Which Cancer Insurance Plan is best in India for a 26 year old?
Introduction
Do you wonder how suddenly the number of cancer patients is on the rise in the country? Despite the considerable advancement and research in the significant study of the disease, there has been a sharp increase in India’s cancer cases. Experts expect that patients will rise by 12% in the next five years.
According to sources and information published in the leading daily, cancer is estimated to be 7.63 lakhs, while in women, it is estimated to be 8.06 lakhs by 2025. Cancer can be caused by various reasons that include a sudden change in lifestyle, improper diets, consuming processed foods, non-vegetarian diets, chemical pollution, alcohol, and lack of physical activities. The number of cases is on the rise, especially among youngsters who have convenient access to a high-calorie diet. Of all the patients, not everyone can manage funds when it comes to treatment. This is why cancer insurance plans got famous in India. You can further read to understand the scope of the policy and why it is necessary.
What is a cancer insurance plan?
A cancer insurance plan is a protection plan that offers financial security to the policyholder after the diagnosis of the disease. The disease can cause mental havoc and a monetary crunch in the family. All the savings can be ruined just for the treatment of the one who is ill. This is where a cancer insurance plan helps you by preventing a considerable dip in savings. Essentially, the insurance policy covers all stages of cancer and provides the family financial support.
The policy pays right after the diagnosis of the illness. However, the payment amounts will vary depending on the stage of cancer. For example, with Aditya Birla Sun Life Insurance, you will be given 30% of the sum assured if you are diagnosed with early-stage cancer. The rest, 70%, will be provided on the diagnosis of significant stage cancer. But if the major stage cancer is diagnosed, the life insured will be given 100% of the sum assured.
Why do youngsters need a cancer insurance plan?
Nowadays, cancer is reported majorly in young adults who fall between the age bracket of 16 years to 30 years. Some of the major contributing factors to the occurrence of the illness could be the poor environmental status in India, no exercise or activity, unhealthy food consumption, alcohol, etc. Being careless towards their lifestyle and eating habits, the youngsters have a higher number of cases.
Which Cancer Insurance Plan is best in India for a 26-year-old?
Who wants to ever talk about a disease that not only etches the heart but also drains any individual’s pocket. Still, with more than ever cancer cases in India, people are getting aware of creating a fund. They do not want to lose their savings and let the family struggle financially. But, when it comes to saving money for safety, there could be ups and downs if one is diagnosed with cancer. This is why buying a cancer insurance plan in India is better.
The medical inflation in India is 18-20% which forces one to think of having huge savings. But, usually, people do not save more, especially when they have financial liabilities of family and others. Hence, again people preferred buying cancer insurance plans.
For a young adult who is 26 years old, the cancer insurance plan from Aditya Birla Sun Life Insurance Cancer Shield Plan is the best. Wondering why?
The Cancer Shield Plan from Aditya Birla Sun Life Insurance is the best cancer insurance plan in India:
- All Stages covered: It covers all stages of cancer. The insurance plan provides you coverage and varying benefits from early to major stages.
- Sum Assured Option Covers: The cancer insurance plan allows you to choose a level or increasing sum assured options. Under the level sum assured option, the sum assured remains level with adequate sum assured as 100% of the initial sum assured throughout the policy term. If you choose the increasing sum assured, the effective sum assured will be 100% of the initial sum assured. For every claim-free year, the sum assured will increase by 10%. This is a benefit for young adults as if they happen to contract the disease later in their life, the sum assured cover will be huge for them.
- Premium Waiver Benefit: If the life insured files for an early-stage cancer claim under the policy and gets approved, the future premiums will be waived. The premiums will be waived for 5 years and the rest of the policy, whichever is shorter.
- Grace Period: Under ABSLI Cancer Shield Plan, if you are unable to pay the premium, you will be given a grace period of 30 days. All the benefits will continue during this time. If you fail to pay the premium during this period, the policy will lapse. This lapsed policy can be reinstated within five years from the first unpaid premium.
- Income Benefit Option: The cancer insurance plan is best because it gives a monthly income benefit. After the cancer diagnosis, a monthly income equal to 1% of the sum assured on an illness would be paid for the next 5 years on a claim of major stage cancer. If the policyholder dies, the nominee will receive the income benefit.
These were the features of the ABSLI Cancer Shield Plan.
Let us next see what the benefits of the cancer insurance plan offered in common are.
Cancer Insurance Benefits
These are the benefits offered by the cancer insurance plan.
- High-Risk Cover: The cancer insurance plan can provide you with a high risk cover. You can take a sum assured as high as Rs.50 lakhs. The premium is comparatively less in comparison to that of the sum assured. For example you can get a Rs.10 lakhs cancer protection cover at just Rs.4/day.
- Supports financially: A cancer patient in the family can increase your monthly expenses by 36-44%. A cancer insurance policy can reimburse the patient right after the diagnosis. It can be a substantial financial support for the family and motivate the patient to take the best treatment without compromise.
- 100% payout: A cancer insurance plan gives you a 100% payout on the diagnosis of the major stage of cancer. The policy can be a savior for those who have been diagnosed with the disease. For the early stage diagnosis, the payment varies from insurer to insurer.
- Tax benefit: The main reason for buying a cancer insurance plan is not getting tax deductions. If you buy a cancer insurance plan, you are eligible to claim all the premiums paid under Section 80D of the Income Tax Act, 1961.
What should be the ideal cover amount for Cancer?
The ideal cancer insurance amount which any young individual should consider will be based on the medical inflation. The amount should include future cost of treatment that includes medicines, hospitalization, diagnostic tests, and additional living expenses. After you evaluate these, you must decide the ideal cover amount for cancer.
Conclusion:
No one wants to talk about it. But no matter what, even if you do not wish to discuss the disease, it might happen to anyone. Therefore, to be financially ready and protect the savings, buying a cancer insurance plan is a decision of the wise. The insurance policy enables you to undertake the best class of treatment without compromising. Apart from this, a cancer insurance policy supports the family as the treatment of cancer can wipe away the savings.
For more details on cancer insurance, connect with an expert or read more on the relevance of the cancer insurance plan.
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