Some FAQs About Cancer Plans Answered

Posted by Shaheen Shaikh on May 29th, 2021

COVID-19 made us realise that a health emergency is a serious affair. It is unpredictable and emotionally taxing. You might also face a serious financial upheaval when it comes to financing the treatment in the private sector. So, health insurance is vital for several reasons. This assures cashless procedures and covers hospitalization charges and transport charges. It also protects your life savings and helps deal with medical inflation.

About 500 million people in India were covered with a health insurance scheme in the fiscal year of 2020. One of the most important among them is a cancer plan. Pick the one which ensures simplicity, flexibility and affordability. Further, have a look at a few detailed FAQs to understand what is cancer insurance and make an informed choice. 

Why Do you Need Cancer Specific Insurance?

There are several reasons why purchasing cancer-specific insurance is a must. Have a look.

• Research and development costs are factored in the overall expense of the drugs. This makes cancer treatment quite expensive than other medical treatments.
• The best cancer care insurance policy can ensure financial backup and offer a stage-wise lump sum payment option.
• The top plan ensures pay-outs that are independent of actual expenses.

Further, know what is cancer insurance and pick a suitable plan. It will help you meet the day-care costs, doctor fees, or day-to-day bills while the cancer treatment is ongoing.

Already Have Health Insurance. Should You Still Choose a Cancer Plan?

Health insurance might only pay for in-patient hospitalisation and treatment at various centres across India. Therefore, one must have a stand-alone cancer insurance that covers all areas of the treatment. Further, they also come with an in-built premium waiver on the diagnosis of minor or major stage cancers. You can use a cancer insurance calculator to understand the sum assured. 

What Forms of Cancer are Covered?

Cancer insurance benefits cover almost all male and female cancers. These include lung cancer, oral cancer, breast cancer, and cervix cancer. Do talk to your insurance advisor to know what else is covered to make the most of the plan.

Is Cancer Insurance Taxable?

The cancer insurance premiums receive tax benefits under Section 80D of the Income Tax

Act. This is as per the Income Tax Laws and is subject to change from time to time. Make sure to consult your tax advisor to know the details. 

What Stages of Cancer Does the Insurance Cover?

The best cancer insurance in India will cover minor, major, and advanced stages of cancer. You can receive 100% of the sum assured in the major stage less any benefits have been paid earlier. You can choose from Standard, Classic or Enhanced benefit structures according to your preference. Read the product brochure before investing. 

Buy cancer insurance online since one in nine Indians is likely to develop the condition during their lifetime. Read the details of the coverage, definitions, exclusions, waiting period, risk factors along with terms and conditions before concluding a purchase.