Understanding Cancer Insurance Policy And Its Benefits

Cancer treatmentCancer insurance is a policy specially designed for the coverage against various stages of cancer. Cancer is easily one of the most serious of all critical illnesses. Sadly, it is becoming quite common nowadays. More and more people are falling prey to this life-threatening disease.

Even though cancer is often covered in a critical illness cover as well as other health insurance policies, there are certain disadvantages to such covers; a standalone cancer policy is much more beneficial for an individual. Cancer insurance plan is offered top insurance companies in India with various coverage options. Let’s look at the benefits of a cancer insurance plan.

Benefits of a Cancer Insurance Plan

  1. Low premium, High coverage: The premium for a cancer insurance policy is much lower than that of health insurance or a Mediclaim policy.
  2. Multiple stages covered: It covers multiple stages of cancer. If the person insured is diagnosed with an early stage of cancer, a predetermined percentage of the sum is provided. The remaining sum insured is carried forward for the entire policy period.
  3. No claim bonus: If no claims are made in a year, the insurance company provides a no-claim bonus to the person insured.
  4. Tax Benefits: Like all the other policies, it also provides tax benefits under Section 80D of Income Tax, 1961.

At present,  companies like Care Insurance, HDFC Ergo, Star Health etc., offer comprehensive cancer insurance plans. You can visit their official websites for more details.

There are a few obvious exclusions that you need to know.

Exclusions in a cancer insurance policy:

  • Act of self-inflicted injury attempted suicide or suicide
  • Any illness related directly to the consumption of alcohol/ tobacco/ cigarettes, etc.
  • HIV or any other sexually transmitted disease
  • Cosmetic or plastic surgeries or related treatment
  • Pregnancy, miscarriage, childbirth, maternity including C- section, abortion, or complications of any of these
  • All the hazardous activities
  • Damage caused by a nuclear, chemical, or biological attack or weapons
  • Illness or injuries caused due to any breach of law by the insured with any criminal intent

Who should buy a cancer insurance plan?

Any individual who

  • has a history of cancer in his family
  • in an eventuality is unable to bear the huge capital required for the treatment of cancer
  • works in a chemical industry or radioactive zone

In addition, if your health cover or mediclaim policy does not provide you with sufficient coverage against cancer, you should consider buying a cancer insurance plan.

Remember, cancer is a life-threatening disease that does more than just damaging you physically. If you are the only earning member of your family, a cancer insurance plan helps you to stay protected from the financial trauma that diseases as cancer can give any time. So, op for it today and live worry-free.