Cancer is like a tornado that steps into your life and turns the future for you and your family dark. Along with physical and psychological stress, cancer further breaks your family with the economic burden.
A cancer insurance plan comes in handy that helps the cancer-diagnosed policyholder handle the hospital and non-hospital expenditures without facing much financial buffer.
Like every other insurance available, the policyholder needs to buy the cancer insurance plan, and to retain and keep the plan lively, they are required to pay the periodical premiums. Now, premiums are manipulated by the selected sum assured by the life insured.
This blog will teach the readers about,
- What is a cancer insurance policy?
- What are cancer insurance premiums?
- What is a cancer insurance premium calculator?
- Different cancer insurance plans, features, and exclusions
- ABSLI Cancer Shield: best cancer insurance in India
What is Cancer Insurance Plan?
Life insurance is a big branch, and a cancer insurance plan is amongst the specially curated insurances for cancer-affected souls. A cancer insurance plan is tailored to assist the life insured in managing all the hospital and non-hospital-related costs.
Cancer can be an expensive deal to your pocket as it can cost them between 5 lakhs to 35 lakhs, and the prices may vary depending on the hospital, treatment, lodging cost, and other related things. Here, a cancer protection policy helps reduce the costs over your pocket by lending financial support (based on the selected sum assured).
Cancer policy lends out specific percentages of the selected sum assured to the life insured depending upon the stages of cancer. The lump-sum amount helps in procuring the treatment of the policyholder for that particular stage.
Cancer protection policy helps to reduce the costs over your pocket by lending financial support (based on the selected sum assured).
Cancer is a financially exhausting activity. Therefore, cancer insurance has become a mandate today because cancer is not hereditary and shows no mercy to any particular gender, age, nationality, or caste. Apart from helping the life insured availing guaranteed medical aid, it will also prevent your family from bearing the financial burden after your death.
What is Cancer Insurance Premium?
For instance, Mr. Verma bought cancer insurance worth 30lakhs for 20 years. Once the plan is purchased, the life insured (Mr. Verma) is expected to pay a certain amount for the selected duration. The payment done in the given periodical manner is known as premium.
Whenever you buy a cancer insurance plan, it is always advised that the person always goes for a more considerable sum assured because cancer cost has got no chill. With growing inflation, even an early stage of cancer is enough to make a hole in your pocket.
With the timely payment of the premium, the user is authorized to avail of the given perks under the cancer insurance plan. The perks can be – income benefit, waiver of premiums, lump-sum payout at different stages of cancer, and many more.
Some people believe that owning health insurance is sufficient, but you were wrong all this time to all those living in your bubble. Having a cancer shield will cost you less as compared to a regular health insurance plan. For instance, one can avail Aditya Birla Sun Life Insurance Cancer Shield plan of Rs. 10,00,000 at just Rs. 120 per month.
Don’t you think the premiums are less than what you are currently investing in your health insurance here?
Risking your precious life and the happiness of your family even after knowing about the affordability of the cancer plan, you might be digging your own grave.
What is a cancer insurance premium calculator?
Calculators in the insurance world are meant to help potential customers choose the right plan, sum assured, and duration based on the given details, needs, and requirements. A cancer insurance premium calculator helps the users to get the precise premium amount that includes taxes; they must pay for the coverage by entering their personal information such as – name, gender, date of birth, mobile number, email ID, place of living, and many more.
For instance, if a Vimal, a 25-year-old healthy male, wants to purchase an ABSLI cancer shield plan. Using the calculator, he can avail the plan at the right price and the duration he should invest in the plan. One’s lifestyle, annual expenses, and income are crucial factors when deciding upon the sum assured.
Using a cancer insurance premium calculator can budget their future spending accordingly. It also helps make a fully conscious decision regarding the plan and requirements.
List of Cancer Insurance Plans & Features
HDFC Life Cancer Care Plan –
- It covers two stages of cancer, where a lump sum payment is made for cancer in its early or major stages.
- If you go for the platinum variant, they shall receive an income benefit for 5 years.
- It comes with tax benefits.
- If a successful claim is accepted, subsequent premiums will be waived for the next three years.
Max Life Cancer Insurance Plan –
- The life insured can avail of a waiver of premium benefit if the cancer is diagnosed early.
- The minimum annual premium is Rs.1,960 and Rs.1,49,750 for the maximum.
- Once the policyholder is diagnosed with a major stage, an income benefit of 10% of the sum assured is provided for 5 years.
ICICI Pru Cancer Protect –
- If you choose the plan for yourself and your spouse, they can avail a 5% reduction on the first year’s premium over the sum assured.
- Over 25% of the sum assured is reimbursed upon diagnosis of each of the minor conditions covered.
- When a severe sickness is diagnosed, 1% of the promised sum is guaranteed as supplementary income for the following 5 years.
- You’ll get a 10% increase in coverage for every year of zero claims in insurance.
All these plans have two things in common: tax benefits and a waiting period of 180 days. Other than that, they have limited benefits. Do you want to have constraints when you have to leverage the best possible treatment when diagnosed with cancer?
If no, then continue to read.
ABSLI Cancer Shield: Best Cancer Insurance in India
It is one of India’s best and most affordable cancer insurance plans. Continue to read more about the perks and benefits included in this plan, and they are as follows:
Lump-sum Benefit– When the policyholder is diagnosed with cancer early, 30% of the assured sum is released. 70% of the sum assured is paid when the policyholder is diagnosed with the major cancer stage. When the life insured is diagnosed with a critical stage initially, they are eligible to avail 100% of the assured sum.
Premium Waiver Benefit: When cancer is diagnosed at the early stage, all future premium payments for the plan are waived for over 5 years or the existing term plan, beginning with the next premium due date followed by the date of diagnosis of the early stage of cancer.
Income Benefit Option: Once the insurance company has accepted the claim for a major stage, a monthly income equal to 1% of the sum assured will be paid out. This monthly income benefit will be paid for a specified period of 5 years, and the payout will continue even after the policy term has expired. After the life insured’s death, the income benefit will be paid to the nominee.
Click here – ABSLI Cancer Shield Plan to know more about this plan.
Cancer insurance is an important asset that has become a mandate with changing lifestyle; therefore, always go for a higher sum assured so that you are covered at a more secure level during the tiring times of cancer.
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