The risk of cancer has become real and is beginning to threaten most of the population in India. According to the Indian Council of Medical Research (ICMR), this life-threatening disease is expected to affect more than 17 lakh people and resulting in over 8.8 lakhs in the country by the end of 2020. Some other reports specify how cancer is set to engulf even the youngest of the population and will be a major health concern by the end of 2035.
What is even more burdening is the cost of treatment for cancer. If not diagnosed and treated properly, cancer can cause death most certainly. In such a case, buying a term insurance plan or a health insurance is not enough, it is always wiser to invest in stand-alone cancer insurance to financially protect you and your loved ones from the dreadful disease.
Importance and need of a cancer cover
Cancer is a deadly and financially burdening disease. Moreover, with the recent advancements in the treatment of cancer, newer technologies have become more out-of-reach for the common man. Hence, a specialized cover like cancer insurance provides your financial support in dire times.
Some factors that stress the need and importance of a cancer policy are:
- Extensive protection: A specially designed cover like a cancer policy provides extensive coverage as compared to a general health insurance plan. Usually, the latter policy only offers financial assistance in cancer-related issues, up to a specific sum and on mentioned procedures. However, a cancer plan is more exhaustive and provides support throughout the cancer treatment journey, beginning from the first diagnosis. The plan covers all stages of cancer treatment, unlike a normal insurance policy.
- Hedge against rising medical costs: As per reports, the cost of cancer treatment in India rose from Rs. 8,000 to Rs. 1.8 lakhs over the last ten years. With such staring figures, the price of medical treatment will rise even more sharply. However, general insurance plans are insufficient to cover such extensive fees. Hence, a cancer plan becomes a need.
- Risk protection: Given the rising risk factors like pollution, unhealthy lifestyle, irregular sleep patterns, stress, etc., today even, the young population is at risk of contracting life-threatening ailments like cancer. In such a scenario, cancer plans work best to provide preventive care and financial assistance in times of need.
- Lump-sum benefit: Cancer covers provide lump-sum benefit upon the diagnosis of cancer in any stage. This lump sum benefit helps pay for expensive treatments, as well as covering treatment costs abroad, which are otherwise not permitted. Moreover, the patient has the liberty to use the amount for any other related purpose.
- Tax benefits: Cancer policies are given tax exemptions under the Income Tax Act, 1961. A person, less than 60 years of age, can get tax benefits up to Rs. 25,000. For those above 60 years of age, tax exemptions stand at Rs. 50,000 under Section 80D of the Income Tax Act.
Overall, a cancer insurance plan financially protects you, and you loved ones against dire situations in the future. You can trust Aegon Life critical insurance plan to provide for your healthcare needs, including cancer cover. Get financial security against a wide range of critical illnesses, at affordable premium prices. With seamless claim process, wide coverage and cancer cover, the Aegon Life critical illness plan is the right cover for you and your loved ones.