There is one way to fix the financial strain and that is to be prepared for the future. You require a plan that can give you a financial backup in your critical times. A Term Insurance plan can come to your rescue. The traditional plans can help you with the payout of lump-sum amounts whereas the cancer-specific plans can further help you with paying the medical bills, etc.
You can purchase a term insurance plan for a cancer patient at extremely affordable premiums.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.
In rare cases, where it is next to impossible to get an insurance policy for a person who is diagnosed with severe cancer. One can opt for a traditional term plan and add a rider 'critical illness cover'. This will provide coverage for those who are either diagnosed or yet to be diagnosed against the uncertainty of life.
Eligibility For Term Insurance Plan For Cancer Patients
The following eligibility criteria are required to be met by the customer in order to purchase term insurance for cancer treatment:
- The minimum and maximum entry age are 18 years and 65 years respectively.
- The policyholder is allowed for a minimum sum assured of ₹ 5 lakh.
- The policyholder is allowed for a maximum sum assured of ₹ 50 lakh.
- If you will attain the age of 65 years during the policy period, some insurance companies provide an option of renewability of the policy.
- If you will compare other health policies with cancer-specific policies, you will find that cancer-specific policies are cheaper than other health policies.
- You can avail tax-benefit on premiums paid under cancer-specific policies.
Benefits of Term Insurance Plan for Cancer Patients
- Term Insurance plans for cancer patients provide extensive insurance related to cancer.
- Many cancer-specific plans provide a waiver of premium benefit for a specific duration. E.g. 35 years for the entire policy term. Some plans provide regular income benefit for a fixed period of up to 5 years. This way a policyholder can cover the daily costs of running a household or even daily medical expenses. The regular income is paid as per the percentage of sum assured decided at the beginning of the policy.
- Many Insurance companies offer an option to continue the insurance coverage even after the diagnosis of the early stage of cancer.
- Under section 80D of Income-tax act 1961, you can avail tax-benefit on premiums paid under term insurance plans for cancer patients.
Note: Know what is term insurancefirst and then buy a term plan for your loved ones.
Final Word
Before you plan to purchase a term insurance plan for a cancer patient, You need to understand all the terms and conditions mentioned in the policy document. It is advisable to choose a term plan that suits your requirements and lifestyle goals.
You need to keep in mind that mostly cancer-specific plans do not offer coverage for 'skin cancer' caused by sexually transmitted infections, pre-existing diseases, nuclear or biological contamination.
Buying a term insurance plan for a cancer patient is the most secure way to safeguard the future against critical situations in life. It is always adviced to choose a cancer-specific policy in case you anticipate suffering from cancer in future. There could be any reason for that anticipation; however, if you do start to develop having the symptoms in your body, you must not delay buying a term insurance plan.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.