Here’s why cancer insurance is a good investment in your twenties

May 28 (RP): Cancer is an unpredictable disease that physically and emotionally affects the person who suffers from it and their loved ones. However, the wide availability of cancer treatments gives many people peace of mind. Buying a cancer insurance policy in India is the best way to avoid emotional and financial stress. Cancer insurance has become a necessity in today’s world if you don’t want to spend a fortune on its treatment. Like hundreds of others, let’s see why you should get cancer insurance in your twenties.

Coverage for all types of cancer and all stages of cancer

One of the most important features of a cancer care policy is that it covers the major types of cancer including breast cancer, lung cancer, liver cancer, stomach cancer , ovarian cancer and many more. When you purchase a cancer insurance plan, you may not need to purchase one that covers a specific type of cancer. Another advantage of buying a cancer insurance policy is that it covers you for all stages of cancer, unlike basic health plans or critical illness insurance policies, which do not only cover you up to a certain point.

Diagnosis and treatment costs

Chemotherapy, radiation therapy, transplantation and surgery are just a few examples of expensive cancer treatments. Moreover, expenses related to blood transfusions, hospitalization, use of various pharmaceuticals, equipment, resources and other medical facilities contribute significantly to the overall cost of cancer treatment. These costs can become significantly high, especially if the course of treatment is long term.

Prevent financial difficulties

For an average middle-class family, managing hundreds of thousands of rupees at a time to pay for cancer-related medical bills can be difficult. No matter how much one can give up in terms of lifestyle and day-to-day expenses, one cannot give up their basic necessities for future savings. Having a cancer care policy in hand is a great idea when you know you have a lot to provide when you may need to cover cancer treatment expenses. In addition, a cancer insurance plan protects you against any additional financial liability.

Fiscal advantages

You become eligible for tax benefits when you purchase a cancer insurance policy. Your tax burden is considerably reduced. According to the Income Tax Act 1961 (Section 80D), you may qualify for a tax deduction of Rs 25,000. On the other hand, the elderly may benefit from a greater tax advantage.

Benefits in the form of a lump sum payment

A cancer care policy is a blessing in disguise. A policy can give you peace of mind and financial stability with the lump sum premium payment when you buy the cancer policy. This fixed premium can be paid either quarterly or monthly by the insured, according to the indications of the insurer.

In addition to current policy

When purchased as an additional insurance policy, cancer insurance can help immensely in reducing the astronomical costs of cancer treatment. While a standard health insurance policy can only cover you for a certain amount like 5 lakhs, a dedicated cancer insurance plan can cover you for a higher amount. Therefore, even if you have floating family health insurance, cancer insurance is recommended. This will ensure that you are still protected, even if you file a cancer care claim.

Cancer insurance is one of the most effective strategies for avoiding emotional, physical, and financial depression. If you want to ensure that you have solid financial assistance in the future, get cancer insurance policy in India from reputable insurance providers like Care Insurance to ensure hassle-free cancer treatment.

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