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Ref. No. KLI/22-23/E-BB/492
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.
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.
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.
Cancer health insurance is among the must-have plans because it has several advantages, as listed below.
Compared to conventional health insurance, one of the key benefits of a cancer insurance plan is its affordability.
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.
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.
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.
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 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.
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.
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.
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.
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
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
