May 28 (PR): Cancer is an unpredictable disease that affects the sufferer and their loved ones physically and emotionally. However, the extensive availability of cancer treatment gives many people peace of mind. Buying a cancer care policy in India is the best way to avoid emotional and financial stress. Cancer Insurance has become a need in today's world if you don't want to spend a fortune on its treatment. Like hundreds of others, let's see why you should get cancer insurance in your 20s.
Coverage For All Types of Cancer and Stages of Cancer
One of the most important features of a cancer care policy is that it covers major types of cancer, including breast cancer, lung cancer, liver cancer, stomach cancer, ovarian cancer, and many more. When you purchase a cancer insurance plan, you may not need to buy one that covers a specific type of cancer. Another advantage of buying a cancer care policy is that it covers you for all stages of cancer, unlike basic health plans or critical illness policies, which only cover you up to a certain point.
Costs of Diagnosis and Treatment
Chemotherapy, radiation, transplantation, and surgery are only a few examples of high-cost cancer treatments. Moreover, the expenditures on blood transfusions, hospitalization, usage of various pharmaceuticals, equipment, resources, and other medical facilities contribute to the overall cost of cancer treatment significantly. These costs can get considerably high, especially if the duration of treatment is in the long run.
Preventing Financial Difficulties
For an average middle-class family, managing lakhs of rupees at once to meet cancer-related medical bills can be difficult. No matter how much one can give up in terms of day-to-day lifestyle and expenses, one cannot give up on their basic necessities for future savings. Having a cancer care policy in hand is a great idea when you know you have a lot to provide when you might have to take care of cancer treatment-related expenses. Further, a cancer insurance plan protects you from having any financial liabilities further.
You become eligible for tax benefits when you get a cancer care policy. Your tax liability is drastically reduced. According to the Income Tax Act 1961 (Section 80D), you may be eligible for Rs.25,000 tax deduction. On the other hand, senior citizens may qualify for a bigger tax advantage.
Benefits In Lump Sum Payment
A cancer care policy is a blessing in disguise. A policy can give you peace of mind and financial stability with a lump sum payment of premium when you purchase the cancer policy. This lump-sum premium can either be paid quarterly or monthly by the policyholder, as said by the insurer.
In addition To the Current Policy
When purchased as a supplemental insurance policy, cancer insurance can help tremendously in lowering the skyrocketing costs of cancer treatment. While a standard health insurance policy may only cover you for a certain amount, such as 5 lakhs, a dedicated cancer insurance plan may cover you for a larger amount. As a result, even if you have a family floater health insurance plan, cancer insurance is recommended. This will ensure that you are always protected, even if you file a cancer care policy claim.
Cancer insurance is one of the most effective strategies to avoid emotional, physical, and financial breakdowns. If you want to ensure that you have a strong financial backup in the future, purchase a cancer care policy in India from reputed insurance providers such as Care Insurance to ensure hassle-free cancer treatment.