How will you feel when you see your year-long savings getting drained for hospital expenditure? The treatment doesn’t halt in thousands; instead, the numbers run in lakhs when diagnosed with cancer treatment.
Getting diagnosed with cancer leaves you in a state where you are exhausted both in terms of financially and emotionally. One needs to invest in a cancer protection plan to help one float through the economic drainage.
This blog will help you in understanding,
- What is a cancer protection plan?
- Why buy a cancer protection plan?
- What are the points to consider before purchasing cancer insurance?
- Which is the best cancer protection plan in India?
We become selfless when it comes to our loved ones. We might sleep starving, but we always make sure that the stomach of our loved ones is filled. Similarly, we usually purchase a term or life insurance policy to protect your family’s future if you meet with an untimely death. Moreover, you also tend to invest and pay for your family’s health insurance so that even in their painful and adverse times, they are covered. But, what about you?
Have you invested in a supportive monetary pillar for yourself when meeting health hiccups?
If not, this blog will help you understand the necessity.
What is a Cancer Protection Plan?
According to the numbers predicted by the Indian Council of Medical Research (ICMR) and the National Centre for Disease Informatics and Research, the number of men affected by cancer is expected to reach 6,79,421 in 2020 and 7,63,575 in 2025.
And, cancer cases amongst women are expected to touch 7,12,758 in 2020 to 8,06,218 in 2025.
According to the research conducted by the World Health Organization, India is one of the top 3 countries with the highest number of patients who have hematologic cancer.
The spike is alarming, and to have cancer; it needs to be running in your family; anyone can have cancer.
It is why investing in cancer insurance is essential. But, what is cancer protection? And how do they work in your favor?
As the name suggests, a cancer protection plan is a beneficial coverage tailored to help the cancer-diagnosed policyholders in cancer-related medical and other expenditures. They cover different cancer types and provide other non-economic benefits that support the family and policyholder.
But, along with leverages, they also come with certain exceptions. It is always important to look through the plan before investing. A wrong plan with limited benefits and coverage can result in an economic depression over your savings.
Importance of Cancer Insurance Plan
Financial advisors always direct that one must invest in an insurance policy from a young age. That is your prime earning age – twenties because you are high on energy, young blood, hardworking, and the capability to multitask.
And, the ones who have a health insurance plan would wonder what the need for them to invest in a cancer insurance plan is. As a young soul, you might ask yourself, what is the need to own one when you have a low possibility of having cancer? It seems like a far-fetched possibility. There’s no harm in thinking in such a manner because it is a genuine thought.
On the other hand, cancer does not discriminate based on age or socioeconomic status. Young people are particularly vulnerable to lymphoma, Melanoma, breast cancer, and tumors. As a result, having cancer insurance coverage makes a lot of sense financially. And, with the startling numbers predicted by the globally recognized health bodies also signals that cancer shall not see a curb anytime soon.
It is the time when you need cancer insurance the most, not only for yourself but also for your loved ones, because getting cancer treated can be a financially draining activity that could add to your psychological stress.
Reasons to Choose a Cancer Protection Plan?
After understanding the importance of purchasing a cancer protection plan, let us know the necessary factors to invest in cancer insurance. And, they are as follows:
Expensive Hospital Expenditure: Once you are diagnosed with cancer, then runs a trail of medical expenses that includes a plethora of treatments such as – chemotherapy, radiation, transplantation, medicines, hospital bed costs (for a prolonged period), blood transfusion, surgery, and many more cost cut-throat price for your pocket because they collectively cost in lakhs. It is why one must always look for comprehensive cancer insurance and provide good coverage.
More considerable Coverage for Ignored Expenses: It is established that cancer insurance will take up your hospital cost. But, one must cope with more than just medical expenditures. Other costs added during the cancer phase apart from the medical expenses such as – traveling for treatment, lodging, and additional fees can quickly drain one’s bank account. Having a cancer insurance plan provides much-needed financial security; it is why more significant coverage matters could be used to include these ignored costs.
To Not Leave Your Loved Ones Financially Grieving: For instance, you don’t make it up till the end of the treatment and die, what about your family? How will your family pay it back if you have taken a loan or debt? Investing in a cancer insurance plan is crucial because they support you through the treatment phase without burdening the family over your treatment and other things where spending is included.
Family Medical History: If you have a history of cancer running in your family, it is always beneficial to invest in it because you ignore a likely threat approaching you and your family.
Now, these were the reasons to buy a cancer insurance plan, you should also consider the following points before investing in one, and they are as follows:
- Always know the sum assured that you would receive for cancer treatment at different stages.
- Do they offer a waiver of premium?
- How long is the waiting period?
- What type of cancers are included in the policy?
- Apart from providing a monetary benefit, what are the additional benefits you will avail?
- Do they offer an income benefit?
- Is there any grace period? If yes, then how long is it?
ABSLI Cancer Shield: Best Cancer Protection Plan
Aditya Birla Sun Life Insurance Cancer Shield Plan is one of the best available cancer protection plans available in the market that selflessly secures your life throughout without causing a painful economic buffer during your ailment for you or your family.
The purchase of pharmaceuticals consumes 70% of a person’s bank account in India. It’s a high percentage because not everyone can afford to spend this much money. It is a substantial impediment to lower-income people accessing healthcare. And, cancer treatment being a pricey deal puts more checks and balances over the person.
This particular cancer protection plan by the ABSLI is a comprehensive mechanism that provides policyholders with financial help and shields the cancer-affected policyholders in the early and severe stages of the disease.
Under this cancer protection plan, the policyholder suffering in their early stage receives 30% of the assured value, and the advanced stage cancer policyholder gets the remaining 70% of the assured total.
In addition, if the policyholder is diagnosed with advanced cancer, they can receive 100% of the sum assured.
Some of the features and benefits of this cancer protection plan are as follows:
The premium waiver benefit helps the policyholder reduce the number of premiums they ought to pay. As per this benefit, the policyholder is exempted from paying any future premium payments for the next 5 years or until the insurance expires, as they are waived, beginning with the next premium due date and ending with the date of diagnosis.
As per the income benefit feature, the gets a monthly income of 1% of the insured amount for the next 5 years. As with other regular insurance, this cancer protection plan also includes a death benefit, which shall pay the income benefit to the nominee(s) if the policyholder dies.
A 180-day waiting period applies to the benefits provided under this feature, which begins on the coverage commencement date. If a lapsed policy is revived within 2 months of the first unpaid premium due date, just the remaining grace period applies. A new waiting period of three months will begin if a lapsed policy is reactivated after 60 days from the original overdue premium due date.
This cancer protection plan also comes with a handful of exceptions in the early stage of the plan, and they are as follows:
- Tumors such as benign, borderline malignant, or low malignant potential
- Dysplasia, Intraepithelial Neoplasia, or squamous intraepithelial lesions
- Carcinoma in-situ of skin and Melanoma in-situ
Read here to know more about this comprehensive cancer protection plan by the ABSLI.
A cancer protection plan is one of the mandates, and it is always better to buy one before life knocks you down with this deadly disease that can affect anyone without any biases. But, be careful before jumping onto any plan because it won’t provide a selfless shield to you and your family.