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Benefits of Cancer Insurance Plan

Benefits of Cancer Insurance Plan

Cancer is one of the most feared diseases in the world. The disease produces excruciating physical pain as well as emotional distress. According to the National Institute of Cancer Prevention and Research (NICPR), a renowned institute within the Indian Council of Medical Research, over seven lakh persons died from cancer in India in 2018. According to medical statistics, cancer is responsible for roughly 0.3 million deaths globally.

The disease can affect anyone, regardless of age or gender. Cancer signs are usually evident only in advanced stages, and cancer treatment can cost millions of rupees. Given the unpredictability of the disease, you must arm yourself with a Cancer Insurance Plan. Cancer insurance shields you from fatal cancer by providing complete medical coverage at all stages of the disease.

Understanding Cancer Insurance Plan

According to statistics, around 14.5 lakh individuals are living with this severe condition. Each year, around 7 lakh cases are recorded, and cancer is believed to be responsible for approximately 556,400 fatalities.

Opting for cancer insurance may seem like a strange option in the beginning, but is something that may be needed, keeping in mind our lifestyles. Most feel that opting for a Cancer Insurance Plan is overrated, however, with the increase in cancer cases every year, it does make for a feasible option. Choosing Cancer Insurance Plan may seem like an odd choice at first, but it is something that, given our lives, may be necessary. Most people believe that getting cancer insurance is overrated; nevertheless, with the number of cancer cases increasing every year, it is a viable alternative.

Benefits of Cancer Insurance Plans

1.Family History of Cancer

Cancer is a chronic disease that runs in families. This implies that if you have a family history of cancer, the chances are that you will be impacted as well. Cancer insurance coverage is required to mitigate the financial risk connected with it.

2.Financially Secure

One significant benefit of buying cancer insurance is the financial assistance it provides for you and your family. Cancer is not only physically painful, but it is also financially draining. During treatment, you may face several financial problems so to alleviate some financial burden, you may acquire a Cancer Insurance Plan that will cover the majority of your financial demands.

3.Coverage against Different Types of Cancer

 Most insurance firms in India now offer coverage for various kinds of cancer. Although inclusions vary by insurer, the following forms of cancer are typically covered:

  • Prostate Cancer
  • Stomach Cancer
  • Ovarian Cancer
  • Lung Cancer
  • Breast Cancer

4.Income benefit

Cancer insurance provides an income benefit option in which, if an earning member of the family is diagnosed with cancer, the insurance company gives a lump amount at various intervals over a set time to compensate for the loss of income. In the case of the cancer patient’s death, the family will continue to receive income benefits for a certain number of years, subject to certain restrictions and circumstances. The nominee receives the monthly salary. Cancer insurance is a method to protect your family against the devastating disease while without jeopardizing your hard-earned funds.

5.Sole Bread Earner

Cancer insurance is essential for everyone. It is especially important if you are the sole breadwinner in your household. The benefits gained give financial security against the expense of treatment while without draining your savings.

There are several exceptions as well like skin cancer is typically not covered. Furthermore, no claim is receivable in respect of any cancer caused, directly or indirectly, by or contributed to by sexually transmitted illnesses, AIDS, or HIV. Furthermore, no claim is payable for cancer caused by a congenital disease, a pre-existing condition, or nuclear, biological, or chemical exposure, among other things. According to industry experts, a cancer-specific product may be beneficial if you feel you are at risk of developing cancer owing to environmental or other factors.

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Written by Hardik Tokas

Hardik Tokas is a law graduate from GGSIPU, Delhi. He is an analytical thinker, an active team player who is proactive in legal research and writing, and has highly motivated enthusiasm for business, start-ups, and entrepreneurship. He has the vision to deliver excellent support to the visionary entrepreneurs and educate them in all legal compliances of applicable laws considering their business level and long term growth. He is a goal-oriented professional and a valuable member of the organization.

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