Cancer Insurance Policy Vs. A Critical illness Plan: Find Differences
Updated On Feb 15, 2021
How long would you like to live? 60 years? 65 years? 70 years or beyond that? Your health is the deciding factor when we talk about your longevity. It’s important to know that -
- More than 1,300 Indians die every day due to cancer.
- Cardiovascular ailments cause 17 million deaths.
- Out of 10 lakh new cancer cases every year, only 30% of patients survive
- Ischemic heart diseases are responsible for about 8.76 million deaths worldwide.
It’s worth mentioning that most deaths occur because of expensive medical costs. Lack of funds to treat life-threatening diseases is one of the most common causes of death. Most people can’t bear these expenses.
Since chronic diseases can attack anyone even at an early age and the case of cancer is on the rise, getting ready for the worst and prepared for the best is what makes sense.
After all, what is the best approach to stay healthy and get the treatment for a critical illness without worrying about money? Does a cancer policy or a critical illness plan help?
Let’s explore this article ahead and find out which of these two types of plans (Cancer insurance plans or critical illness policy) are helpful during the case of hospitalisation.
Cancer Insurance
Cancer insurance, cancer protection plan or cancer care insurance is a type of health care policy, which comes handy in managing health risks associated with cancer. This type of plan provides financial protection against cancer. Designed for payout on diagnosis of cancer alone, a cancer insurance plan provides the insured with lump sum amount which he or she can use to cover treatment costs of cancer, such as hospitalization, chemotherapy, surgery, etc. The policy releases payouts according to different stages of cancer, such as minor, major and critical stages.
Benefits of Cancer Insurance
Cancer insurance should be unavoidable for a person with a family history of cancer. It brings a sigh of financial relief and several benefits.
- Payment of Lump sum Amount: When cancer is diagnosed, you can receive a lump sum amount.
- Benefits of Premium Waiver: You can enjoy premium waiver benefits in case of certain conditions, such as early-stage illness.
- Insurance Cover: A cancer care plan helps you by covering the high treatment cost. You can avail the coverage benefits as per the policy wording.
- Tax Benefits: Another benefit of having a cancer insurance policy is tax benefits. You can save tax under section 80D, Income Tax Act, 1961 for the amount paid against the policy.
Types Of Cancers Covered
A Cancer Insurance Policy covers various types of cancers such as:
- Breast Cancer
- Prostate Cancer
- Lung Cancer
- Stomach Cancer
- Ovarian Cancer
- Hypopharynx Cancer
Popular Cancer Plans
Popular Cancer Care Products in India are Cancer Care Gold by Star Health Insurance, Cancer Protect Plan by Future Generali and iCan Cancer by Apollo Munich.
Critical illness Insurance Plan
Critical illness insurance provides financial protection and security against specified life-threatening diseases. It provides the policyholder with a lump sum amount in case of diagnosis of a severe medical condition. These conditions can include:
- Heart attack
- Cancer
- A major organ transplant
- Kidney failure
- Coma
- Bypass surgery
- Stroke and so on
Here are a few benefits of critical illness insurance that you should consider:
Benefits of Critical Illness Cover
It’s good to get a critical illness cover if you have a family history of any critical illness. Following are the key benefits of a critical insurance policy:
- Cover for life-threatening diseases: With critical illness insurance by your side, you can get cover for a vast list of life-threatening critical diseases. Read the policy wording to know these diseases before choosing a plan.
- Lump sum payout: On diagnosis of any health condition listed in the policy document, a lump sum amount is paid. This amount can reduce the financial crisis the insured faces due to high medical expenses.
- Less expensive than a regular plan: A critical insurance policy is less expensive than a regular health insurance . Most medical conditions and several surgical procedures are covered at lower premiums.
- No need of hospital bills: To get the lump sum amount, you don’t need to submit hospital bills, but can meet expenses like medical treatment, doctor’s fee, hospitalisation expenses, etc.
- Flexible Plan: When it comes to a critical insurance policy, you have the option to customise your plan and maximise benefits according to your needs.
Popular Critical Illness Insurance Plans
Popular Critical Illness Insurance Plans you can buy in India are:
- Future Criticare by Future Generali
- Critical Mediclaim by Religare Health Insurance
- Criticare by Max Bupa
- Criticare Plus by Star Health
- Lifestyle Protection Critical Care by ManipalCigna
- Critical Illness Plan by HDFC ERGO
- Critical Illness Lumpsum by Royal Sundaram
- Critical Illness Policy by Universal Sompo
Many other critical illness insurance policies are available in India.
Cancer Insurance vs Critical Illness Insurance
It is good to have a critical insurance plan as it protects you against many terminal/uncertain diseases whereas a dedicated cancer policy can help you by covering the expenses arising out of cancer treatment only.
Both the plans provide financial security in the form of lump sum payout. The only difference is that a cancer plan is cancer-specific whereas a critical illness insurance plan covers a large number of specified critical illnesses, including cancer. The choice depends on your medical condition!
Also, Read
4 Easy-to-Follow Tricks To Buy a Health Insurance Plan for Your Family
