There is no completely clear-cut definition of Cancer but normally Cancer is the uncontrolled growth of abnormal cells anywhere in a body. It also called malignancy. Anything that may cause a normal body cell to develop abnormally potentially can cause cancer. There are over 100 types of Cancers, including Breast Cancer, Skin Cancer, Lung Cancer, Colon Cancer, Prostate Cancer, and Lymphoma. Cancer starts when a cell is somehow altered so that it multiplies out of control. A tumor is a mass composed of a cluster of such abnormal cells. Most Cancers form tumors, but not all tumors are Cancerous.
Cancer is a deadly disease and anyone can affect it. The treatment is effective if Cancer is diagnosed at an early stage. The cost of treatment is very high. Normally the middle class of the Indian family cannot effort the treatment cost. To solve this issue, many of the insurance companies are offering Cancer Insurance policy which is designed only for this disease.
What is Cancer Insurance Policy:
First of all, we should understand that Cancer Insurance Policy is totally different from Medical/Health Insurance. As its name shows that Cancer Insurance policy is a special and different type of policy which is designed to offer financial assistance to those who diagnosed with Cancer. This policy helps to protect your income and savings from expenses of treatment of Cancer. Because the probability of getting cancer has increased substantially, the cost of treatment has also gone up many-fold in recent years. The cost of treatment is not affordable by the middle-class families. These costs now have the potential to wipe out a common man’s entire life-saving. This policy offers cover for various costs associated with cancer diagnosis and treatment including chemotherapy, radiotherapy, hospitalization, and surgery. The money is usually payable at various stages of diagnosis including minor, major and critical stages. This Insurance plan provides comprehensive protection against all stages of Cancer. Generally, Cancer insurance plan does not offer death, maturity or surrender benefits. It is also not limited to the actual expense in hospitalization for treatment.
Eligibility for Cancer Insurance Policy:
Eligibility for Cancer insurance policy, the insured cannot be suffering from pre-existing Cancer conditions. Also, those previously diagnosed and treated for Cancer are ineligible for Cancer insurance. The entry age should be minimum 18 years and Maximum 65 years. Maximum Maturity Age is 75 years.
The clause on Nationality needs to be added:
- This plan is to be offered to Resident Indian Nationals only
- NRIs, PIOs, OCIs or foreign nationals of Indian Origin are not eligible for this plan
Cancer Insurance Plans covers:
- Breast Cancer
- Lung Cancer
- Stomach Cancer
- Ovarian Cancer
- Prostate Cancer
- Hypolarynx Cancer
Benefits of Cancer Insurance Plan:
- Financially security
- Covers multiple stages of Cancer
- If Cancer detected at an early stage, a lump sum is paid out
- If Cancer detected at an early stage under certain condition, all future premium will be waived off
- If Cancer detected at a major stage, the full amount is paid with an additional 10% as income
- If there is no claim during the year, the sum assured increases by a pre-specified percentage
- Monthly income is paid out under certain conditions
- Tax benefits under section 80D of the Income Tax Act 1961
Exclusions in a Cancer Insurance Plan:
No benefit shall be payable under the policy in respect of any Major Cancer, Carcinoma-in-situ or Early Stage Cancer resulting directly or indirectly from or caused or contributed by (in whole or in part) :
- Skin Cancer not covered in this plan
- Any kind of Cancer directly or indirectly caused by or contributed to by sexually transmitted diseases
- Cancer resulting from any congenital condition, pre-existing condition; biological nuclear, or chemical contamination; contract with radiation or radioactivity from any non-diagnostic or therapeutic source
- Intoxication by alcohol or narcotics or voluntarily taking or using any drug, medication or sedative unless it is an “over the counter” drug, medication or sedative taken according to package directions
Although there is a lot of health insurance policies are available in the market today which covers almost all major critical illnesses but these policies generally pay only for inpatient hospitalization and for treatment at hospitals in India. They do not cover the entire cost of treatment. That’s why the Cancer Insurance Plan is best. There is no limit of treatment cost in the Cancer Insurance Plan. Comprehensive Cancer insurance products cover most forms of Cancer, at both early and advanced stages that affect both men and women. Thus, these products provide the insured financial and mental security in the case of a cancer diagnosis. Due to environmental reason and due to the change in our lifestyle, the possibility of Cancer risk is high. In that case, the Cancer insurance plan is best.
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