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Benefits of Cancer Health Insurance Plans

Published On Mar 21, 2021, Updated On May 03, 2021

Cancer is one of the critical illness insurance policies talk about, treatment of such disease is very expensive in itself. It may lead to loss of income as well and affect the family of the diagnosed person too. In order to save yourself from such financial crises occurring due to cancer, one should consider buying a cancer health insurance policy. Read this article to know about the benefits of such a health insurance policy.

 Benefits of Cancer Health Insurance Plans

What is Cancer Health Insurance?

Cancer health insurance is a special type of health insurance policy tailored as per needs and requirements of Cancer patients. It is designed to offer financial assistance to those diagnosed with Cancer after the completion of a free-look period mentioned in the terms and conditions of the purchased insurance policy. A Cancer health insurance policy provides coverage for various costs associated with Cancer treatment such as chemography, hospitalisation expenses, surgery, radiation, etc.

A lump sum amount is paid at various stages of diagnosis including minor, major and critical stages. However, such policies generally do not offer maturity or death benefits to the policyholder.

Types of Cancer Covered Under Cancer Health Insurance Plans

There are different types of Cancer one can suffer from, but insurance companies are very specific about it. Mentioned below are the types of Cancer insurance providers offer insurance policies for.

  • Lung Cancer
  • Breast Cancer
  • Ovarian Cancer
  • Hypopharynx Cancer
  • Prostate Cancer
  • Stomach Cancer

Benefits of Cancer Health Insurance Plans

Cancer Health insurance policies are made to benefit patients diagnosed with Cancer. With hospitalisation expenses, insurers provide coverage for other expenses too and these policies come with a lot of benefits and facilities with itself. Below mentioned are some benefits of Cancer Health Insurance Policies.

  • Coverage for Multiple Stages

Cancer Health Insurance provides coverage for multiple stages of Cancer if it's a minor, major or critical stage. One can avail claim of the policy at any these stages as per the terms and conditions of the policy.

  • Lump Sum Paid when Diagnosed

When a policyholder is diagnosed with Cancer, he gets a lump sum amount from the insurance company. You can use this amount for all the medical requirements such as diagnostics, medication, chemography , doctors consultation etc.

  • Premium Waiver

A premium waiver rider in an insurance policy states that the insurance company will not require the policyholder to pay premiums in order to maintain the plan under certain conditions. Premium Waiver rider is available in Cancer health insurance plans under certain conditions such as in case of major Cancer diagnosis.

  • Increase in Sum Insured

Under this feature, the policyholder gets an option to increase the sum insured amount. If there are no claims during the year, the insurer provides a facility to increase the sum insured by a pre-specified percentage.

  • Monthly Income

Critical disease such as Cancer can affect the monthly income or source of income of the policyholder. Keeping this in mind, insurers provide monthly income to policyholders diagnosed with Cancer for a specified number of years subject to terms and conditions of the policy in case of major Cancer diagnosis.

  • Premium Discounts

Cancer patients can avail premium discounts on policies over a certain amount.

  • Tax Benefits

According to section 80(D) of income tax act, a health insurance policyholder can avail tax deductions on the amount paid for premiums. In case of below 60 age category, policyholder can claim tax deductions upto ₹25, 000 and in case of above 60 age category, a policyholder can avail tax deductions upto ₹50, 000 on amount paid for premiums.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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