Arvind was an active smoker. His wife, Ankita, stopped him and asked him to control his number of smokes a day. But nothing stopped Arvind. He continued with 10 or more smokes a day and said it helped release his stress. After a few years, Arvind was diagnosed with lung cancer. Though it was an early-stage disease, Arvind’s release of his tension cost the family a lot. Filled with worries, Arvind confessed that the whole family had to suffer because of him. Sad and irritated, Arvind’s wife opened up and said she had already bought a Cancer Protection Plan. Distressed with her husband’s lifestyle, Ankita purchased a health plan to protect the family’s financial situation. She was wise enough to plan the expenses.
Not every family has a conscious member like Ankita. So if you feel that the lifestyle of any member or family’s breadwinner can cause Cancer, you must think of buying the best cancer protection plan. But before that, it is essential to know the cancer protection plan?
What is the Cancer Protection Plan?
The cancer protection plan is the insurance cover to protect the policyholder’s lifestyle and savings.
Everyone fears diseases like Cancer, but you cannot fight it by fearing the disease. To battle the disease, all it will need is a positive attitude, money, and love to face it. You may have a family who will express their love and concern, but the financials may not be strong enough for the treatment. This is where the Cancer Protection Plan plays its role.
There are about 13.9 lakhs cases of Cancer in India which is expected to increase to 15.7 lakhs by 2025. The number is alarming, which indicates that the need for both health care facilities and cancer insurance plans is high.
The Cancer Protection Plan has its unique features, one of which is paying in lump sum on diagnosis of cancer. It prevents the stress from overpowering positivity in the family. In the time of distress, when money is sorted, half the anguish and pain are resolved. Money gives you hope- thought to have the most desirable thing.
Someone rightly said, “Hope is the one thing that can help us get through the darkest of times.”
A cancer protection plan is a hope for the family inflicted with the stress of disease. Are you now eager to know how the insurance policy helps?
If yes, then read further.
Benefits of Cancer Protection Plan
These are the benefits of the Cancer Protection Plan:
- Cancer Insurance Payout on Diagnosis: ABSLI Cancer Shield Plan- a cancer protection plan provides you with a lump sum amount when diagnosed with the disease. The insurance policy provides coverage for all stages of Cancer. In the early stage of cancer diagnosis, 30% of the sum assured will be released. The rest 70% of the sum assured will be disbursed later after diagnosing a significant cancer stage. But if the big step of Cancer is diagnosed at first, a complete 100% assurance will be paid.
- Waiver of Cancer Premium: On the Cancer diagnosis, the premium for the next 5 years will be waived. The cancer protection plan provides you with the benefit of saving your tip. ABSLI Cancer Shield Plan protects you financially, and by keeping the premium, you can save some more money for yourself.
- Cancer Protection Plans are Low Cost: The cancer protection plan in India is available at a low cost. The amount of cover can be chosen at your convenience at a low-cost premium.
- High-quality treatment at network hospitals: You get high-quality treatment when you have a cancer insurance plan. If you choose a network hospital, the insurance company will handle the expenses. But for the non-network hospital, the claim amount will be reimbursed later.
- Income Benefit: If you choose the Income Benefit Option under ABSLI Cancer Shield Plan, a monthly income equivalent to 1% of the sum assured will be paid. The income benefit applies for five years if the life insured is diagnosed with a significant cancer stage. If the life insured passed away during this time, the nominee would receive the income benefit.
- Grace Period: In case the life insured cannot pay the premium by the due date, a grace period of 30 days is given. During this period, all the benefits will continue. Before the end of the grace period, if the life insured does not pay the entire premium, including the revised premium, the policy will lapse.
- Income Tax Benefit: A cancer protection plan gives you a tax benefit on all the premiums paid under Section 80D of the Income Tax Act, 1961. Though the purpose of buying the health plan is no tax deduction, the life insured can claim the benefit after purchasing the policy.
Cancer is a disease that can affect individuals of any age. This is why anyone can buy cancer insurance. But with many insurance players in the market, selecting the best cancer insurance protection plan is tricky.
How to choose the Cancer Protection Plan?
Before buying a Cancer Protection Plan, you can consider these things:
Insurer’s Claim Settlement Ratio: The Claim Settlement Ratio (CSR) of any insurer can tell you how many claims have been settled out of the total number of shares received. Purchase cancer insurance from a company with a high CSR.
Cancer Insurance Premium: You should purchase a cancer insurance policy for which you can pay premiums for as long as you wish. Choose from various cancer health insurance policies from reputable insurers that provide comprehensive coverage at a reasonable cost.
Check Cancer Plan Coverage and Term: Before buying cancer insurance, you must check the features and the scope of cover. Consider the length of a cancer insurance policy’s insurance term. While proper coverage is required, so is the coverage’s term time; hence, choosing a plan that covers you for a more extended period will be more financially advantageous in the long run. Because most cancer treatments are lengthy, a longer-term cancer insurance policy will ensure that you are covered for the duration of your treatment.
Cancer Plan Payouts: Early-stage and major-stage cancer diagnoses have varied reimbursements under cancer insurance programmes. No one knows what type of Cancer will develop. As a result, you should select cancer health insurance policies that provide significant benefits even for mild ailments. This type of policy will significantly assist you in dealing with cancer treatment costs.
Cancer has a “Can”, as someone rightly said, you could beat the disease. But with courage, you will need financial support. Cancer protection plan in India is that hope for millions out there. But before buying the policy, you should understand the scope of cover. The details of cancer insurance are available online.