Life InsuranceCancer Plan
This is a fixed benefit health plan offering payouts for treatment of cancer. In case the customer is diagnosed with cancer, this plan will offer benefits irrespective of the costs incurred in the treatment. LIC Cancer Cover provides protection in case of Early Stage and Major Stage Cancer.
There is an option – Fight the battle against cancer with a cancer insurance plan
Given the high costs of treatment, an insurance plan can be a resourceful weapon in the battle against cancer. Not only can it equip you with the necessary funds to seek the best treatment, but it can also prevent your savings from being wiped out.
Ensure to insure. It is essential to protect yourself and your family from the heavy financial burden of this disease. Hence, make sure you buy a cancer insurance policy at the earliest.
Health insurance policies generally pay only for inpatient hospitalisation and treatment in India. They do not cover the entire cost of treatment, especially because many don’t buy coverage that exceeds Rs.5 lakh[xii]. A comprehensive medical insurance (usually floater policies covering entire family) that covers a wide range of medical problems comes with sub-limits on the amount payable in different situations. However, this problem can be addressed with a Critical Illness Rider.
A critical illness rider helps pay for expensive treatments required for specific diseases at premiums lower than comprehensive medical insurance plans. However, critical illness insurance plans also have some limitations. For instance, they only cover cancer at an advanced stage, i.e. when a malignant tumour is growing uncontrollably, invading and destroying normal tissues. Also, a regular critical illness plan provides only a lump-sum benefit and does not waive future premiums payable by the insured.
A cancer insurance plan covers costs incurred for diagnosis and treatment for most cancer types and at any stage (early or advanced), irrespective of gender. Typically, the insured has to be aged between 18 and 65 years; the sum assured can be in the range of Rs.5 – 50 lakh and the terms of policy renewal after 65 years of age varies from policy to policy.
Given the comprehensive scope of coverage, cancer insurance plans basically provide:
1. Financial and mental security as they have lump-sum payouts at various stages of diagnosis, treatment and surgery.
2. Payouts depending on previous claims and different stages of severity
3. Free regular cancer check-ups during the policy term.
4. The option to choose a waiver in premium for the remaining policy term when a claim under the major stage cancer benefit clause is approved and there are no outstanding premiums.
Cancer insurance is reasonably priced compared to other types of health plans. Just like any medical insurance, the premium paid is also eligible for tax benefits as per prevailing tax laws. And there is no death, maturity or surrender benefit payable under such plans. Here is a basic comparison of a regular health insurance plan and a cancer insurance plan
