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Key Reasons to Buy a Cancer Insurance Policy in India

Published On Mar 19, 2020, Updated On Aug 09, 2021

Cancer Insurance Policy India - Being diagnosed with cancer is a nightmare come true.

None expects life to be so unfair to them.

Even people with a family history of cancer find their hopes and dreams shattered when they are diagnosed with the disease.

Still, what brings peace of mind to many is the availability of cancer treatment.

Today, the best way to avoid emotional and financial turmoil is to buy the cancer insurance policy in India.

Cancer insurance has become a must in today’s day and age for various reasons.

Let’s uncover why you too like hundreds of other people, should opt for cancer insurance in India without any delay.

Prime Reasons to Choose the best Cancer Insurance Plan Today Itself

1. Increase in the number of cancer cases

Did you know that according to WHO, 1 in 6 deaths occur due to cancer? Needless to say, cancer is more common than most people think. As far as the reasons for cancer are concerned, they are many, right from smoking & tobacco to wireless radiation.

Mostly, people can do to increase their chance of survival is to buy a cancer insurance policy so as to avail of uninterrupted cancer treatment with no financial problem.

2. Coverage for all kinds of cancer and cancer stages

One of the crucial things about the best cancer insurance plan is that it provides you cover for a wide array of cancer types, such as:

  • Breast cancer
  • Lung cancer
  • Liver cancer
  • Stomach cancer
  • Colorectal cancer
  • Ovarian cancer
  • And fallopian tube cancer

When you buy a cancer insurance plan, you eliminate the need for cancer insurance covering a specific type.

Yet another reason to buy cancer insurance is that it covers you for all stages of cancer, unlike basic health plans or critical illness plans that provide cover for only up to a specific stage.

3. Expensive diagnosis and treatment costs

Chemotherapy, radiotherapy, transplant, and surgery are a few common cancer treatment methods that are highly expensive. In addition, the costs associated with blood transfusion, hospitalization, the use of different drugs, equipment, resources, and other medical facilities increase the overall cancer treatment cost is a massive form.

Treatment Method Cost (approx.)
Chemotherapy Rs. 65,000 per session
Radiotherapy Rs. 10 Lakh up to Rs. 20 Lakh
Radiotherapy & Chemotherapy Rs. 24 Lakh
Kidney Transplant Rs. 5 Lakh up to Rs. 25 Lakh
Heart Transplant  Rs. 10 Lakh up to Rs. 30 Lakh
Bone Marrow Transplant Rs. 25 Lakh up to Rs. 50 Lakh
Liver Transplant  Rs. 15 Lakh up to Rs. 25 Lakh

4. Coverage for costs other than medical bills

Cancer insurance is beneficial in financing cancer treatment related medical costs. However, it is not only medical bills that one has to deal with. You may not notice the additional expenses associated with cancer treatment.

Additional expenses such as travel to different cities for treatment, stay, non-prescription medicines, special clothing, and others are enough to burn a hole in one’s pocket. Having a cancer insurance plan by side provides one with the much-needed financial cushion.

5. Prevention of financial struggles

Managing Rs. 10 to 25 Lakh at once to cover cancer-related medical costs is not at all an easy task for most people in India. No matter how much sacrifice one can make on their daily family needs, lifestyle and more, they cannot compromise on their child’s education, outstanding loans, etc.

Being ready with the best cancer insurance plan is an ideal choice when you know you have a lot to provide for while taking care of the cancer treatment-related expenses. What’s best is that the cancer insurance plan prevents you from taking the big step of selling your home, car, land and other assets.

Also read: Top 5 Cancer Insurance Plans You can Buy in India

6. Lump-sum benefit

Cancer insurance is nothing less than a boon. It gives you peace of mind, financial stability, as well as a lump sum payout when you are diagnosed with cancer. This lump sum amount is a fixed amount, which is a specific percentage of the sum insured and helps in meeting the entire financial obligations one can have at a time like such.

7. Supplement to existing policy

When purchased as an additional insurance policy, cancer insurance provides immense support in reducing the sky-rocketing costs associated with cancer treatment. While a normal health insurance policy covers you for a less amount, say, 5 Lakh, a dedicated cancer insurance plan will provide you a higher coverage, say, up to tens of Lakh.

Therefore, even if you possess a family floater health insurance plan, it is advisable to go for cancer insurance. Doing so will help you always remained covered, even if you file an insurance claim for cancer.

8. Waiver of premium benefit

Waiver of premium is a unique benefit that might not be available with many plans. On opting for this particular rider, you can enjoy the benefit of premium being waived off for a specific period of three or five years or even entire policy duration, only when the claim is accepted under an early or major stage of cancer.

9. Chances of increasing cover

There are many health insurance companies that provide the option of increasing the basic cover by up to 10% every year (up to 200%) or until a claim is made for an early or major stage of cancer.

10. Tax benefits

When you buy a cancer insurance plan, you become eligible to save taxes. Your tax liability reduces in a massive way. You may get to avail of a tax deduction up to Rs.25, 000 under Section 80D of the Income Tax Act, 1961. On the other hand, senior citizens may enjoy a higher tax benefit amount.

At Last

Cancer insurance is one of the best ways you can avoid yourself from breaking down emotionally, physically and financially.

If you want to prepare yourself with a strong financial backup in the future, invest in the best cancer insurance plan today itself to ensure first-rate cancer treatment.

To clarify all your doubts regarding cancer insurance, feel free to connect with us at 18001205698.

Also Read

 5 Things to Consider Before Buying Cancer Insurance Plans

All About Health Insurance Premium on Monthly Installments

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