One of the top 5 causes of death in India continues to be cancer. People must have specific cancer coverage due to the high costs of cancer care, especially if there is a family history of the disease.
World Cancer Day is celebrated all around the world on February 4 to raise awareness about the disease that affects millions of people. In India, cancer is one of the main causes of mortality, and the expense of treating cancer is fairly expensive. The good news is that hospitalisation costs for cancer treatment in India are frequently covered by health insurance, which may result in lower costs.
A registry created by the Indian Council of Medical Research (ICMR) indicates that 14.6 lakh new cases of cancer will be diagnosed in the nation in 2022. There are an estimated 2–2.5 million cancer patients in India.
Therefore, it's essential for individuals to get cancer insurance specifically for themselves and family to have financial assistance for unforeseen circumstances.
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What is cancer insurance?
Cancer Insurance is a unique kind of policy created to provide financial support to people who are diagnosed with the disease beyond the free look-up period indicated in the terms and conditions of the purchased cancer insurance policy. Hospitalisation, chemotherapy, radiation, surgery, and other costs related to cancer diagnosis and treatment are all covered by cancer-specific insurance coverage.
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What is the need for Cancer Insurance?
Customers can benefit from cancer-specific health insurance policies by receiving dependable financial assistance in the event of a future medical emergency brought on by cancer. With this assistance, clients can access the greatest healthcare resources available after receiving an illness diagnosis.
While the disease's prevalence is a motivating factor, there are a number of additional factors to consider before purchasing cancer-specific health insurance coverage.
- All cancer forms and stages are covered by cancer insurance plans, along with the associated medical expenses.
- A cancer health indemnity policy offers the customer more than just a one-time claim payout; it also covers the insured up to the Sum Insured annually for as long as the treatment is received.
- In accordance with Section 80D of the Income Tax Act of 1961, buyers may claim tax deductions on premium payments up to Rs 75,000.
- For each year without a claim, several health insurance providers offer a no-claim bonus of up to 10%.
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