Cancer Insurance Plan

The kind of lifestyle many of us lead has increased our chances of acquiring life-threatening diseases at an early stage. You can make changes to your current lifestyle and start taking care of your health from now on, but at times, despite taking utmost care, some of us have to suffer in the hand of these illnesses.

One such critical health condition that many people have been in India are suffering from is cancer. Statistics show that this disease affects approx. 2.5 million people across the country every year. An upsurge in the cancer diagnosis has also led to an increase in the cost of its treatment and care.

This has now given rise to the importance of cancer insurance more than ever.

What is Cancer Insurance?

Cancer treatment and care expenses are quite expensive. Having to deal with the disease itself is draining and worrisome, especially for your loved ones. In such a situation, managing treatment and hospitalisation costs can take a severe hit at your finances.

If you fail to have an adequate insurance policy to cover these expenses, there will be a financial overburden. Moreover, if you happen to lose the battle against cancer, your family will be thrown into an economic turmoil. This is where a term insurance plan comes to your rescue.

Bajaj Allianz Smart Protect Goal Term insurance with Critical Illness Benefit is available on Finserv MARKETS. With this policy, you can take care of the expenses arising due to cancer treatment. Also, if you happen to die during the recovery, the beneficiaries of the policy will receive the death benefits.

The following types of cancers are covered under the plan –

  • Lung Cancer

  • Breast Cancer

  • Stomach Cancer

  • Prostate Cancer

  • Ovarian Cancer

  • Hypopharynx Cancer

Benefits of Taking Term Insurance with Critical Illness Benefit

Cancer is one of the illnesses among the 55 critical health conditions covered under Bajaj Allianz Smart Protect Term Insurance with Critical Illness Benefit. Availing cancer-related insurance coverage under this plan has the following benefits.

  • The policy pays the sum assured amount when you are first diagnosed with cancer. In case it is early-stage cancer, the policy will treat it as a minor critical illness and pay 25% of the sum assured amount. At a major stage, the policy pays 100% of the sum assured amount.

  • You can avail tax benefits on the premiums paid towards the cancer insurance plan under Section 80C of the Income Tax Act, 1961

  • The amount received as payout can be utilised for extensive medical treatments, expert medical advice, and medicinal costs.

Exclusions Of Cancer Insurance Plan

The following are the things that are not covered under cancer insurance.

  • The policy does not cover skin cancer

  • Any cancer developed directly or indirectly due to sexually transmitted diseases

  • Cancer due to any pre-existing health condition

  • Cancer developed due to biological, nuclear contamination, or contact with radiation

How To Choose A Term Insurance Plan For Cancer Coverage?

Here are a few pointers that you can consider when buying term insurance plans for cancer coverage in India.

  1. Critical Illness Benefits

Consider buying a plan with critical illness insurance as an add-on cover. Although you might have to pay a little extra amount over and above the existing premium amount, you will be covered for 55 critical health conditions during the policy tenure.

  1. High Sum Assured

The medical expenses in India are rising rapidly. And when it comes to cancer treatments, the costs are off the roof. It can easily burn a hole in your savings. Moreover, cancer treatments go on for a longer time, and it will require money. Opting for term insurance with critical illness benefit that offers a high sum assured will help tackle the situation financially.

  1. Longer Coverage Duration

While you consider a high sum assured, it is also important to choose a plan that offers coverage for a longer time. As mentioned earlier, cancer-related treatment usually takes time. Hence, longer policy tenure will ensure that you are well protected for a longer duration.

  1. Covers All Stages of Cancer

We understand that buying term insurance with critical illness benefits can be a little expensive. But despite the high rate, ensure that the policy you choose covers you through the different stages of cancer. 

  1. Consider Buying Premium Waiver and Income Benefit

Cancer not only has a severe effect on your health, but it also takes a hit on your finances. Treatment and care expenses are inevitable. Thus, it is advisable to choose a term insurance plan with critical illness benefit as it acts as a financial backup during such tough times.

You can also consider buying premium waiver benefits. That way, your policy will remain active and provide financial assistance to the loved ones. On similar terms, you can also consider seeking a plan that offers income benefits as extensive coverage.

To Sum It Up!

Many people are unaware of the term insurance benefits. With this article, we believe that you have a detailed overview of the policy. Based on this information, you can further decide whether you want a standalone cancer insurance plan or would consider buying term insurance with critical illness benefits.

No matter what you decide, know that this is not a replacement for a health insurance plan. But when dealing with cancer-related expenses in the future, it surely comes in handy.

FAQs on Cancer Insurance

  • ✔️What types of cancer are covered under the cancer insurance plan?

    A cancer insurance plan covers the following types of cancers: 1. Lung Cancer 2. Breast Cancer 3. Stomach Cancer 4. Prostate Cancer 5. Ovarian Cancer 6. Hypopharynx Cancer
  • ✔️Can my cancer insurance plan be a replacement for a health insurance plan?

    No. A cancer insurance plan only offers coverage when you are first diagnosed with the illness. To get coverage for other critical ailments and basic health coverage, consider buying an adequate health insurance plan.
  • ✔️How long does it take to get the reimbursement?

    Since the plan offers payout when you are diagnosed with the illness, you necessarily do not have to pay the bills to claim. All you have to submit is the medical certificate or diagnosis report to receive the payout amount.
  • ✔️Is my spouse covered under the same plan?

    No. Term insurance plans with critical illness benefit only provide coverage to the policyholder.
  • ✔️Will my family receive the death benefit upon my death due to cancer?

    The sum assured amount is received once you are diagnosed with the illness, and is paid irrespective of your death.

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