What You Should Know About Cancer Insurance Plans

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Pollution and other toxins present in the environment have increased the cancer burden in India, according to a report published in The Lancet. Add to this our stressful and unhealthy lifestyle and the result is that people are increasingly being struck down by the deadly disease. The problem is that it is also a disease that is very expensive to treat. This is where a specifically designed cancer insurance plan can come to the rescue, preventing a health emergency from becoming a financial crisis too.

What is a Cancer Insurance Plan?

It is a specially designed insurance policy that offers cover for cancer treatment and other linked costs.  Such policies immediately provide a lump-sum amount upon diagnosis of cancer. It has a very affordable premium. Besides, you can buy cancer insurance online as well.

What Does Cancer Insurance Cover?

  • It covers all stages of cancer.
  • It immediately pays a lump-sum amount as the sum assured upon the diagnosis of the disease.
  • The insured person receives an income if there is loss of income due to the illness.
  • Future premium payments are waived off if the diagnosis is made during an earlier stage of the disease.

Exclusions

  • In case of the presence of early stage cancer, or what is called a carcinoma-in-situ, caused directly or indirectly by sexually transmitted disease, such as HIV/AIDS.
  • In case an individual has any pre-existing condition or signs or symptoms, the the policy might not be approved
  • In case of any nuclear or chemical contamination (NBC).
  • In case the cancer is caused by alcohol abuse or some other drug abuse.

Difference Between Cancer Insurance and General Health Insurance

General health insurance provides cover for any critical illness, including cancer. However, it’s important to have cancer insurance to gain specific benefits.

  • Although general health insurance asks for hospital bills and provides health cover accordingly, a cancer policy is the best option as it provides a lump-sum amount on diagnosis.
  • Also, health insurance may not cover the entire cost of treatment. Cancer insurance, on the other hand, covers not just the treatment costs but also other costs linked to the treatment of the disease. For instance, it provides an income if the insured is unable to work due to the illness.
  • Compared to health insurance, a cancer plan offers an assured sum, without any further medical examination.

The best cancer insurance policies in India offer a wide range of advantages. For instance, benefits like flexibility to seek a second opinion on the treatment procedure. In addition, the cancer insurance premiums are very affordable. Moreover, it can also provide you tax benefits under Section 80D of the Income Tax Act.

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