You went to dinner with your family friends. You gave the invite, and hence you had selected the place. Everything went fine, and you all were enjoying it. However, before you could start your meal, your guests opened up and asked whether they could celebrate with Louis Roederer champagne or not. You were okay with the thought of having drinks, but that shook your savings. The bottle costs Rs.20,000/-. However, you could not say no because the dinner could have benefitted you with a business deal.
Your thoughts crashed for a moment, but you could not stop there.
Similar to this, there can be scenarios when you are not financially prepared to bear the brunt of life. There can be situations when you might have to spend money even without your will. Illness or diseases can be one storyline where spending money would be beyond your control.
Rahul, aged 42, lived with a family of 4 in Delhi. He was diagnosed with advanced-stage cancer. The family was shocked not just because of the illness but also due to the sudden financial crisis they had to face. Rahul had only 10 lakhs in his savings. Apart from the monthly living expenses, the family needed 20 lakhs more for his treatment. There was no way they could arrange for funds except for asking from relatives.
If the story hits your mind and heart, imagine that there are thousands of people who may have suffered from illness like this. But unfortunately, not everyone can get financial support from their dear ones. This is why buying a cancer insurance policy became relevant.
Let us look into details: what is a cancer insurance policy, and how does it help?
What is Cancer Insurance Policy?
A cancer insurance policy is a health plan that gives you the claim amount as soon as the life insured is diagnosed with a critical illness like cancer. The life insured do not have to produce medical bills to process the claim. The claim amount can be used either for medical or non-medical expenses.
Life-threatening diseases like cancer are unpredictable. It also attracts a lot of money for the treatment. In India, the highest cost of treatment for cancer of different types can go as high as Rs.25 lakhs or beyond. The amount can tax the savings of any individual, and not all will be able to manage the expenses. This is why insurance became crucial.
The insurance policy pays the lump sum amount without medical bills. It indicates that you can use the money for expenses you want to manage. You can plan high-quality treatment and, apart from it, manage the cost of living.
Cancer insurance Benefits: Better than health insurance or not?
The cancer insurance policy is better than a mediclaim insurance policy because it:
- It comes at a cost-effective, low premium, unlike mediclaim policy
- Pays in lump sum right after the diagnosis of a disease like cancer.
- It is a high life cover that provides coverage till Rs.50 lakhs.
- Pays the claim without medical bills.
- Waives off the premium for five years when diagnosed with cancer.
- Includes option of the monthly income of 1% of sum assured when diagnosed with major stage cancer.
If a cancer insurance plan excites you, you must know where to buy the insurance policy from?
How, where, and why to buy?
Before we talk about where to buy a cancer insurance policy, you must know why you should buy the policy.
A cancer insurance policy pays the lump sum amount enabling the life insured to get the treatment as early as possible. With the high cover amount, the insured will not have to compromise the quality of treatment. This is why a cancer protection plan is a relevant purchase.
The next point to ponder is how to buy the policy.
You can buy the policy online or offline at your convenience. Online policy premium is more minor and quite affordable. You can connect with an insurance agent for offline purchases and then purchase the policy.
Many insurance companies offer cancer insurance plans. You can sometimes get confused about where to buy the policy from. Some of the insurance companies you can buy the policy from include:
- ABSLI Cancer Shield Plan: ABSLI Cancer Shield Plan is the best cancer insurance policy in India. The policy covers life insured for all stages of cancer. Individuals within the age bracket 18-65 years can take the policy. For example, this cancer cover for any individual of 21 years for Rs.10 lakhs is available at Rs.4/day for a policy term of 20 years. The insurance company provides cover as high as Rs.50 lakhs at an affordable cancer insurance premium.
- ICICI Pru Heart/Cancer Protect: ICICI Pru Heart/Cancer Protect is another cancer insurance plan that pays claims after diagnosing the listed minor/significant conditions. The insurance plan for a 21 years old individual is available at close to Rs.4/day for a sum assured of Rs.10 lakhs. The insurance policy can be taken for a maximum sum assured of Rs.50 lakhs.
- Max Life Cancer Insurance Plan: Max life Cancer Insurance Plan is available for individuals who are above 25 years. A high cover of Rs.50 lakhs can be purchased for just Rs.32/day (inclusive of taxes). It is a comprehensive protection plan that provides coverage against all stages of cancer. The payout will be given regardless of the stage of cancer.If the first five years go claim-free, you get an increase of 10% in the sum assured.
- HDFC Ergo Cancer Insurance Plan: The cancer insurance policy iCan from HDFC Ergo covers cancer. The policy pays the lump sum amount on the first diagnosis. This claim amount can be utilized for care, treatment, paying off debts or managing any income lost. The policy for Rs.10 lakhs is available at Rs.3/- approximately per day for any individual of age 21 years.
How to Claim Under Cancer Insurance Plan?
The life insured should claim under the Cancer insurance policy soon after the critical illness diagnosis. The policy will benefit from lump-sum, payments, regular income, based on different policy terms and conditions.
The insured can file the claim by following these steps:
Step 1: The life insured can file a claim after log-in to the website of the insurance company. Other than online, the insured can apply for the claim offline also.
Step 2: The amount will be released but submit the claim documents later to the insurance company. The documents can be given later in-person to the insurance agent also.
The inflation rate of 18% in the healthcare sector is higher than the inflation rate in the retail sector. This brings relevance that you need to be prepared if any medical emergency strikes in the future. The cost of medical facilities is rising, making it difficult for you to avail of the high-quality treatment, especially when you are diagnosed with a disease like cancer. This is why preparing a financial cushion of cancer insurance policy is essential. The policy will give you strong support to handle medical crises. For more cancer information on insurance, read here.