermined over buying any insurance. Unless they are convinced with the thought of why buy cancer insurance, they do not move ahead.

To simplify the journey of these individuals, let us explore why insurance against cancer is critical. But isn’t reading what is cancer insurance first becomes an obvious pursuit.

What is a cancer protection plan?

A cancer protection plan is an insurance policy that pays the life insured on diagnosis of cancer. The policy pays in lump sum the amount based on the stage of the cancer. The insured does not necessarily have to produce all medical bills before filing the claim.

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In today’s time cancer is one of the most dreaded diseases that can scare the patient to death. It is not just the effects of the disease but also the cost of treatment that can leave the patient distressed. Cancer is also one of the most expensive diseases to treat. In India, the cost of treatment could go as high up to Rs.30 lakhs. Not every individual can be capable of affording the treatment. This is why owning a cancer insurance policy is helpful.

At present, the number of cancer patients in India is approximately 13.9 lakhs. With the rapid increase rate of cancer at 12%, it is expected that the total number of cases will be 15.7 lakhs in 2025. Studies have shown that 1 in every 9 citizens in India will suffer from cancer.

If the figures are daunting, don’t you think that buying a cancer insurance policy has become all the more relevant.

What is cancer insurance coverage?

A cancer insurance policy is to benefit the individuals and enable them to take the best quality treatment of cancer. 

The insurance policy covers all stages of cancer. The policy pays the life insured if they are diagnosed with cancer during the policy term. The amount of claim will help the insured to manage the financial strain but the amount of benefit will depend on the stage of cancer. 

Few other benefits that the cancer protection plan can offer include: 

  • High Cancer Cover: A cancer insurance plan with a high level of coverage and a reasonable price is offered. For just Rs.4 per day, you may acquire coverage up to Rs.10 lakhs. The estimated policy term in this case will be Rs.20 years.
  • Lump sum payout: A cancer insurance policy will pay out if you are diagnosed with the disease. If cancer is discovered at an early stage, a payout of 30% of the total promised will be made immediately. If the major stage cancer is verified in the life covered, the remaining 70% of the sum assured will be paid. If significant stage cancer is found after the first test, the sum assured will be paid in full.
  • Premium Waiver: If the life insured is diagnosed with cancer in its early stages, the premium for the next 5 years or the remainder of the policy term (whichever is shorter) is waived. During the insurance duration, all benefits will be available.
  • Income Benefit :When diagnosed with a serious stage of cancer, the cancer protection plan offers an income benefit option in which life insured receive 1% of the sum assured. The income benefit option is available for a period of five policy years. If the life insured dies during this time, the nominee will continue to receive the income benefit.
  • Income tax benefit: The premium paid for cancer protection plans is eligible to reduce your tax liability. You may save up to Rs.25,000 under section 80D of the Income Tax Act, 1961. 
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The benefits of the cancer insurance plan can be multiple. The next important thing to know is to understand why anyone should buy a cancer insurance plan?

Why buy a cancer insurance plan?

Anyone can buy a cancer insurance plan as:

  • The cost of treatment is rising: The medical inflation is reported at 18% to 20% every year in India. With such a rapid increase in the cost of treatment, it is important to buy a cancer insurance plan. The policy will support financially to manage the unexpected medical expenses. Not only does the policy pay a lump sum on the diagnosis, it also allows for the premium waiver. This feature helps to save the premium when handling finance is already a problem.
  • The insurance policy covers all stages of cancer: Diagnosis of cancer can leave a family mentally and emotionally devastated. But with cancer insurance policy, the lump sum benefits are assured. For the early stage diagnosis, the life insured gets 30% of the sum assured. The remaining amount of 70% will be given later on confirmation of the major stage of cancer. But if the first report declares the major stage of cancer, the life insured will get 100% of the sum assured.
  • Poor Financial Back Up: When the financial status is unstable and the monthly expenses could hardly be taken care of, the health insurance policy pays well. The claim amount paid under the policy can be used for non-medical expenses like travel expenses to other countries for treatment.
  • Cancer runs in the genes: Some cases of cancer are reported to be those acquired genetically. Opting for cancer insurance is a safe way to protect your finances if cancer runs in the family.
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Who buys a cancer insurance policy?

Anyone can be affected by deadly cancer leaving you out of pocket for the course of treatment. Hence, any individual can buy a cancer protection plan. With the cancer insurance policy, you can easily manage:

  1. Cost of treatment.
  2. Everyday living expenses.
  3. Any loan payments which can be delayed due to the illness.

Conclusion:

Cancer protection plan is a requisite for individuals and families that suffer with the terrible disease like cancer. The health insurance plan helps to protect savings as soon as the disease is identified in the life insured. Cancer insurance pays in lump sum to handle any or all unexpected expenses. For more details on cancer insurance


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