Of all the serious and expensive medical conditions that people face in their lifetime, cancer is one of the most common illness that happens to many. The treatment, however, calls for significant financial support. Thus, buying the right cancer insurance will not only keep you financially secure; it will also offer you to be treated with the best of the treatments.
Cancer insurances are designed specially to support you financially in this period. They are nothing like conventional health plans. In fact, a cancer plan acts as an add-on to traditional policies.
However, before buying cancer insurance, it is important that you do a bit of research. This will help you understand the offerings of the policy. Keeping the benefits of cancer insurance in mind, you will be able to select the one which best suits your need.
Here are some of the benefits which are commonly noticed in the cancer insurance plans include:
- Cancer insurance plans cover multiple stages of cancer.
- The lump-sum payment is received as soon as you are diagnosed with the disease.
- Additionally, the payable premium is waivered under specific conditions during the early stage of cancer.
- Furthermore, if you don’t have any make any claims for the year, there will be an increase in the sum assured as per the pre-specified percentage. This entirely depends on the individual insurance company.
- Cancer insurance also offers premium discounts for policies which are over a certain amount.
- Unlike other policies, cancer insurance does not cease cover after the first diagnosis,
- With cancer insurance, you can also be eligible for tax benefits under section 80D of the Income Tax Act.
- Some of the features of cancer insurance also include taking care of non-medical costs and provide you with monetary assistance for transportation, household care, and daily medical expenses.
While these are some of the benefits of cancer insurance, it really comes down to the requisites which insurances offer. Hence, before you settle down for a particular, it is crucial that you first have a thorough understanding of the plan. Once you are aware of the benefits which this insurance provides, it will become easier for you to pick the right loan for you. These benefits are also designed to keep you financially safe and secured.