Protect Your Finances against Cancer Diagnosis – Get Insurance Today!

Posted on: Aug 10, 2022 | | Written by:

Protect Your Finances against Cancer Diagnosis – Get Insurance Today!

There is no denying that cancer is a life-threatening disease, especially when diagnosed late. It can affect you emotionally, physically and finically as well, since the treatment is usually quite expensive. So, while no one wants to think about the possibility of getting cancer, it is always wise to prepare for the worst. Which is why, getting critical illness insurance is a must, especially when you are young. While it cannot take away the pain of suffering from this dreaded ailment, it can cover you financially and help you focus completely on the recovery process. Read on to know how this insurance helps.

Covers All Kinds of Cancer

This kind of policy usually covers different types and stages of cancer. You can expect a lumpsum payout if major and early stage cancer is detected. Then the premium for the next few years will also be waived off as you take care of your health. Some of the best policies offer income benefit for the next few years too.

Covers the Cost of Diagnosis and Treatment

Cancer diagnosis and treatmentcan cost a lot. Different types of blood test, radiological tests etc. need to be conducted at regular basis to monitor the progression of cancer. If surgery is needed, then the cost can be sky-high. This means cancer treatment is not affordable for most people.

In such a scenario, if you don’t have critical illness insurance, then the only option is to bear the cost from your own pocket. This can create a lot of financial difficulties. Plus, there is also the fact that if you are diagnosed with cancer, you might have to give up on a lot of earning opportunities. This can act as another blow to your savings. But health insurance can save you from that financial distress.

Offers Incomes Tax Advantage

Income tax advantagesare provided on health insurance policies, to ensure that more and more people can get these plans for themselves, their families and parents etc. As per Section 80D of the Income Tax Act, any person who pays the premium of health insurance to an IRDAI authorised health insurance company, will be eligible for a deduction of an equal amount or not exceeding Rs 25,000. This can be Rs 50,000 in case either the policyholder or their spouse is a senior citizen. Further, if the taxpayer takes a policy for their parents, additional income deduction of Rs 25,000 is available which goes up to Rs 50,000 in case of parents being senior citizens.

Provides Lumpsum Payment

A very useful aspect of critical illness insurance is that a lump sum payment is given to the policyholder in case a cancer is diagnosed. This kind of payment can offer some relief to a person suffering from emotional shock, uncertainty and financial anxiety. Your income might be impacted or you might be running debts. In that case, this one-time payout can come to your rescue.

Boosts General Health Insurance

Generally, both health insurance policy and critical illness insurance can be and should be taken together. These can be two independent policies or critical insurance cover can be taken as an add-on to the regular health insurance plan. You can choose either option depending upon which suits your financial situation, as well as what are the features being offered in different plans by different insurance companies. In any case, do keep in mind that you should get insurance policies from an IRDAI authorized insurance company only.

Cancer can change your life in seconds. But preparing for it early on can help you stay financially covered while you get the best treatment possible. And when you get a critical illness insurance policy at an early age, you end up paying less premium too, which is an additional benefit. Explore HDFC ERGO’s health insurance options to get started.

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

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