It may surprise you to learn that there are many Cancer insurance policies that you and your family can take up in India, and the Group Activ Health Plan by Aditya Birla Health Insurance is one of such covers.
With this health insurance policy, your entire family is not only protect against cancer, but also from the “ABCD” health conditions of “Asthma”, “Blood pressure”, “Cholesterol”, and “Diabetes”.
Why is Cancer Insurance Important?
A cancer diagnosis is something that no one wants to experience in their lifetime. But for many people, this is a reality that they have to face head-on and live with. Medical science has been able to identify more than 200 different forms of cancer. However, the cause of most types of cancer is still relatively unknown, even to cancer researchers.
It, therefore, goes without saying that everyone is at risk of getting cancer. Cancer has no prejudice, and it can affect children, teenagers, adults, males and females alike. While this is a frightening thought, it is also a call for everyone to take action now.
You may not be able to stop cancer indefinitely, but you can equip yourself with a Cancer Insurance cover today. In the case of the diverse Group Activ Health Plan, there are several benefits that policyholders can take advantage of, and
five key benefits include:
- Free Annual Medical Check-up: Policyholders are entitle to a free annual medical check-up under this cover.
- Medical Expenses: The policy caters for both pre and post-hospitalization expenses. This health plan covers medical expenses incurr a month before hospitalisation, and it also covers all the medical costs two months after hospitalisation.
- Tax Exemption: Policyholders are exempt from certain taxes under section 80D Income Tax act, 1961.
- Choice of Hospital Room: Policyholders will decide which room they want to stay in during hospitalisation.
- Cashless Claim Settlement: As a policyholder, you can take advantage of the cashless claim settlement opportunities at designated hospitals scattered throughout India.
The Problems with Most Critical Illness Insurance Policies
There are several Critical Illness Insurance Policies available in India. However, many of these policies are not ideally suite for cancer patients. Some of the major issues with this type of policy are as follows:
- Coverage is available for already diagnose cancer patients.
- If a person shows no signs of cancer, but then three months into their coverage, they exhibit symptoms; the insurer can terminate their cover.
- Insurers only allow coverage when the policyholder is diagnose with cancer after nine months of commencing with the policy.
- Policyholders of most Critical Illness Insurance Plans cannot make claims during the early or major stages of their illness.
- Insurers only allow policyholders to make claims during an advance stage of cancer.
Should I get cancer insurance
Over the past few years, the incidence of cancer has risen worldwide. Be it cause by changes in lifestyle, genetics or other environmental factors, India alone report a large number of patients who have cancer in 2020. Studies and reports publish by the World Health Organization reveal that India ranks among the top three countries with the most significant number of hematologic cancer patients. When medical facilities have become so expensive, it would be wise to invest in the best cancer insurance policy that is configure to provide financial assistance to patients diagnose with any form of cancer.
Yes, unlike other general health insurance plans, even the best cancer insurance policy is likely to have a waiting period to be fulfill before the coverage period begins to offer protection to the insure. In most cases, the premium for cancer insurance is to be paid at different stages of diagnosis and treatment.
Why you should invest in a cancer insurance
Whether or not you have a history of cancer in the family, investing in cancer insurance will help you stay prepare. The cost of medical diagnosis and treatment can be pretty high, putting your life savings at stake. Be it surgery, chemotherapy, radiation or hospitalisation. Buying a cancer insurance plan can work as financial support to fall back on if you are diagnose with it. The best cancer insurance policy will cover you from Carcinoma. In the Situ stage to the early, major and critical stage. However, unlike life insurance schemes, a cancer plan does not offer any death benefit to the beneficiary.
Coverage in cancer insurance policy
It is vital to know that these insurance policies do offer coverage against pre-existing critical illnesses. Bajaj Finance offers a cost-effective critical illness insurance plan that provides coverage up to Rs. 50 lakh and other benefits such as hassle-free claims and comprehensive coverage against 50 major critical illnesses.
All cancer insurance policies offer coverage base on the stage at which the disease is diagnose. And you can expect lump sum amounts as your coverage. Most cancer plans provide waivers for premium coverage. While some may also offer a regular income benefit for a fix period. All cancer insurance policies offer tax benefits under Section 80D of the Income Tax Act. Also, the insurance coverage is expect to continue to use even after the first diagnosis of the disease.
Merits and Demerits of a Cancer Specialist Health Plan
A Cancer Specialist Health Plan is another policy that most insurers are wary of. Like the Critical Illness Insurance Policy, policyholders with pre-existing cancer diagnoses are deny coverage.
Also, the Cancer Specialist Insurance Policy follows the same rules as the Critical Illness Health Cover. Except that policyholders can make claims during the early stages of cancer up until an advance stage. However, these are the best policy available in the market. like the Critical Illness Health Plan, not many insurers actively run this policy because of the enormous risks.
Unlike most Critical Illness or Cancer Specialist Insurance covers. The Group Activ Health Plan is a more holistic Cancer Insurance plan. The Aditya Birla Activ Secure Critical Illness policy under this plan. Provides cancer patients with financial support for treatment in all stages of cancer.
In addition, cancer patients are free from all the bottlenecks, protocols, and restrictions. Associate with most providers of critical illness insurance policies in India.