The number of cancer cases globally continues to rise at a shocking rate, with 1,92,92,789 new cases and 99,58,133 deaths in 2020. This disease not only takes a massive toll on your physical and mental well-being but on your finances as well. If you are diagnosed with cancer, worrying about finances should be the last thing on your mind. Hence, you should get a cancer insurance policy in place, which will prevent you from stressing about the high medical bills. Financial assistance is not the only positive aspect of purchasing a cancer insurance policy; there are several others too.
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Benefits You Must Get When Buying a Cancer Insurance Policy
- Increase in Sum Insured
The cost of treating cancer depends on the type of cancer and the stage when it is diagnosed. However, it is important to note that as the disease progresses into the further stages, the treatment continues to become more expensive. Hence, it is critical to have an excellent sum insured in place to prevent a compromise with the treatment.
Therefore, when looking for cancer insurance plans, keep a lookout for plans with an increasing sum insured. This indicates that the sum insured will increase at a fixed percentage annually up to a certain limit. The premium might cost you a bit more, but it is better to employ any advantage you can get while battling cancer.
- Covers the Entire Duration of the Disease
Most cancer insurance policies provide cover for cancer right from the diagnosis stage to completion of the treatment. In such insurance plans, policyholders acquire a lump sum amount that covers them throughout the treatment. Some insurance providers also waive off premiums for a specified duration if the cancer is detected during the early stages.
A cancer insurance policy also includes coverage for various types of cancer, including ovarian, breast, lung, stomach, and prostate.
- Tax Benefits Under Section 80D of the Income Tax Act
According to Section 80D of the Income Tax Act, policyholders can claim a tax benefit in the form of a deduction on the premium paid towards their health insurance policy (cancer insurance in this case). If you are paying the premium for yourself, your spouse, and your children, you can get a tax deduction of up to ₹25,000. If you are paying the premium for your parents as well, the deduction amount jumps to ₹50,000.
- No Claim Bonus
Several cancer insurance policies have a no-claim bonus as part of their terms and conditions. According to this, if policyholders do not make an insurance claim during a specified time, they are entitled to a bonus. This bonus can be in the form of an increased sum insured or discount on the premium amount.
- Financial Security During Treatment
The costs of treating cancer have gone through the roof over the past few years. With the current pandemic, medical inflation continues to increase, making it difficult for people to get treated. Without having a cancer insurance policy, people are likely to be debt-ridden even after exhausting their primary health insurance.
- Income Benefit Option
In case you are the sole earning member of your family and are diagnosed with cancer, your cancer insurance policy will provide you with money in regular intervals for a predetermined duration. Being detected with cancer can lead to loss of employment since you are forced to stay at home or the hospital for extended periods. Some insurance companies continue to provide an income benefit to the family in case the policyholder succumbs to cancer. This income benefit depends on the terms and conditions of the insurance provider.
Protect Yourself and Your Finances with a Cancer Insurance Policy
In conclusion, a cancer insurance policy is an excellent way of safeguarding your family and your money against this dangerous disease. While medical emergencies such as cancer can come at any point in life, you can at least remain financially prepared for such an event. In addition, it will help you steer clear of debts and manage the disease with sufficient funds. Thus, when researching and perusing various cancer insurance plans, ensure you choose a plan from a trusted insurer like Care Health Insurance to include the benefits mentioned above in your financial plan.