How Can Cancer Patients Benefit from Term Insurance?

Cancer is a critical illness that has become the leading cause of death across the globe. Cancer accounted for nearly 10 million deaths (one in six deaths) worldwide in 2020. India is also facing challenges due to the increasing burden of cancer. As per the estimates, there are 19 lakhs to 20 lakhs cancer cases will be reported in India in 2022, and the real cases could be up to 3 times more than the reported incidents. Most of the cases are detected at the last stage, which is one of the major reasons for the high mortality. 

Many types of cancer can be cured with early detection and effective treatment. It is important to spread cancer awareness among people and remove the social stigma and fear related to the disease. Awareness would help people recognise the early sign and seek medical help to get timely treatment. 

With advanced technology and medical facilities, many effective treatment options are available for cancer when it is detected early. However, cancer treatments are expensive and can put families in financial distress. Hence along with awareness, it is important to be aware of protection plans available to get the much-needed financial support when a critical illness is diagnosed. The best way to avail of financial protection against such critical illnesses is to avail of insurance coverage at an early age. There are many comprehensive health insurance plans available in the market that provides coverage for cancer. There are specific health insurance plans called benefit plans for cancer coverage. You can avail of the critical illness cover as an add-on/rider with your term insurance plan. 

Features of Term Insurance Cover for Cancer Patients

The following are the features of term insurance plans in India:

  • Coverage

You can get coverage of up to INR 50 lakhs for critical illnesses like cancer in a term insurance plan. You can choose the coverage based on your requirement. And the coverage amount may vary from one insurance company to another and based on the terms and conditions of the term insurance plan you choose. The coverage is provided for all major types of cancer, such as lung cancer, breast cancer, cervical cancer, etc. The cover is provided for diagnosis at all stages of cancer.

  • Age Limit

The coverage can be availed by individuals from 18 years to 65 years of age. 

  • Benefit Payout

The lump sum benefit or the coverage amount is paid out as soon as the disease is diagnosed. The benefit that is paid can be used for treatment expenses like hospitalisation, chemotherapy, radiation therapy, or for any other expenses, as there is no restriction on the end use of the payout.

  • Lower Premium

You can avail of the term insurance cancer coverage at a relatively lesser price as the policy is pocket-friendly. 

Benefits of Term Insurance Cover for Cancer Patients

The following are the benefits of term insurance coverage for cancer patients:

  • Financial Support

Availing of an adequate amount of term insurance coverage for cancer provides you with needed financial support in case the cancer is diagnosed during the policy period. The coverage amount would help you avail of quality treatment at the right time. Considering the rising medical inflation and the huge cost of treatment for critical illnesses like cancer which requires treatment for a prolonged period, availing the financial support through a term insurance policy is the best option. Financial support by cancer cover term insurance ensures your savings are not depleted completely for the treatment.

  • Waiver Of Premium 

One of the important benefits of term insurance coverage for cancer patients is the waiver of premiums. If the policyholder is diagnosed with cancer at any point during the policy term, he/she is not required to pay further premiums. However, this may depend on the terms and conditions of the policy. It is important to read the fine lines before you purchase the term insurance plan.

  • Check-Up And Diagnostic Tests

Some life insurance companies offer the benefit of free check-ups and cancer diagnostic tests for policyholders who have availed of term insurance plans with cancer coverage. Keeping in mind the terms of the policy, you can avail of these facilities at any time during the policy term.

Along with providing financial security, the premium paid for cancer coverage in a term insurance policy provides you with a tax benefit. You can claim the tax deduction under Section 80D of the Income Tax Act, 1961

To sum up, term insurance coverage for cancer patients is extremely important to have a financial cushion when a critical illness is diagnosed. Along with maintaining a healthy lifestyle, avail the of adequate cancer coverage. 

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