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Why Should You Opt for Cancer Insurance?

A cancer protection plan is a sort of medical policy that provides you with cover against cancer risks. Read on to know the benefits of cancer insurance.

  • 2,114 Views | Updated on: Dec 26, 2023

A life-threatening condition like cancer, formerly thought to be an uncommon sickness, has sadly become more frequent than you would like. According to a 2018 report by the International Agency for Research on Cancer (IARC), there were 17 million new cancer cases that year. This number is anticipated to rise to a staggering 27.5 million by 2040. With a disease that is so terrible and vicious that it strikes people in the most unexpected ways, it is critical to get your hands on a cancer insurance plan to be prepared for the worst.

The journey from being diagnosed with cancer to receiving treatment is distressing for the patient, and the added burden of high medical costs weighs heavily on their loved ones. As a result, it is of utmost significance to recognise the importance of cancer health insurance in present times.

What is a Cancer Policy?

A cancer protection plan is a sort of medical policy that provides you with cover against cancer risks.Such a health plan covers cancer treatment costs, other medical bills like hospitalisation costs, medicine bills, etc., preventing you from draining all your precious resources and allowing you to maintain financial stability.

Benefits of Investing in a Cancer Cover Policy

Cancer health insurance is among the must-have plans because it has several advantages, as listed below.

  • Affordable Plan
  • Compared to conventional health insurance, one of the key benefits of a cancer insurance plan is its affordability.

  • Income Replacement
  • If you are treated for cancer, there are high chances that you cannot return to work and fulfil your professional responsibility, resulting in the loss of your monthly earnings. Some insurance companies offer financial benefits as part of their insurance for cancer patients to substitute for this loss. With this, you get a proportion of the money guaranteed which serves as a consistent source of income to help you fulfil your financial obligations.

  • Easy Availability of Cancer Insurance Plan
  • Cancer insurance is accessible online and in the traditional offline format, making it readily accessible to everyone while providing many alternatives to compare and select from.

  • Coverage for All Types of Cancers
  • A cancer policy covers almost all types of cancers equally, and any sort of cancer sickness apart from skin cancer is covered under a cancer cover policy.

  • Lump Sum Advantage
  • Insurance for cancer patients is a blessing in disguise. Once you are diagnosed with terminal cancer, it provides you with peace of mind about financial stability through a lump sum payment. This single payment value is a set amount that is a proportion of the sum covered and assists in covering any financial responsibilities that may arise at such a time.

  • The Premium Waiver Rider
  • The premium exemption is a one-of-a-kind feature that may not be accessible with all policies. If you choose this rider, you will be able to enjoy the advantage of having your premiums waived for a length of time indicated in the cancer protection plan.

  • Tax Benefits
  • If you get cancer health insurance, you could be eligible for a tax benefit of up to Rs.25,000 as per Section 80D of the Income Tax Act, 1961.

The Ideal Cancer Insurance Cover

Cancer is a serious condition, and chemotherapy, one of the most commonly recommended solutions, is exceedingly costly. Though there is no specific amount that anyone and everyone looking for a cancer policy should opt for, you should keep in consideration your condition, the cancer stage at which you are, and the expenses you will bear. As a result, when purchasing a cancer insurance policy, be sure that the coverage level is sufficient to cover the entire cancer treatment and other medical expenditures.

A cancer diagnosis is undoubtedly concerning, and the cost of treatment is nothing short of a nightmare. Therefore, acquiring a cancer policy is a substantial help that prevents financial hardship. Conduct a thorough analysis of the different options available to you and make a prudent decision to secure your financial security.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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