All About Cancer Insurance Plan

All About Cancer Insurance Plan


What is Cancer Insurance?

It is a type of medical insurance plan meant to handle financial uncertainties linked with cancer. Having a cancer insurance plan helps to maintain the expenses of treatment and contributes to the much-needed monetary assistance throughout the time of the emergencies. A cancer insurance plan is induced to give complete coverage against cancer. During crises, cancer insurance helps to deal with the situation better.

Why is Cancer Insurance Plan Needed?

Cancer insurance is essential because the disease can impact you and your family emotionally, physically, and financially. Even the best medical plans may not provide coverage for all the cancer-related expenses and even if it provides coverage, there are various terms and conditions of providing coverage at different cancer stages. You must consider Cancer insurance if:

  • You have a greater risk of developing cancer (due to environmental conditions or other causes)
  • Your normal medical policy doesn’t offer adequate cover
  • A family history of cancer
  • Your family is dependent on you
  • Insufficient savings to spend on huge medical bills

How does Cancer Insurance Work?

This insurance plan offers financial security against the beginning or critical stages of cancer.

After the person is diagnosed with cancer, a lump sum amount is given by the insurer. Also, all the scheduled installments for the next 3 years will be exempted after submitting a legitimate claim of a cancer diagnosis. This insurance policy works independently i.e. all the compensations and payouts are independent of other medical plans you might own.

Purchasing cancer insurance, such as the one offered by Care Health Insurance, is of absolute significance. Having cancer-specific medical cover rates over other medical plans as the premium amount is affordable, and there is the cover offered for all cancer stages.

Things Covered in Cancer Insurance

Cancer Insurance Plan comes with the following benefits:

  • Cover for Pre and Post Hospitalization
  • In-Patient Hospitalization Cover
  • Organ Donor Cover
  • Day Care Treatment
  • Chemotherapy and Radiotherapy Cover
  • Annual Health Check-up
  • Cover for OPD Expenses
  • Alternative Treatment
  • No Specific Ailment Waiting Period
  • Lifelong Renewability
  • Second Opinion
  • Cover for Ambulance and ICU Charges
  • No Claim Bonus
  • Global Coverage
Additionally, the policy enables you to utilize optional privileges and access to health facilities like an on-call doctor, fast recovery counseling, etc.

Importance of Cancer Insurance

The advantages of buying a cancer insurance policy are:

  1. Financial Security: The increasing costs of medical expenses makes cancer insurance a much-recommended purchase option. You can make yourself financially protected against expenses of medical procedures like chemotherapy, radiotherapy, surgery, etc.
  2. Extensive Coverage: These insurance policies include a broad spectrum of cancers, with the exemption of a few like skin cancer. These medical insurance plans generally come with affordable premium costs.
  3. Lump-Sum Payment: This insurance plan offers an assured bulk whole amount in case of an initial determination of the sickness.
  4. Steady Income Source: Income benefit works as compensation for the financial loss, serving as a dependable and steady income source.
  5. Tax Benefits: Tax deductions of up to 25,000 Rs. (Section 80D). Senior citizens may get higher tax deductions.