Should I get a Cancer Protection Plan

Should I get a Cancer Protection Plan (especially in India)

Introduction

People irrespective of age and gender are exposed to deadly diseases like cancer with changing lifestyles and other additional habits. The risk is prone to increase in the coming years as per the numbers given by health experts across the globe. And, there are over a hundred different types of cancer that can affect you anywhere in your body.

Did you know!

Every year over 10 lakh people in India have been diagnosed with cancer, out of which 6-7 lakh die. Also, according to a research paper published in The Lancet Oncology magazine, the above-given numbers might escalate to 17 lakh new and 12 lakh fatalities each year by 2035.

According to a study published in the British Journal of Cancer, the chance of being diagnosed with cancer has grown, getting a boost from 38.5% in 1930 to 53.5% in 1960. Also, as per the research, the risk level of cancer in people born after 1960 is greater than 50%.

Under such circumstances, purchasing a cancer protection plan is always a wise and future-ready solution because cancer comes with no mercy. 

Why Is Insurance Important?

If you think long-term in terms of life and financial security for yourself and your loved ones, then insurance is one of the beneficial keys that one can own along with other investment options. 

As you move ahead in life, you tend to grow and start stepping into different roles and responsibilities where you become a son, father, husband, brother, and many more as you keep moving, it becomes your responsibility to provide them with all the leisures in life so that they don’t have to compromise. 

Investing in insurance is to prepare a safety net for your loved ones that can help them sail through without feeling the financial crunch in your absence. Different types of insurance assure safety to specific tangents in life. 

Purchasing insurance is critical because it ensures that you are financially secure in the event of a life crisis, which is why insurance is such a vital aspect of financial planning. With the growth in technology and people becoming literate with the digital world,  you can now inquire about insurance services online.

What is a Cancer Protection Plan?

Cancer has got no chill, so at least prepare a safety net before it engulfs your hard-earned savings. It is where a cancer insurance plan becomes a mandate.

Like health insurance covers your hospital expenditure, cancer insurance is tailored to serve the cancer-affected policyholder’s needs. Most health insurance policies on the market now cover practically all major critical illnesses, including cancer; however, these policies often only cover inpatient hospitalization and treatment in Indian hospitals. But, they don’t pay for the extensive procedure followed in cancer treatment. 

Furthermore, the policy amount may not be sufficient, as the average person does not purchase a health insurance coverage worth more than Rs 5 lakh. Cancer treatment can take up to 50 lakhs, and only critical illness insurance can help you overcome these constraints. It is where a cancer insurance plan acts as a lifesaving tool. 

A cancer protection plan also comes with certain restrictions and exceptions, and one must go through the plan thoroughly before buying.

What are the Reasons to buy a Cancer Insurance Plan in India?

After understanding the basic definition and importance of a cancer protection plan, let us know the reasons to invest in a cancer protection plan, and they are as follows:

Family Should Not be Crushed in Financial Stress: If you are a policyholder diagnosed with cancer, it would be a pricey deal (irrespective of the cancer stage). The treatment would cost you over 20-30 lakhs, and this amount is enough to exhaust your year-long savings. It is why you should always have a cancer insurance plan so that your family could have a fine sail even in your absence rather than getting crushed under debt. 

To Cover Hospital & Non-Hospital Expenses: Once you’ve been diagnosed with cancer, you’ll be faced with a slew of medical expenses such as – chemotherapy, radiation, organ transplants (if required), drugs, hospital bed costs, blood transfusions, surgery, and plenty of other procedures that will cost you in lakhs and have the capability to create a hole in your pocket. For this reason, inclusive cancer insurance with adequate coverage should always be sought.

More extensive Coverage is Always Better: The primary duty of cancer insurance is to cover your hospital expenses. However, one must deal with more than just medical costs. Aside from medical bills, other charges such as travel for treatment and additional fees can quickly deplete one’s money account during the cancer period.

Having cancer insurance gives much-needed financial certainty, which is why more substantial coverage issues could be employed to incorporate these previously unaccounted for charges. Mere cancer can break a family’s economic backbone. Therefore, always opt for a better and bigger cancer protection plan rather than falling prey to debt.

Do You Have Cancer as Hereditary? It is always a responsible decision to buy a cancer insurance plan because prevention is always better than cure. Even though cancer can affect anyone irrespective of age, gender, or genes, having it as a hereditary holds the potential to affect you as compared to others. If you are aware of this possibly arriving threat then, it is wise to have a backup rather than getting shattered at the end. 

Which is the Best Cancer Protection Plan in India?

When it comes to insurance, always try to have the best that suits your budget and provides you with the needed services you may require in the future. Remember that one should always be prepared for the worst-case scenarios and insurance designed for you to be ready for life-related untimely catastrophes.

And Aditya Birla Sun Life Insurance Cancer Shield is one of the best you can have as your cancer protection plan. The reckless change in lifestyle and indulgence in smoking, alcohol, and tobacco consumption has led to an alarming cancer rate in India. It has the potential to deplete your savings. Still, this comprehensive plan by the ABSLI is there at your rescue at an affordable rate that will help you protect your funds and cover the cancer-related expenses. 

Some of the features and benefits of this effective cancer protection plan that safeguards cancer affected policyholders at different stages are as follows:

  • This cancer protection plan deals with early and advanced-stage cancer affected policyholders, where 30% of the sum assured is given to the policyholder if they are diagnosed with early-stage cancer, while the leftover 70% is given to the advanced-stage policyholders. However, if the policyholder is diagnosed with a severe stage, they can avail 100% of the sum assured without any buffer. 
  • The policyholder can choose between a flat rate or a higher rate of coverage.
  • If you are diagnosed with advanced-stage cancer, you have the option of receiving a monthly income for the next five years of your insurance.
  • Under the waiver of premium feature, the premiums are waived for the coming five years if the policyholder is diagnosed with cancer in the early stage.
  • Tax benefits under Section 80D of the Income Tax Act 1961.

Conclusion

Cancer is one of the deadly diseases that hold the power to shatter your dreams, and finances within a moment. With rising cancer cases, purchasing a cancer protection plan to safeguard your family from the arriving disaster has become a necessity. Cancer cases won’t take a back seat anytime soon. Therefore, it’s better to be prepared rather than face a catastrophe without any financial back-up.