Are you prepared for Rs. 20 Lakhs for Cancer Trearment?

The word cancer is the threatening word for all of us. Recently, Sonali Bendre has posted on her Instagram account that she has cancer. The cancer is becoming the second most prominent decease after a heart attack in India. Still, the awareness and preparedness of managing the financial aspect of the treatment are very low in India. Insurance companies have come up with many campaigns to promote cancer awareness and insurance policy to cover the huge expense of cancer treatment. But still, the awareness is not that much among the people. The cancer treatment can cost as high as 20 lakhs. This is the amount an average middle-class person can never save in his entire life.

Before going into the cancer care insurance policy, let’s understand why you need to have this policy in India?

Cancer factsheet in India.

  • Estimated number of people living with the disease: around 2.8 million.
  • New cancer patients registered: Over 14 lakh/year.
  • Cancer-related deaths: 5,56,400 and increasing.
  • There are 100 + types of cancer, any part of the body can be affected.
  • It is now a second most common cause of death in India.
  • India has the highest number of women suffering from cervical cancer in the world.
  • Tobacco is the main reason for cancer in men and breast cancer is most common in women in India.

cancer trend in india

[Source: Times of India]

Why should you buy a cancer care policy?

Cancer is now responsible for one out of six death globally and India is no different. The cost of the treatment is huge hence cancer policies play a crucial role. These policies vary from sum assured of Rs. 10 lakhs to Rs. 60 lakhs. These policies cover the cancer right from the early stage to the advanced stage. One can increase the sum assured as per the needs. There is an option for the cover increase of 10% for every claim free year. Such policies also cover the income benefit in case you lose the job due to the disease.

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In India, the awareness of such policies is very less. Hardly 1% of the population is covered under such plans. But with the increase in the number of cases, the participation will increase in the coming years. It can surely help to save you from the huge expenses of the treatment. In India, only 0.16% of the population is insured for health, moreover, still, 70% of the medical expenses are being paid from the pocket.

Since cancer is the long-term treatment, it is a huge financial burden on the family. Hence it is imperative to buy a protection against such a disease if you fall into the high-risk category who are suffering from cancer or have a family history. Buy a critical illness plan as it covers other ailments like heart attack, diabetes, kidney and liver related illnesses. About 40% of the cancer cases are due to tobacco. So if you are consuming tobacco then your probability has increased. In such case, you should opt for cancer care policy which can safeguard you against the heavy expense of cancer treatment. More importantly, don’t forget to purchase a term insurance plan.

Cancer care Insurance Policy

Max Life cancer Insurance plan

Annual Premium: 12773

Policy Term: 40 Years

Features:

  • Eligible for lump sum 20% of the sum assured at the early stage.
  • Compensation at every stage.
  • Multiple cancer can be claimed.
  • All future premium is waived off and policy continues.
  • At the advanced stage, 100% of the sum assured – lump sum paid amount (if any)
  • 10% of the basic sum assured is payable for 5 years.
  • Income benefit cover.
  • Premium paid is tax exempted under 80D of income tax Act, 1961.
  • No Claim Bonus up to 150% of sum assured.
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HDFC Life cancer Insurance plan

Annual Premium: 6373

Policy Term: 20 Years

Features:

  • Covers all the stages of cancer.
  • Compensation at every stage.
  • The premium of 3 years is waived off on the diagnosis at the initial stage.
  • 3 Plan options: Silver, Gold, and Platinum.
  • All future premium is waived off and policy continues.
  • At the advanced stage, 100% of the sum assured – lump sum paid amount (if any)
  • Premium paid is tax exempted under 80D of income tax Act, 1961.
  • No Claim Bonus up to 200% of sum assured.

ICIC Prudential Cancer Protect Plan

Annual Premium: 6762

Policy Term: 40 Years

Features:

  • Covers all the stages of cancer.
  • Compensation at every stage.
  • Eligible for 25% of sum assured at the early stage.
  • All future premium is waived off.
  • Multiple cancer can be claimed.
  • 1% of the sum assured as additional income for 5 years.
  • 5% premium discount if you buy for yourself and spouse.
  • Premium paid is tax exempted under 80D of income tax Act, 1961.
  • No Claim Bonus up to 200% of sum assured.

Aegon life iCancer plan

Annual Premium: 8879

Policy Term: 35 Years

Features:

  • Covers all the stages of cancer.
  • Compensation at every stage.
  • Get cover all types of cancer except skin cancer.
  • Eligible for 25% of sum assured at the early stage.
  • All future premium is waived off.
  • Multiple cancer can be claimed.
  • Premium paid is tax exempted under 80D of income tax Act, 1961.
  • No Claim Bonus up to 150% of sum assured.

PNB Met Life cancer plan

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Annual Premium: 18241

Policy Term: 20 Years

Features:

  • Covers all the stages of cancer.
  • Compensation at every stage.
  • Get cover all types of cancer except skin cancer.
  • Eligible for 25% of sum assured at the early stage.
  • Premium waived off for 5 years on diagnosis at the initial stage.
  • Multiple cancer can be claimed.
  • Premium paid is tax exempted under 80D of income tax Act, 1961.
  • Includes term insurance plan.

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