Here’s how a standalone critical illness plan can protect you in a health crisis
Dec 21, 2017, 15:55 IST
Cancer is a word that we don’t like. It is a gruesome thought that you or your loved ones could get affected by this critical illness that dishevels the life of the affected.
In a world where cancer is not limited to genes but can be attributed to any lifestyle vice, it is better to be safe than sorry in the future. There are now over 100 types of cancer that have been recognized to affect any part of your body.
In India currently ten lakh people are diagnosed with cancer each year and around six lakh people lose their lives due to this incurable disease.
It doesn’t end there- the fight against cancer is inflicted with high treatment costs that have increased substantially in the past few years. Many people spend all their life savings and take up loans to fulfill the cancer treatment costs.
While a health insurance is advised to combat against high health treatment costs, a comprehensive medical insurance against cancer is strongly recommended.
A general health policy isn't enough
A general health policy will usually pay only for inpatient hospitalization and for treatment at hospitals in India and the entire treatment cost is not covered.
The end amount henceforth would not suffice for the high costs of cancer treatment.
To overcome such financial limitations, the critical illness insurance is designed to cover medical expenses that your normal health insurance doesn’t cover.
In case, you already have a health plan, a cancer plan would complement your existing health policy perfectly to ensure both hospitalizations and out of hospital expenses, which can be overwhelming.
Some of the differentiated features of the critical illness insurance are:
Affordable premium
The good news is that a decent policy is quite affordable with high cover sum for relatively low premium. For example, a non-smoking 35-year-old male can get a Rs. 10 lakh cover for cancer for a monthly premium of about Rs. 287.
You also have the option to opt for a larger cover cost which relieves you from additional hospital expenses like medication, doctor visits, et. al.
A cancer treatment can spread over a few years and it makes sense to buy a policy while you're young because then the policy can run upto 40 years. This ensures that you're insured in all life stages and also reap more benefits from the policy.
No sub-limits
A cancer insurance policy provides the insurance amount on the first diagnosis of illness irrespective of actual amount spent on treatment to help you recover without worries, as opposed to a mediclaim or any reimbursement plan. This also prevents the hassle of applying for a cashless claim or getting reimbursements for what you've already paid, reducing inconvenience.
The decision of which hospital to get treated in also becomes easier when you've got the entire cover at the time of detection.
Planning smartly with a specialized insurance can help avoid a situation where the patients get treated at subpar facilities because of lack of funds.
Now that you acquainted with the benefits of buying a dedicated cancer insurance policy, here are a few things you should consider while purchasing one:
Increased cover
Do extensive research and opt for a plan that helps you combat the rising medical costs by increasing you Sum Assured every year.
For example, when you choose a health cover of Rs. 30 Lakhs for Cancer for a term of 10 years and choose the increasing cover benefit, every claim free year adds a 10% to your cover. Hence, by the 5th year, your health cover would have increased to Rs. 45 Lakhs. (10% of 30 Lakhs = 3 Lakhs, 3*5 years = 15 Lakhs increase).
Major and minor stages of cancer
Opt for a plan that continues after the first payout for a minor condition is made. This way you don't have to pay any further premiums and it helps cover you from any future major expenses.
Family Discounts
You have the option of opting for a floater plan for an all-inclusive coverage for your loved ones, for example if you get your spouse insured as well, you could get a 5% discount on the combined premium for the first year.
Tax Benefits
Another great benefit of cancer insurance plans is that they provide you with a tax benefit under section 80D of the Income Tax Act 1961. Buying a specialized cancer insurance isn't even difficult where you can buy it online, directly from a trusted insurer's website all in ten minutes.
Calculate your premium here:
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In a world where cancer is not limited to genes but can be attributed to any lifestyle vice, it is better to be safe than sorry in the future. There are now over 100 types of cancer that have been recognized to affect any part of your body.
In India currently ten lakh people are diagnosed with cancer each year and around six lakh people lose their lives due to this incurable disease.
It doesn’t end there- the fight against cancer is inflicted with high treatment costs that have increased substantially in the past few years. Many people spend all their life savings and take up loans to fulfill the cancer treatment costs.
While a health insurance is advised to combat against high health treatment costs, a comprehensive medical insurance against cancer is strongly recommended.
A general health policy isn't enough
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The end amount henceforth would not suffice for the high costs of cancer treatment.
To overcome such financial limitations, the critical illness insurance is designed to cover medical expenses that your normal health insurance doesn’t cover.
In case, you already have a health plan, a cancer plan would complement your existing health policy perfectly to ensure both hospitalizations and out of hospital expenses, which can be overwhelming.
Some of the differentiated features of the critical illness insurance are:
Affordable premium
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Amongst multiple EMIs and insurance premiums, you might be worried about how this policy will make a huge dent in your monthly budget.The good news is that a decent policy is quite affordable with high cover sum for relatively low premium. For example, a non-smoking 35-year-old male can get a Rs. 10 lakh cover for cancer for a monthly premium of about Rs. 287.
You also have the option to opt for a larger cover cost which relieves you from additional hospital expenses like medication, doctor visits, et. al.
A cancer treatment can spread over a few years and it makes sense to buy a policy while you're young because then the policy can run upto 40 years. This ensures that you're insured in all life stages and also reap more benefits from the policy.
No sub-limits
A cancer insurance policy provides the insurance amount on the first diagnosis of illness irrespective of actual amount spent on treatment to help you recover without worries, as opposed to a mediclaim or any reimbursement plan. This also prevents the hassle of applying for a cashless claim or getting reimbursements for what you've already paid, reducing inconvenience.
Advertisement
The decision of which hospital to get treated in also becomes easier when you've got the entire cover at the time of detection.
Planning smartly with a specialized insurance can help avoid a situation where the patients get treated at subpar facilities because of lack of funds.
Now that you acquainted with the benefits of buying a dedicated cancer insurance policy, here are a few things you should consider while purchasing one:
Increased cover
Do extensive research and opt for a plan that helps you combat the rising medical costs by increasing you Sum Assured every year.
Advertisement
There are many plans in the market that provide a 10% increase in Sum Assured each year and your cover can increase up to 200% of the cover from commencement of the plan until the time of claim. For example, when you choose a health cover of Rs. 30 Lakhs for Cancer for a term of 10 years and choose the increasing cover benefit, every claim free year adds a 10% to your cover. Hence, by the 5th year, your health cover would have increased to Rs. 45 Lakhs. (10% of 30 Lakhs = 3 Lakhs, 3*5 years = 15 Lakhs increase).
Major and minor stages of cancer
Opt for a plan that continues after the first payout for a minor condition is made. This way you don't have to pay any further premiums and it helps cover you from any future major expenses.
Family Discounts
You have the option of opting for a floater plan for an all-inclusive coverage for your loved ones, for example if you get your spouse insured as well, you could get a 5% discount on the combined premium for the first year.
Advertisement
The cover of your spouse would be independent of yours and will not be affected by the claim you make, in this case.Tax Benefits
Another great benefit of cancer insurance plans is that they provide you with a tax benefit under section 80D of the Income Tax Act 1961. Buying a specialized cancer insurance isn't even difficult where you can buy it online, directly from a trusted insurer's website all in ten minutes.
Calculate your premium here: