Cancer is one of the most challenging phases that individuals and their families go through. The whole process is physically and mentally exhausting; it is also financially draining.
It is where the cancer protection plan comes into play.
Indeed, those with a family history of cancer don’t need to contract the disease, but you never know when life could throw a clean bowled move at you. This is why it is always better to be prepared for the possible catastrophe rather than ignore it.
In this blog, we will run through the following points,
- What is a cancer protection plan?
- What are the things to consider before buying a cancer protection plan?
- What are the exceptions to the cancer protection plan?
- What is the best cancer protection plan to buy in India?
Come, let us begin our tour with some insightful content.
What is a Cancer Protection Plan?
Every type of insurance holds value and caters to a multitude of audiences. Similarly, a cancer protection plan is a dynamic that is designed to help cancer-diagnosed policyholders to battle the deadly disease without bothering about the economic imbalance. Here, the cancer insurance payout is done at different stages of cancer, depending on the severity.
But, the cancer protection plan also comes with certain restrictions that don’t cover a specific set of cancers (as listed by the insurance company).
Apart from handling hospital-related costs such as chemotherapy, medication, surgeries, and many more, cancer insurance also covers non-hospitalization costs associated with cancer treatment that are not covered under the regular health insurance.
Also, are you aware that India registers over 11 million cancer patients each year? Moreover, the cancer treatment cost is steadily increasing. Cancer medication costs have jumped from 8000 to 1.08 lakh if we look back to the decade.
Things to Consider Before Buying Cancer Insurance Plans
Cancer expenditure can financially drain you to the core. And, it is why one must buy cancer insurance that has an extensive cover and has customizable coverage options. Look for cancer shields that include extensive chemotherapy, pharmaceuticals, pre and post-hospitalization charges, nursing, surgery, and other cancer-related spending.
Know the cancer stages included in the plan
You are paid by the insurance company based on the stages of cancer one suffers from. That is why the cancer protection plan’s payout system is broken into multiple severity levels. The stages covered in the cancer protection plan are initial, early, and advanced stages (they can differ based on the insurance company and their offering). Therefore, before enrolling, you should know the stages of cancer and coverage related to it.
A waiver on premiums
You should start receiving support from your cancer protection plan when you start with your hospital needs. Once you begin with your treatment, your employment will get affected, and your sole mode of income will get hampered, due to which it will become hard to support your cancel-related expenses, which is why many insurance companies offer waivers of premium benefit where there is no need to pay the premium. It acts as a lifesaver feature as it gives you financial relief even after the treatment as it takes time to get off the economic buffer.
When you don’t pay your premiums in time, you get a warning where you are asked to pay for the penalty. But, if you own a cancer protection plan, that can help you with a grace period. This leverage allows you to pay your missed premium within a certain amount of time after the due date. Under this benefit, you will continue to be insured and receive benefits throughout the grace phase.
A cancer protection plan is undoubtedly a savior in disguise for many, but like every coin has two sides, the cancer shield also comes with certain restrictions and exceptions. Cancer is caused by – sexual contact, smoking, drinking, tobacco consumption, taking the medication without a medical practitioner’s prescription, caused by biological, nuclear, or chemical contamination.
Also, if you have congenital cancer predisposition, you don’t qualify for the eligibility measures.
Why Buy a Cancer Protection Plan?
For instance, Vikas, a healthy guy, suddenly falls ill and stays sick for a prolonged time. After running a series of tests, he knows that he has stomach cancer (advanced stage). It didn’t take many days to exhaust the 7 lakhs in his account. Even his health insurance didn’t stay with him to bear the extensive cancer cost. It is why investing in a cancer protection plan is beneficial as it is tailored to handle the stressful expenditures of cancer and cover all the treatment and other non-hospital-related spendings. The features of cancer coverage, on the other hand, vary depending on the provider’s policy.
Halting Cash Flow
Why do you want to spend recklessly when a single cancer protection plan can save you from going into debt and economic stress? Investing in a cancer insurance plan is a good idea because keeping your money in the bank rather than letting excessive cash flow. Cancer prices aren’t limited to the bounds of thousands, and they can touch up to 50 lakhs or more depending upon the severity of the cancer stage. Such costs are enough to deplete your bank balance.
If You Have a Medical History
If your ancestors have a trace of cancer (paternal or maternal), it is always wise to own a cancer protection plan because the passing of cancer with genes is common. Yes, cancer ought not to pass due to the hereditary trail; anyone can be affected by this deadly disease. Better to be safe than sorry, right? There’s no harm in having a double cushion of safety.
Would you like to see your loved ones in financial despair? By chance, if you don’t make it and die, who will take care of your family? Who will pull them out of the economic crunch caused by cancer?
Prevention is always better than cure. Therefore, if not for you, it is wise to invest in a cancer plan to sideline your loved ones from the clutches of monetary exhaustion.
Best Cancer Protection Plan in India
Now, let us bring you to some of the best cancer protection plans that you can invest in 2022, and they are as follows:
Aditya Birla Sun Life Insurance Cancer Shield Plan
It is a comprehensive cancer insurance plan that offers cancer-affected policyholders financial assistance. The ABSLI Cancer Shield Plan provides valuable protection for early and advanced stages, with the policyholder receiving 30% of the sum assured if diagnosed with early-stage cancer. However, 70% of the assured sum is released at the advanced cancer stage. However, if the policyholder is discovered with the severe stage during the initial phase, they can obtain a 100% of the sum guaranteed.
Some of the benefits are as follows:
Under this roof of feature, if the policyholder tends to claim it when they are in the advanced cancer stage, they shall receive a monthly income equal to 1% of the sum assured for the next 5 years. However, if the policyholder dies, the usual insurance drill is followed, and the income benefit will continue to be paid to the nominee.
Grace Period & Reinstatement
Under this feature, it provides a 30-day grace period if you are unable to pay your premium by the due date. Also, you shall continue to receive the perks as per the plan even in the grace period. Unfortunately, the insurer shall cancel the cancer plan if you do not pay the entire payment, including the modified price.
Waiver of Premium
Here, the policyholders under the early-stage cancer benefit can hit a claim for this benefit, where for the next 5 years or until the policy expires (whichever comes first), all future premium payments for the cancer insurance will be waived, starting from the next premium due date and ending with the date of diagnosis.
Digit Cancer Insurance Policy
Beginning from the initial stage to ongoing treatment, this efficient plan by Digit saves it all. It is a health insurance policy that covers all medical costs related to cancer.
Features and benefits of this cancer protection plan are as follows:
- This plan promises a decade of income guarantee.
- The affected cancer policyholder has the liberty of choosing between a fixed sum insured and an increasing sum guaranteed.
- Has a premium waiver benefit.
- This insurance will payout 25% of the money insured at the early stage diagnosis and 100% at the advanced stage diagnosis and income benefits for the next ten years.
- The survival period ranges from 7 and 30 days.
God forbid, none suffer from cancer and undergo the painful process. But, changing lifestyle and exposure to many things has increased the risk, and the number of cancer patients shall continue to grow.
It is always wise to invest in a cancer protection plan. Health insurance is also a beneficial tool to safeguard your life, but a critical illness plan is a suitable rescue when confronted with such a health crisis.