Kws: best cancer protection plan, cancer protection plan india, cancer protection plan best
Life is precious and worthy of living it to the fullest!
But does that always fall true?
At times illnesses and accidental happenings turn life to a road that you would not want to take. Can you imagine the state in life when a disease like cancer strikes anyone in the family? No one wants to because the illness is dreaded. Keeping your eyes closed and not being wary of emergencies does not solve the purpose. Though the situation is manageable, it goes smoothly only when you have sufficient finances. Agreed?
The rate of medical inflation in India is close to 18%. The cost of cancer treatment may touch a figure of Rs.30 lakhs approximately. Not every individual can afford these high medical expenses. Then what? The suitable alternative to spending the personal savings on healthcare for cancer is buying the best cancer protection plan. The health plan can help you get the best medical treatment and also enable you to manage your other living expenses.
If this opens your mind to keep your family stress-free, read further to know what is a cancer protection plan?
Table of Contents
- What is a Cancer Protection Plan?
- How ABSLI Cancer Shield Plan is the Best Cancer Protection Plan?
What is a Cancer Protection Plan?
A cancer protection plan is a health plan that pays the life insured the claim amount immediately after the diagnosis of cancer. The best part with the insurance policy is that the life insured do not have to submit the medical bills before the release of the claim amount. It can be taken care of later.A cancer insurance plan can help the individual covered under the policy at the time of distress.
The disease and the course of the treatment it entails shakes a family emotionally. They undergo a lot of mental turmoil which can be taken care of by supporting each other and with the insurance money.
The cancer protection plan can help a life insured:
- Ease the financial burden: As it covers all stages of cancer, the insurance policy helps you handle all medical expenses. It covers all deductibles, co-pays, and other out-of-pocket treatment expenses.
- Assist to handle non-medical expenses: The patient covered under the policy can be away from work. It affects their monthly income. But the constant expenses like for child care, house rent, and other household expenses do not reduce. The cancer insurance policy pays in lump sum. The amount can be used for these non-medical expenses also.
After reading the ways in which the cancer protection plan can help a life insured, you must look out for the best cancer plan. Though there are several companies who sell the insurance policy, the plan from Aditya Birla Sun Life Insurance can make for your best choice.
How ABSLI Cancer Shield Plan is the Best Cancer Protection Plan?
- Wide Coverage: When it comes to purchasing a cancer plan, one of the most common worries is coverage. The disease involves higher risks which many insurers may refuse to cover. Alternatively, they may provide coverage for such major stages for a significant premium.
You can, however, with the ABSLI Cancer Shield Plan you can be free from the worries of coverage. The cancer protection plan from the insurer applies to all stages of cancer, including early and advanced stages. This kind of wide and comprehensive coverage is also available at a reasonable price.
- Affordable premium for high coverage: Already worried about cancer, you would not want that premium expense to leave you stressed. ABSLI Cancer Shield Plan is available for high sum assured and at an affordable premium. For example, a Rs.10 lakhs cancer protection plan for a policy term of 20 years is available online for just Rs.120 per month. It explains that the cover is high for a less premium price. This is again a factor of favor for the insured.
- Two plan options: ABSLI Cancer Shield Plan is available in two different options. The insured can choose the plan options considering their requirements individually.
- Option 1 : Level Sum Assured: Under this option the sum assured remains the same throughout the policy term. So if you purchase the policy for Rs.10 lakhs, it will remain the same.
- Option 2: Increasing Sum Assured: Under plan option 2, the sum assured keeps increasing by 10% on every renewal date. The feature applies from the first anniversary date of the policy and continues till the tenth policy anniversary. So for example, if the sum assured is Rs.10 lakhs, from the first policy anniversary the sum assured will increase by Rs.1 lakh (10% of SA) The increase will be forthe first 10 years in the following manner:
|Policy Anniversary||Age||Sum Assured|
- Payouts: ABSLI Cancer Shield Plan offers the payouts to benefit the life insured in the time of distress. The insured gets 30% of the money assured if the cancer is still in its early stages. The life insured can claim the remaining 70% when diagnosed with a significant stage later. A 100% of the sum assured is paid if the initial diagnostic reveals a significant stage of cancer.
- Premium Waiver Benefit: Cancer can reduce your savings drastically. In such a scenario, you might think to save every penny like the expenses on premium. ABSLI Cancer Shield Plan provides a premium waiver benefit which comes into effect from the next premium due date. The benefit applies when the early stage of cancer is diagnosed. The waiver will apply for 5 years or remaining policy term whichever is lower.
- Income Benefit Option: If opted for income benefit, under ABSLI Cancer Shield Plan, a monthly income equal to 1% of the sum assured will be paid if a major stage cancer is diagnosed. The payout will continue for 5 years even if the policy expires during this period.
- Constant Premium: The premium paid under the cancer protection plan remains the same for five years. The premium may change after approval from IRDA. The insurance company will inform you for the premium change about 3 months prior before the renewal date.
Other than the benefits mentioned above, ABSLI Cancer Shield Plan provides tax benefits also. The premium paid for cancer plan brings tax deduction under section 80D of Income Tax Act,1961. A maximum deduction of Rs.25000/-applies if you have purchased a policy for yourself. If you buy the policy for your parents who are below 60 years, a maximum deduction of Rs.25,000 applies.
Buying a cancer protection plan at best can help you manage unexpected expenses which can ruin the family’s financial stability. The insurance policy enables you to manage the rising cancer treatment cost. It supports the family and gives them financial back-up in the need of the hour. ABSLI cancer protection plan India is among the suitable option of cancer policies that can be your best savior. For more details on cancer plan read here