The Importance of Cancer Care Insurance

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According to statistics that were recently updated by the National Institute of Cancer Prevention and Research (NICPR), an estimated 22.5 lakh people are living with some form of cancer in India. In 2018, the death toll from the disease was near 7.85 lakh. Cancer is currently the second most common disease in the country and accounts for roughly 3 lakh deaths every year. Along with inadequate cancer awareness, the lack of good medical facilities is also a huge contributor to these numbers. Even if people have access to proper health care, the high cost of cancer treatment – clocking in at around Rs. 10 lakhs for tests, scans, medication, and six cycles of chemotherapy – is more than enough to wipe out a family’s life savings.

This is why cancer care or cancer insurance has become so popular today. Well, this and the fact that between 1990 and 2016, the incidence of cancer cases increased by 48.7% and the number of cancer deaths in India went up by a staggering 112%. You might believe that the health insurance plans you already have will cover you against all medical emergencies, but as mentioned previously, cancer treatment is incredibly expensive. From diagnostics and radiation to chemotherapy and surgery, treatments can cost anywhere in the neighbourhood of Rs. 5 to 20 lakhs or even beyond. And if figures in the recent past are to be believed, these costs are only going to see a surge in coming years.

To help you deal with these rising costs and statistics, HDFC Life’s Cancer Care policy has been tailormade to provide you with financial stability in particularly trying times. When you opt for a cancer-specific health insurance plan, not only do you safeguard your finances from the high medical bills that come with a cancer diagnosis, but you also afford yourself peace of mind in the most devastating of circumstances, at least from an economic standpoint.

Here’s a look at all the reasons why cancer care is an important choice to make:

1. You’ll Receive a Lump Sum Payment – On an early diagnosis or the diagnosis of a major cancer, you will receive a lump sum payment of the sum assured. This money will help you fund any treatment you may be required to undergo.

2. Waiver of Premiums – After a valid claim of Early Stage Cancer or the diagnosis of Carcinoma-in-situ (CIS), your premiums for the next 3 policy years will be completely waived off.

3. There’s an Income Benefit – Should you choose the Platinum variant of HDFC Life’s Cancer Care plan, you will receive an income benefit for the 5 years succeeding a diagnosis and claim.

4. Indexation Benefit – If the first year of your policy is claim-free, your sum assured will be increased by 10% without affecting your premium amount. This will continue every year, until the sum assured reaches 200% of the original sum insured. The biggest advantage of this feature is that it will keep your sum assured in line with rising treatment costs due to medical inflation.

5. Tax Benefits – Under Section 80D of the Income Tax Act 1961, the premiums that you pay towards the upkeep of your cancer care plan are eligible for certain tax exemption.

6. It Provides Peace of Mind – In a private hospital, the cost of treatment for breast cancer is roughly Rs. 5 lakh. This includes the cost of surgery and radiotherapy. However, for more severe cancers, where targeted therapy or chemotherapy is necessary, the cost can rise up to Rs. 20 lakhs With cancer care, you can rest assured that your finances will be taken care of, leaving you free to focus on getting better with the help of high-quality treatment.

It’s important to understand that you should never pick between a regular health insurance policyand a cancer care plan. For complete protection, it’s crucial to opt for both. HDFC Life’s Cancer Care policy offers you the opportunity to pick the kind of cover you want at a price that is affordable. If you’d like the feeling of security and preparedness that comes with having comprehensive cover, click here.  

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