Most people do not consider buying a cancer plan as they assume standard health insurance can cover the expenses of any health condition. But that is simply not true. The traditional insurance policy only covers hospital expenses and other medical treatments up to a certain extent. But with the increasing cases of cancer in India, many families are facing financial ruins due to the hefty hospital bills.
A need for cancer policy:
While a standard insurance policy may cover hospital bills, what about the out-of-hospital expenses such as treatments at medical centers and daily living expenses? As cancer treatments and recovery is an ongoing process you may have to take rest out of work and focus your time and energy on healing. But the stress of paying bills forces many into work.
The stand-alone cancer insurance can save you from that fate and help cover most expenses while you and your family focus on the most important task – your recovery. Depending on the plan you choose, the assured sum is provided either in a lump sum or in terms of part payments at different stages of your illness.
Benefits of stand-alone cancer plans:
Best cancer insurance in India covers a variety of expenses and offer significant benefits that traditional insurance does not cover:
- Under the stand-alone cancer insurance plan, the entire sum assured is paid in a lump sum or at different stages of cancer upon diagnosis without the need for hospitalization.
- The sum assured covers a variety of expenses such as hospital and medical treatments, post-treatment care, and daily expenses. Cancer policy also covers the lack of regular income and helps your family with daily expenses and paying debts for the time you are away from work.
- As the cancer treatment is an ongoing process, a cancer-only policy provides cover for a long tenure of up to 40 years. Most cancer insurance in India even covers the expenses of cancer relapses.
- Cancer plan in India is considered specialized health insurance and offers tax benefits of up to Rs 25,000 for individuals below 60 and up to Rs 30,000 for senior citizens under the Income Tax Act Section 80D.
A cancer plan does not replace your current health insurance but pair with it to ensure your hospital and out of hospital expenses are covered helping you solely focus on getting better.