Did You Know!
Cancer currently accounts for nearly one-sixth of all fatalities worldwide.
Technology and medical science have changed and evolved in recent times. Still, people are dying of this deadly disease because of the following reasons:
• Lack of cancer awareness • Lack of economic benefit • Zero awareness about - Cancer Insurance Plan
It is where cancer policies can help. Along with spreading awareness about the possible arriving calamity at your doorstep, a cancer insurance plan is weaved to provide a financial cushion so that you and your family members are not taken aback when the medical and non-hospital bills are slammed at you.
Well, suppose you believe that your regular health insurance shall have you covered. In that case, you are highly mistaken because traditional insurance will not have your back when dealing with a deadly ailment like cancer.
If you continue to read, you will learn about:
• What is a cancer insurance plan? • What are cancer insurance plan benefits? • What are the exclusions in the cancer protection plan? • Best Cancer protection plan in India
Investing in apt cancer insurance is vital as it is an asset that might help in safeguarding your savings when cancer hits.
Every life insurance is designed to cater to the audience's specific needs. As the name implies, a cancer insurance policy is made to cover all cancer-related expenditures. And these expenditures include both hospital and non-hospital costs, unlike regular health insurance that is tamed to cover only the hospital expenses.
None would wish to get diagnosed with cancer because it not only becomes an emotional and physically exhausting activity, it paves the way for an economic crunch. Usually, a cancer treatment expense can shoot up to 35 lakhs depending on the hospital and other treated-related activities based on stage and medication.
And, everyone doesn't need to have ample double-digit lakhs to deal with such a catastrophe that doesn't have a fixed upper limit. Therefore, a cancer protection plan comes as handy in such a situation as it will aid you monetarily to proper treatment without bothering about the expenses.
It is not only us, but the experts also nod a yes with us in cost talks.
As per the study conducted by Anup Karan, Ajay Mahal, Victoria Y. Fan, and Michael Engelgauth's in 2004, they found that the cancer expenditure in India in a cancer-afflicted family was 36-44% more compared to other families with similar demographics.
Naresh Parmar, CEO of Karnataka Apollo hospital, says that the charges have increased due to more expensive infrastructure, the latest technology-based investigative costs, and newer pharmaceuticals, which have led to expensive cancer treatment.
Even though people are becoming a bit aware regarding cancer insurance and its importance, and despite witnessing an increase in demand for health insurance products, India continues to have the world's highest rates of under-penetration, with only 0.16% of the overall population insured for health, according to Insurance Regulatory and Development Authority.
It is why you should not be surprised to read that 70% of healthcare spending is paid for out of pocket because cancer treatment is a long-term commitment; it is also a recurring expense. It has a significant financial impact on the family, necessitating insurance purchases.
Some of the features of the cancer insurance policy are as follows:
All Stages are covered: Based on your selected plan, stages and types of cancer included. If you fall under the respective category, the life insured is eligible to avail of the benefits as prescribed for the particular stage. Most cancer insurance plans cover all cancer stages, which eases your job of not getting pushed from the cliff of financial crunch.
Pre-Determined Payout at Different Stages: The stage-based payout is required for all cancer policies. It makes it easier to tackle treatment costs and other associated expenses at varying times. If we talk about ABSLI Cancer Shield, 30% of the sum assured is paid if the policyholder is diagnosed with early-stage cancer, and the leftover 70% is given when diagnosed with advanced stage. Whereas they have the opportunity to receive 100% of the sum assured when diagnosed with a major stage in the initial diagnosis.
Income Benefit Death Benefit Waiver of Premium
Were you aware of the fact that:
India had spent around Rs 2,386 crore in 2020 on treatment related to oral cancer? This number is a mixture of the spending done on - the government and private sector, out-of-pocket payments, insurance companies, and charity contributions.
If you observe and understand the numbers more detailedly, this humongous without cost inflation shall result in an Rs. 3,724 crore economic burden on the government for the coming decade.
These numbers speak volumes and tell us the importance of cancer insurance. Therefore, the benefits of having cancer insurance plans are as follows:
• A good cancer insurance plan with apt coverage is a guardian for your savings. • Cancer is not hereditary. It comes with zero mercy and turns out to be a disaster for your family members once you are gone. A cancer protection scheme will assist them in staying afloat in an economic crunch. • You will be efficiently covered for both hospital and non-hospital expenditures. • It covers all the stages of cancer and gives bifurcated percentages of lump sum payout (based on the adversity of the stage). • If you have a cancer trail in the family, it will protect you from possibly arriving illness. • As the cancer treatment goes up, a cancer protection plan shall help beat the cost-cutting from your pocket (irrespective of the exponential price increase).
ABSLI Cancer Shield Plan: Best Cancer Protection Plan to Buy in India
There are multiple cancer insurance plans available in the insurance market, but does that mean you will buy any?
Insurance is a high involvement product where you put a lot of money in premiums (based on the selected coverage amount). Therefore, you should be careful about your investment and choose the best based on your pocket, requirement, and insurance company's credibility.
Aditya Birla Sun Life Insurance (ABSLI) Cancer Shield Plan is the answer as it shall ideally assist the life insured in preparing a more secure economic cushion. Apart from lending financial aid at dire times, they also come with beneficial perks that can set aside half of your stress when diagnosed with cancer.
Some of the features of this plan are as follows:
Policy Benefits: Here, the payout is done on stage based system where 30% of the sum assured is paid to the life insured when diagnosed with early-stage cancer, remaining 70% of the guaranteed sum is released when diagnosed with the advanced stage, whereas the insurance company shall give 100% of the sum assured if diagnosed with major stage.
Premium Waiver Benefit: As the name implies, the insurance company shall lift the need to pay the future premiums for the following five years or policy expiration when the life insured is met with early stage of cancer. It shall commence with the next premium due date after the date of diagnosis.
Income Benefit: If the life insured is diagnosed with major stage cancer, they can choose this perk as it will allow them to receive a monthly income equal to 1% of the sum assured on illness for the following 5 years. Moreover, if the policyholder meets with death, the benefit shall continue to payout to the beneficiary/nominee.
Grace Period & Reinstatement: When the policyholder cannot pay the premium as per the due date, they will be granted a 30-day grace period. Additionally, one shall continue to avail all the listed benefits, during which all benefits under your policy will be continued. However, the cancer plan will terminate if you do not pay the entire premium, including the amended premium.
The lapsed insurance can be reactivated for full coverage within five years of the initial missed payment due date. It can be fulfilled by repaying all due premiums, plus interest.
However, certain restrictions come along with this plan, and they are as follows:
• Tumors exhibiting in-situ malignant alterations of carcinoma, as well as tumors that are histologically defined as pre-malignant or non-invasive, with any degree of malignant potential, or neoplasm of undetermined behavior, including but not limited to Breast Carcinoma in Situ, Cervical Dysplasia CIN-1, CIN-2, and CIN-3 • Any non-melanoma skin carcinoma that has not spread to lymph glands or distant metastases • Unless histologically identified, all prostate cancers have a Gleason score ranging more than 6 or have advanced to clinical TNM classification T2N0M0. • All Thyroid cancers are histologically classified as prescribed under TNM classification or lower. • Chronic Lymphocytic Leukemia less than RAI stage 3
To know more about the plan and the list of ifs and buts, click - ABSLI Cancer Shield.
After knowing one of India's best cancer protection plans, will you still buy any other?
It is entirely your choice, but our only request is to research, understand your wallet, annual expenditure, requirements, and the best solution that can assist like a firm pillar for you and your family.
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