How Critical Illness Insurance Helps with Breast Cancer Costs

Posted on: Nov 12, 2024 | 3 mins | Written by: HDFC ERGO Team

How Critical Illness Insurance Helps with Breast Cancer Costs

Critical illness insurance for breast cancer

Critical illness insurance is a form of health insurance that pays you a lump sum amount of money when you are diagnosed with a life-threatening disease. Breast cancer is a critical illness and so, if you have a critical illness cover, you can get financial support upon the diagnosis of this ailment. Look at this article to learn more about a critical illness insurance policy and its benefits concerning breast cancer.

Breast cancer & Critical illness

Breast cancer is one of the deadliest forms of cancer that kills several women each year. Sadly, the disease is on the offensive with the number of cases rising each year. Thankfully though, early detection leads to successful treatment and many women become cancer-free. The treatment costs however are quite high and many families struggle financially when the treatment is on.

To tackle this problem, you should invest in a critical illness insurance policy. A critical illness cover is a type of health insurance where the insurance provider hands over a fixed sum of money if you are diagnosed with breast cancer.

You are free to use the money in any way you wish. You can either clear your medical bills with it or you can pay for your home loan EMI. The insurance provider will not ask for a justification when as to how the money was spent.

Therefore, it helps a lot to have critical illness coverage when you are diagnosed with breast cancer. Be future-wise and invest today, as no one knows what the future holds.

Can you claim critical illness insurance for breast cancer?

As stated, breast cancer is considered to be a critical illness. If you have a confirmed diagnosis of breast cancer, you can claim the critical illness health insurance cover. There are a few clauses to remember here:

1. Waiting period

Most critical illness plans in India have waiting period clauses attached to them. This means that you have to wait out a period of time before you can make a claim. Most commonly, there is a three-month waiting period. This means you cannot claim within the first 90 days of buying the policy. You have to wait it out and then make a claim.

2. Survival period

Similarly, there is a survival period clause associated with most critical illness plans in India. The policyholder has to survive for a while from the time of diagnosis. If the survival period is 30 days, the policyholder has to survive for 30 days post-diagnosis to receive the claim amount. If, unfortunately, she succumbs to breast cancer within 30 days, the claim amount will not be paid out.

3. Type of coverage

You can either opt for a standalone critical illness plan or buy it as an add-on cover along with your comprehensive health insurance plan. If it is a standalone cover, you will get the lump sum amount of money and the policy will end. If however, it is a rider on your main policy, you will get the rider benefits but the main policy will continue to stay in action. Assess your health requirements and then decide the form of critical illness you wish to get.

It is very easy to make a claim. All you have to do is visit your insurance provider’s website, fill out the claim form and submit the required documents. The insurer will review the claim request and if everything is in order, your claim will be settled in just a few days.

How does it save women from financial crunch?

A critical illness plan helps you, the policyholder, and your family members in several ways. This mainly happens because you get monetary backing which rescues you from a financial crunch. Here are some ways in which it helps:

1. Pays for treatment

First and foremost, the lump sum amount can be used for treatment. As mentioned above, breast cancer treatment can be quite expensive. Without insurance, you may have to struggle to arrange for the funds. You may have to take a personal loan or borrow from your relatives, which would put you under a huge financial burden. But when you have critical illness insurance, you do not have to worry about any such things as your insurance provider pays the lump sum amount that you can use to clear your hospital bills, without depending on anyone else. This helps you to fight the disease with dignity and confidence.

2. Pays for foreign trips

At times, the cancer takes on a more aggressive form and patients prefer going abroad for treatment. Critical illness coverage helps at such times as you can use the claim amount in many ways. From paying for the air tickets to paying a percentage of the hospital bills, you can use the money in whatever way you choose. This helps you plan your finances and afford foreign medical trips in a wholesome manner.

3. Helps clear dues

You may have certain loans such as home loans and car loans. A sudden diagnosis of breast cancer may throw you off your tracks and you may find yourself struggling to pay the EMIs. A critical illness plan comes in handy at such a time as you can get the lump sum amount with which you can clear your loan. This gives you mental peace and you have one less thing to worry about while you get treated for the disease.

4. Helps create a corpus for the family

Whether you have young children or aged parents who depend on you financially, you will always want them to be financially secure, even after you are gone. The claim amount can be used to create a corpus for your dependents to use after you are gone. This is something many women choose to do as it gives them the power to protect their loved ones even during challenging times.

5. Helps support finances when not working due to cancer

If you are the primary breadwinner of the family, you will need to provide for your family at all times. However, the breast cancer diagnosis and treatment may hamper that as you may not be able to go to work and earn a living. If this happens, you can use the lump sum amount of money to pay for the daily expenses of your family temporarily till the time you recover and get back to work. This is one of the most beneficial ways in which a critical illness health insurance plan helps you out during a financial crunch.

The bottom line

There are many ways in which a critical illness cover helps when you get a breast cancer diagnosis. Keep all the points mentioned above in mind and use your insurance coverage wisely. It is also advisable to get the coverage in advance, as the future is uncertain and the aggressive forms of cancer, including breast cancer are on the rise. The critical illness plans are quite affordable, so invest in one if you have not done so already.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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