How to Decide If a Cancer Protection Plan Is Worth the Cost or Not?
- In the gap between 2018 – 2020, India witnessed more than 40 lakh cancer cases, out of which 22.54 lakh individuals died.
- According to estimations defined from a study, over 1,392,179 people in India will have cancer by 2020. Also, according to the findings, the five most common sites of the disease were the breast, lung, mouth, cervix, uteri, and tongue.
- According to the Cancer Statistics Report, 2020, the expected incidence for men was 94.1 per 100,000 people, while for women, it was 103.6 per 100,000 people.
If catastrophe had a face, then cancer would rank in the top list because it damages a person and their family – emotionally, mentally, physically, and financially. This five-lettered ailment can leave you tormented for a lifetime because of the harsh repercussions it slams on an individual.
While some assume that cancer is a distant thought because it doesn’t have a trace in their family, they are digging their own grave because ‘Cancer is not Hereditary’. It is high time for the people in India to learn this mere fact that cancer doesn’t come with hereditary biases and can affect a person of any age, gender, caste, or socioeconomic bar.
It is why buying a cancer protection plan in India has become critical. Changing lifestyles and other related factors are paving the way for the rise in cancer cases. The increasing numbers have created a mandate, and this blog is dedicated to all those ignorant about the arriving calamity.
If you continue to read about this blog, you will learn about:
- What is a cancer insurance policy?
- What are the benefits of buying a cancer insurance plan?
- ABSLI Cancer Shield Plan: The best cancer protection plan one can own in India.
- Is it worth investing in the ABSLI Cancer Shield plan?
What is Cancer Insurance Plan?
To begin with, we will start with the basics, which is understanding the meaning of a cancer protection plan.
Cancer protection is one of the many available life insurances in India. If you look through the health insurance you have – regular health insurance, critical illness (heart, kidney, and other significant ailments), and cancer insurance (specifically caters to cancer treatment).
There is special insurance for cancer because the treatment for this illness can go up to 30-35 lakhs, and regular health insurance doesn’t have the strength to hold that amount. We have a cancer protection policy specially designed to serve the life insured at every stage, providing worthy and beneficial perks needed at the hour.
If we look upon the 21st-century humans, it has become a vital plan to buy because of lifestyle changes and growing physical inactivity. Not every job demands fieldwork, and after the COVID19 hit, people have been confined within the four walls of their home, where they prefer staying on the couch. Ho
However, physical inactivity can pave the way for an expensive mistake in the long term because, according to the World Health Organization, being physically passive is the fourth leading cause of death worldwide, accounting for 22% of colon cancers.
According to several studies, a sedentary lifestyle has also been linked to an increased risk of several malignancies. With increasing physical inactivity, the following cancer types have witnessed a toll, and they are as follows:
- Endometrial cancer risk has increased by 66%.
- Colon cancer threat has risen by 24%.
- Lung cancer risk has increased by 21%.
Do you still believe that you are safe from cancer and have zero chance of getting affected by this wave? If the answer is still yes, my dear friend, you are in a deep slumber to attract more problems.
What are the Benefits of the Cancer Protection Plan?
Having a cancer insurance plan is mandatory because they come with a certain set of perks that are not just limited to bearing cancer treatment costs, and they are as follows:
Financial Backup in Emergency: Let us assume that you are a healthy person in their twenties, earning 10 LPA. Unfortunately, you are diagnosed with major cancer in your late 20s. Do you think you have enough to support the expensive cancer treatment in your bank account? No, right.
It is where cancer insurance comes in handy. Such emergency cases offer financial aid when facing an economic deficit to meet your medical needs. A cancer protection plan provides lump-sum benefits at every stage of cancer. It means that your savings are safe in your account, and you don’t have to compromise over your future desires.
Increasing Cancer Threat: There are numerous causes of cancer, ranging from smoking and tobacco use to wireless radiation. The most important thing that one can practice to improve their chances of survival is to purchase a cancer insurance policy that will provide them with continuous cancer treatment with no financial constraints.
Waiver of premium: This is a one-of-a-kind benefit that may not be accessible with all plans. If you choose this rider, you will be able to enjoy the benefit of having your premiums waived for a period of three or five years. While some plans have this option as a rider, some have it as a regular benefit under specific terms and conditions.
Tax advantages: When you purchase cancer insurance, you become eligible to live a tax-free life. Your tax liability is drastically reduced. Section 80D of the Income Tax Act allows individuals to claim a tax deduction of up to Rs.25,000. On the other hand, senior citizens may be eligible for a larger tax deduction.
Handles all the stages of Cancer: One of the most critical aspects of the best cancer insurance plan is that it covers a wide range of cancer kinds, including:
- Breast cancer
- Colon Cancer
- Liver Cancer
- Lung Cancer
- Ovarian Cancer
And many more on the list. Therefore, when you purchase cancer insurance, look through the types of cancer and stages included because exclusions and limitations of the plan should never be overlooked because it would be a pricey ignorance that can backfire in the future.
ABSLI Cancer Shield – Best Cancer Protection Plan in India
It is a cancer protection plan offered by Aditya Birla Sun Life Insurance and is considered one of the best in the cancer insurance world. To know more about ABSLI Cancer Shield Plan, read through the following list of features and perks to have a better idea.
Comprehensive coverage is one of the most common worries consumers have when purchasing a cancer plan. Because of the higher risks involved, many insurers may refuse to cover advanced stages of cancer. However, they may provide coverage of major stages for a significant incremental cost. But, this policy covers all phases of cancer, whether early or major advanced. The potential buyer has the option to choose for coverage between 10,00,000 – 50,00,000 at an affordable cost.
High coverage for a low cost: You can buy a 10,00,000 lakh cancer shield from ABSLI at a monthly price of Rs. 120. Even your one-time Swiggy bill is double this amount. Then why not save your life at an affordable cost rather than waiting for the catastrophe to arrive. Set aside your worry that cancer insurance would be prohibitively expensive, Aditya Birla Life Insurance’s Cancer Shield Plan can put your mind at ease because it provides comprehensive coverage at an affordable price.
Cancer-stage-based payout: If the policyholder is diagnosed with cancer (as listed under the plan), they are entitled to the promised policy benefits. In the stage-based payout of lump sum:
- If the cancer is in its early stages, the life insured will receive 30% of the money assured.
- When diagnosed with a major stage, they are eligible to claim the remaining 70%.
- And, if the policyholder is diagnosed with a major stage of the initial diagnosis, they are entitled to receive the total sum assured.
Freedom to be constant or grow the cover: This plan provides you with two alternative plan options. The life insured can stick to the prior chosen coverage or take the liberty to make your coverage more comprehensive over the policy term (the guaranteed sum increases by 10% after every policy renewal phase).
Income Benefit: As per this feature of the Cancer Shield plan, once the life insured is diagnosed with major stage cancer, they can claim for income benefit, where a monthly income equal to 1% of the sum assured is handed out. The validity of this perk continues for 5 years, even if the policy ends during that time.
Premium Waiver Benefit: This benefit kicks in when cancer is identified in its early stages. Under this umbrella, all the premiums shall be waived for the next 5 years or the remainder of the policy term, whichever falls shorter. And, it will be effective beginning with the following premium payment due date.
Tax-related Perks: As per Section 80D of the Income Tax Act of 1961, the life insured’s premium payment is considered tax-deductible.
Even after reading a list of definite perks, you think whether the ABSLI Cancer Shield is worth the cost or not, we can’t help because it is your pocket and life, and you are the custodian.
Owning a cancer insurance policy in a timely way has become critical, only if you don’t want to be crushed under the burden of finance. Therefore, without delay, buy one that suits your pocket and requirements.
But, always remember to go for a broader coverage because inflation can flame down your life.