*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
Modern medical miracles have ensured that average lifespan of human beings are on the rise. Ironically, with an extended lifespan come increased risks of incurring critical illnesses including cancer. Leading research journals have uncovered that men born after 1960 have a 50 percent chance of developing cancer. Women have also become increasingly susceptible to breast cancer and ovarian cancer in recent decades. With increased degradation of the environment and evolving lifestyles incidences of lung cancer are also on the rise. Given this scenario and how hospital bills can spiral out of control, it is a good thing that certain insurance providers are now offering cancer insurance policies.
There are of course important caveats to these policies even if they provide a broad range of benefits. Skin cancer is generally not covered by providers. Also any cancers that stem directly or indirectly from HIV, AIDS or other sexually transmitted diseases are not covered. This also applies to cancers that may arise out of pre-existing congenital conditions.
Cancer insurance is therefore best suited for individuals who believe that regular exposure to certain environments directly puts them in danger of developing a certain type of cancer.
Cancer insurance packages vary from one provider to another, even though overlapping features may be found in all.
Sum assured increases by a specific percentage annually in case of no claims |
Lumpsum amount is paid out on diagnosis of cancer |
Discounts on premiums for sum assured above a certain amount (e.g. Rs 10 lakhs) |
Monthly income upto a specific number of years (e.g. five years) under certain conditions like when diagnosed with major cancers |
Waiver of premium under certain conditions like early stage cancer |
Aegon Life iCancer plan for instance, also offers its own roster of specific benefits. The list includes:
Covers all stages of cancer, covers all types of cancer (except skin) |
Wide age spectrum for eligibility: from 18 – 65 years last birthday |
Benefit payments by stage |
150 % sum assured at critical stages |
Premium waived once a claim is filed under the Major Stage Cancer Benefit |
Note: Several unrelated cancers may be claimed by policy holders, but this is subject to underwriting decision |
Additionally not only do cancer insurance plans come with a more reasonable price tag than generic critical illness policies, policy holders also qualify for tax benefits as per section 80D of the Income Tax Act of 1961 which makes the maintenance and payment of premiums easier for policy holders and their families.
Investing in cancer insurance is a crucial preventive measure against unplanned financial burdens during medical emergencies. The benefits that carriers provide through their individual plans, while having many common strains, clearly provide wide ranging benefits for policy holders. It is important to weigh all options and make a careful, informed decision. The following are some of the crucial factors to keep in mind while purchasing cancer insurance:
In conclusion, the most important thing to keep in mind is individual needs and build out a care package that is best suited to the individual policy holder.
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