Livewell: Health Insurance & Wellness Blogs | Max Bupa
Key Reasons to Buy a Cancer Insurance Policy in India
17 November 2020
Health insurance plans offer a wide range of benefits to the policyholder and the insured person. They help cover rising hospital expenses and even offer some value additions like free health check-ups at periodic intervals. The benefits of health insurance plans are comprehensive and widespread. You can choose from various individual health insurance plans and family health insurance plans to meet the costs of future medical care.
However, what if you are looking for something more specific, like - critical illness insurance that covers a range of specific illnesses? Or, what if you want a disease-specific health insurance cover? There are options that you can consider, like - cancer insurance plans, which the critical illness cover offers.
This kind of a cover is particularly relevant today, where estimates by the National Institute of Cancer Prevention and Research (NICPR) show that around 2.25 million people in India live with cancer and more than 1,157,294 new cancer patients are diagnosed with the disease every year. There are many benefits for investing in a critical illness cover which acts as a cancer insurance for yourself and your family. Let’s take a look at some reasons to buy a cancer insurance plan.
If you’re on the fence about getting critical illness cover for yourself and your family, it’s a good idea to look at the main reasons behind buying cancer insurance before making a decision.
Some cancers, like ovarian and colorectal cancers, can run in the family. Genetic makeup can increase the risk of developing the disease. So, if you have a family history that increases your risk of developing certain cancers, it’s a good idea to secure your future and buy critical illness cover while you’re young and healthy. That way, you get to experience the advantage of comprehensive cancer coverage at affordable premiums.
A family history need not always mean that you may suffer from the illness. However, since there is the element of added risk involved, getting a cancer cover helps you account for that possibility early in life.
In case of a diagnosis of a serious illness like cancer, the medical costs associated with treating the disease and managing the symptoms can be quite steep. Without adequate financial backup, you may find it challenging to get the best medical care possible. Alternatively, even if you have a financial safety net to rely on, the costs of treatment & hospitalization could erode your savings significantly.
This is another reason to buy a cancer insurance plan. With a critical illness cover backing you up you will find it easier to handle medical emergencies like cancer treatment or surgeries. The pay-outs from cancer insurance plans can go a long way to help you meet costs associated with the treatments, right from consultation costs to hospitalization expenses.
You may already have a general health insurance cover in place, but if you wish to enhance your protection further, you could also invest in a cancer cover to supplement your existing health insurance plan. It is now easy to do that too, considering how you can quickly buy critical illness insurance online after a simple and straightforward application process.
With a comprehensive critical illness plan acting as your cancer insurance cover, you can enjoy security blanket that extends to a variety of cancers. This gives you comprehensive protection against the disease over a long term. Many cancer insurance plans also offer benefits that cover the entire treatment regimen, no matter how extensive it may be. These advantages complement the cover in your general health insurance plan perfectly.
In addition to the key points explored above, there are also many other reasons to buy a cancer insurance plan. Here are some of them -
- It tries to protect you against inflation-induced spikes in the costs of medical care.
- It gives you benefits like a lump sum pay-out or periodic income.
- It also offers tax benefits on the health insurance premium as per section 80D of the Income Tax Act, 1961.
So, you now know the importance of cancer insurance plans and how they shield you and your family from rising hospital expenses and secure your future despite the increase in the rate of cancer diagnoses. Keeping these reasons in mind, you can easily buy cancer insurance online after weighing the many options available to choose from.