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Wondering if you really need cancer insurance? Know more

Cancer insurance is a unique insurance policy meant to provide instant financial assistance upon the diagnosis of an illness. The funds can be used to cover a variety of expenses, including chemotherapy, hospitalization, surgery, travel, and even lost wages during this time. These plans often cover all phases of cancer with its financial aid services. 

It is a type of insurance plan created to assist you in managing the risks of cancer sickness to your health. Cancer insurance is beneficial in times of crisis as it reduces the costs of receiving high-quality cancer treatment and giving the insured much-needed financial assistance.

Cancer Insurance

Rising Cancer Cases

Cancer is a type of disease that consumes you physically, mentally, emotionally, and financially. Although diseases are unplanned happenings in our lives, we can always be prepared to fight them with the right support that relieves us financially. Unfortunately, cancer is amongst the largest cause of death globally, with approximately 10 million fatalities in 2020.

Cancer is often financially devastating, which is why it’s critical to plan ahead of time with cancer insurance. Health risks are dynamic and unpredictable, and hence, it’s better to be financially prepared before purchasing cancer insurance coverage. In addition, it will alleviate the financial burden that your cancer treatment will place on your family.

Here are a few benefits of cancer insurance:

  • Covers all stages of cancer
  • When there’s a cancer diagnosis, a lump sum amount is paid by the insurer
  • When there’s an early stage of cancer diagnosis, there’s often a facility of premium waiver
  • If there are no claims during a year, the sum assured is increased by a certain percentage
  • For cancer insurance more than a specific amount, premium discounts are available 
  • Also, Section 80D of the Internal Revenue Code provides tax benefits

How Does Cancer Insurance Work?

A cancer insurance plan provides you with its benefit after purchasing the cancer insurance plan best suited for you. Here is a generalist view of how cancer insurance works:

  • A person purchases cancer coverage for a specified period by paying the premium monthly/ annually.
  • When the person is diagnosed with early-stage cancer, the former will receive a lump sum payment under the cancer insurance plan that he/ she had chosen.
  • Depending on the product- a pre-defined percentage of the selected sum insured under the cancer insurance will be provided to the insurer. 
  • Also, majority cancer cover premiums are normally waived as long as the coverage is active.
  • Similarly, if cancer advances/ is detected into a major stage, the remaining sum insured is due.
  • Some cancer insurance policies also include income benefits in the event of the insured’s death or as otherwise specified in the policy’s contract.

What Is Unique About Care Insurance’s Cancer Insurance?

  • There is an added advantage of a cancer insurance payout upon diagnosis, 
  • It covers significant cancer insurance coverage at low and affordable costs, 
  • It provides you with quality treatment in renowned and good hospitals,
  • Last but not least, it helps in tax savings too.

How to choose cancer insurance?

When an insurance policy is put to the test, it is called a claim. For the best cancer insurance plan, choose Care Insurance- to save your life and your loved ones. 

  • Claim Settlement Ratio

Each insurance company has its unique claim settlement ratio. Knowing the number will help you understand how many life insurance claims have been paid out as a percentage of total claims. The higher the CSR, the better its services.

  • Payouts from cancer insurance in various situations

Early-stage and major-stage cancer diagnoses have varied reimbursements under cancer insurance plans. You should select cancer insurance policies that provide large benefits even for mild ailments. This type of policy will greatly assist you in dealing with the costs of cancer treatment.

  • Premiums 

You should purchase cancer insurance for which you can pay premiums for as long as you wish. Choose from a variety of cancer insurance policies from reputable insurers that provide comprehensive coverage at a reasonable cost.

Cancer insurance policies of the new age, such as Care Insurance’s cancer insurance cover, are designed to address these issues. This policy pays the cover amount when a cancer diagnosis is diagnosed, without the requirement for hospital bills to be submitted. Furthermore, unlike traditional health insurance policies, the premium for this coverage remains constant during the period of the policy.

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