You might face many life-threatening diseases, but cancer is the most dangerous of all. It is one of the quickest spreading diseases globally and needs costly medical care that outstrips your hard-earned money speedily. It happens especially when you do not have any insurance plan. But you can bypass this if you are concerned about your lifestyle.
Besides, having the best cancer insurance plan will also cover several benefits that will help with your savings. Now, do you know what cancer insurance is? It is a policy that grants a lump sum amount you can utilize for costly cancer treatment. You can opt for the plan for any individual or can also get full-family coverage if you choose a different policy.
Having a cancer insurance policy can handle the treatment well. Also, if the patient dies during the rehabilitation period, the family will receive the death benefits. The plan will cover the below kinds of cancers.
• Lung Cancer
• Prostate Cancer
• Stomach Cancer
• Breast Cancer
• Ovarian Cancer
• Larynx Cancer
Characteristics and advantages of cancer insurance
Any person can avail of the following benefits if they have the best cancer insurance plan.
• Apply for it offline or online.
• Receive all stages of cancer benefits with its inbuilt premium feature.
• Obtain a 25% lump sum pay-out if diagnosed early
• If you are experiencing advanced-stage cancer, you will acquire 100% sum insured at diagnosis.
• Select an insurance policy, be it level or increasing sum insured
• Get tax privileges on the premiums paid towards the plan
• Receive cancer coverage from Rs 10 lakhs to 2 crores for individuals or your family members.
• Get a bonus if you do not claim it in a year.
• The pay-out amount is usable for expert advice, medicines, and medical treatments.
Things to contemplate before choosing any cancer insurance policy
As cancer is life-threatening, selecting the best cancer insurance policy is necessary to avoid several unwanted situations. But, contemplate multiple aspects before opting for any plan. So, let us look at the most determining factors before settling on any cancer insurance policy, which we have listed below.
• Pick a high sum assured plan.
Cancer treatment takes time and money. So, opting for the best cancer insurance plan provides a high sum assured amount to assist you in tackling the financial situation. That is why you should always go for a high sum assured policy to get a more worry-free outcome.
• Coverage for early and difficult cancer stages
As you know, cancer treatment requires money. Hence, go for a policy that offers coverage for different stages of cancer, including both minor and influential.
• Severe illness coverage
Though it requires an extra amount, you will receive coverage for 55 severe illnesses during the policy period. Thus, always go for a plan with critical illness insurance.
• More extended coverage duration
As stated earlier, cancer treatment takes time. Thus, selecting a plan that gives more extended coverage duration will work as a financial savior for you. As cancer can happen at any level, the long span of coverage offers financial security, and you will get peace of mind in the end.
• Flexible premium waiver
People diagnosed with cancer cannot manage several expenses, and they failed to pay the premium. Therefore, go for an insurance plan that provides financial assistance in the form of a waiver of premium. It will assist you by waiving off the premium amount for the next three years.
• Stage-based pay-out
A stage-based pay-out option will make the treatment easy. You will get treatment and other costs at various stages. So, always verify a plan which will offer 25% of the sum assured if diagnosed early or not. Besides, check out if the policy provides 100% sum at the severe stage of cancer or not. Verifying these will assist you in coping up with the cancer expenses.