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Introduction
Did You Know?
As per the Indian Council of Medical Research and the National Centre for Disease Informatics and Research, the total number of men getting affected with different types of cancer is expected to reach 6,79,421 in 2020 and 7,63,575 in 2025.
Aren’t the numbers alarming to you? A straight jump of a lakh.
Also, the overall number of cancer cases amongst women is expected to touch 7,12,758 in 2020 to 8,06,218 in 2025. Moreover, as per the prediction given by the health bodies, breast cancer with over 2,38,908 cases is anticipated to be the most frequent type of cancer, followed by lung cancer and oral cancer in 2025.
Due to changes in lifestyle and exposure to many bad habits, cancer shall continue to see a rise, and there is no turning back. All you can do is get yourself checked regularly and invest in a critical illness or cancer protection plan to save you and your loved ones from monetary suppression.
Apart from the increasing cases, India faces one more crisis: the socioeconomic disparity in availing of medical support. In India, patients are expected to cover nearly 68% of their treatment cost, more than the global average of 18%.
In India, the purchase of medicines accounts for 70% of a person’s bank. It is a high percentage because not everyone can spend this much from their pocket. It is a significant barrier to healthcare availability, particularly cancer treatment, for people of lower economic class.
Over 80% of India’s healthcare services are privately owned, which operates on the free-market economic principle, resulting in wide price and quality disparities. The ones belonging to the upper-middle and above can afford such an expensive medication.
It is why cancer insurance is an important asset, as it saves you from financial distress.
Aditya Birla Sun Life Insurance Cancer Shield Plan
We are happy to ease your research job in this blog section as we have brought you one of India’s best cancer insurance plans. It is the all-inclusive cancer insurance plan that offers financial assistance to policyholders. This particular cancer shield provided by the ABSLI provides valuable protection covers for early and advanced-stage cancer-affected policyholders.
Here, those affected with cancer at the early stage are given 30% of the assured sum, while the rest (70%) is paid to the advanced stage cancer policyholder.
Also, if the policyholder is diagnosed with cancer (advanced), they can avail 100% of the sum assured.
Some of the features and benefits of the ABSLI Cancer Shield Plan are as follows:
Premium Waiver Benefit: As the name suggests, this benefit helps lift off the premium payments that the policyholder needs to make. By using the early stage of cancer benefit, policyholders can authorize a claim under this feature. Under this provision, the policyholder is free for the next 5 years or until the policy expires (whichever comes first) from paying all future premium payments, as they are waived, starting with the next premium due date and ending with the date of diagnosis.
Other Policy Benefits: As discussed above, as per this provision, the policyholder can retrieve 30% of the sum assured when they are diagnosed with early-stage cancer. And the advance stage person is eligible to avail the rest of the 70% of the sum assured. Moreover, if a critical stage is found at the initial diagnosis, they are entitled to a full refund of 100% of the assured sum.
Benefits of Income: Here, when the policyholder claims for it during the advanced stage of cancer, they will receive a monthly income equal to 1% of the sum Insured for the coming 5 years. They also have the death benefit associated with where the income benefit will be paid to the beneficiary if the policyholder meets with death.
Grace Period & Reinstatement: This is how 30 days of extended mercy looks like in the ABSLI cancer shield plan. If the policyholder cannot pay the premium within the due date, you have one month in handy to do so. Also, you continue to access the leverages without any restriction. But, if you do not pay the premium payment, including the modified price, the cancer shield will be declared cancelled by the insurance company.
Tax Benefit: As per the rules mentioned under the Income Tax Act, the policyholder can avail of tax benefits as per Section 80D.
Waiting Period: The benefits provided under this feature are subjected to a 180-day waiting period beginning on the coverage start date. Only the remaining portion of the grace period applies if a lapsed policy is resurrected within 60 days of the initial unpaid premium due date. A new waiting period of 180 days will follow if a lapsed policy is reinstated after 60 days from the initial overdue premium’s due date.
The following are the exceptions in the early stage of the plan:
- Tumors such as benign, borderline malignant, or low malignant potential
- Dysplasia, Intraepithelial Neoplasia, or squamous intraepithelial lesions
- Carcinoma in-situ of skin and Melanoma in-situ
Factors to Consider Before Buying a Cancer Insurance Plan?
You should never blindly invest in a cancer insurance plan because what suits others’ pockets won’t have the same effect when it comes into force for you. It is why one should have thorough research on multiple levels before deciding the right plan for themselves.
The following are some of the factors that one ought to consider before purchasing a cancer insurance plan:
Waiver Benefits: In this benefit, the policyholder is relieved of the payment of future premiums for a certain period. It is why one should always seek a cancer insurance plan that offers waiver benefits. It may be challenging to pay future rates owing to a financial snag in your bank account. Returning to work after battling cancer is a time-consuming and tiring process, which is why this feature is a lifeline at such a crucial period.
Look for better & more benefits: Apart from being supportive as an economic pillar, a cancer insurance plan should carry other benefits too. It is why you should look for more comprehensive plans that cover – bigger and better coverage, income benefit, grace period, waiting period, types of cancers including, the release of sum assured based on the stages of cancer, and many more.
Look for Exceptions: Cancer insurance is unquestionably a lifeline in times of need, but the policies come with limitations and exclusions. It is why you should be aware of the exceptions in the selected plan so that you are not left with zero support from the insurance that you paid. The cancer insurance doesn’t provide cover for every type of cancer; some of the exceptions are as follows:
Cancer contracted due to sexually transmitted illnesses – HIV or AIDS
Caused due to excessive drinking, drugs, cigarettes, or medications not recommended by a physician.
The exceptions might differ from policy to policy, so kindly check.
Choose the right Coverage: One buys cancer insurance to have a safe sail in terms of finances and proper treatment. It is why you should know the coverage and always buy one that has more because the cancer treatment and other cancer-related variables can cost more than 30 lakhs.
Therefore, make sure you understand the phases they cover and the sum assured and death benefit. Make sure that the cancer insurance you choose sum assured increases in the early stages of the disease and if your treatment expenses skyrocket after a cancer diagnosis in its adverse stages.
Conclusion
It’s better to be aware and then look for suitable insurance options because the wrong cancer insurance can cost a vacuum in your savings, and it won’t take much time to make you bankrupt.
Also, when you have the best cancer insurance in the market at a feasible rate from a trusted brand, then why knock so many doors in search of an average cancer insurance plan?
