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Cancer Insurance - Definition & Meaning

November 07, 2016 970
Cancer insurance is a type of health insurance designed to manage risks associated with cancer. It helps mitigate the costs of cancer treatment and provides policyholders with financial support.

It is critical to provide for health related contingencies like cancer so as to reduce stress on your finances. No one wants to be afflicted by cancer.But wishing it away is hardly the solution. If there is something about cancer that is fairly well-acknowledged, it is the fact that it can strike anyone regardless of family history and lifestyle. Incidence of cancer is rising in India alarmingly.

In addition to the considerable toll cancer takes on your health, mental frameworkand the family as a whole, there is also the matter of dealing with the significant expenses involved in treating it.

One way to prepare yourself financially for cancer care and treatment is to opt for an insurance policy that specifically covers cancer.

Cancer care insurance policies are launched with this very objective. They offer comprehensive cover against cancer.This leaves the patient and the family financially and mentally secure to deal with the trauma that comes with cancer.

Benefits of cancer care insurance

  • Pay out of a lumpsum amount on diagnosis of cancer
  • Waiver of premium under certain conditions like early stage cancer 
  • Sum assured increases by a specific percentage annually (e.g. 10%) in case of no claims 
  • Monthly income upto a specific number of years (e.g. five years) under certain conditions like diagnosis of major cancers 
  • Discounts on premiums for sum assured above a certain amount (e.g. Rs 10 lakhs)

Exclusions

  • Exclusion is a condition or caveat under which the policyholder becomes ineligible for the payout.
    Most cancer care policies have exclusions.For instance, no benefit is payable in case of cancer due to:
  • Sexually transmitted diseases (STD) or AIDS
  • Congenital conditions
  • Pre-existing conditions, to cite some of the more important exclusions

Tax benefits

Payouts under cancer insurance policies are eligible for tax benefits section 80D of the Income Tax Act 1961.

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