Understand all about cancer protection plans this World Health Day

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The 7th of April, 2021 is the World Health Day date for this year. World Health Day is a campaign for a healthier, safer, and happier world. On this occasion, it would be wise to sit back and think about how secure your and your family’s health is in this threatening environment. The 2020 pandemic surely brought about more awareness of health insurance, but do you know which type of health insurance cover out of the scores of options do you need? Do you know why a cancer cover is important?

Let us begin our small Health Day awareness dialogue with the most common of health insurance covers, a comprehensive cover.

Comprehensive medical insurance

A comprehensive medical insurance, as the term suggests, covers a wide range of illnesses, with the scope and policy terms depending upon the insurer. A lot of comprehensive options also have floater plans which cover the entire family under a single plan. These are obviously convenient, but are they enough?

The answer is no, since comprehensive plans usually have sub-limits to the amounts they can cover for each illness from the list specified. They often do not protect you enough from expensive and high-end treatments for illnesses such as cancer. Your comprehensive floater policy might not be enough in the case of advanced stage cancer in the family, for an example. This is where a cancer-specific policy comes in.

Cancer protection plans

Cancer has been on the rise in India since decades, and the reasons are far and too many to list. WHO’s World Cancer report stated, “one in 10 Indians will develop cancer during their lifetime, and one in 15 Indians will die of cancer.” According to ICMR (Indian Council for Medical Research), 15.7 lakh Indians are likely to have cancer by 2025.

You probably know family or friends who have suffered from it. Why not protect your own family this World Health Day, then?

As opposed to a comprehensive health insurance plan or a critical illness insurance, a standalone cancer policy usually provides a lumpsum amount that the family can use for covering expenses related to cancer. Specific cancer policy features depend upon the insurer. But usually, these policies cover cancer diagnosis, treatment, hospitalization, chemotherapy, radiation, and surgery costs. Common forms of cancer covered by such plans include ovarian cancer,breast cancer, lung cancer, hypopharynx cancer, stomach cancer, and prostate cancer.

This Health Day, look out for a policy that covers early, major, and advanced cancer treatments. Along with this, look for Policy Continuance Benefit, different investment options, premium waivers as well. Don’t forget to ensure that it includes special facilities such as health and wellness support for all-round treatment and well-being.

Final thoughts

With the World Health Day date coming closer, it’s a good time to review your health insurance portfolio and consider a cancer cover. You’d be glad to know that cancer plans are usually covered under Section 80D of the Income Tax Act, which means you can avail tax benefits1. You can browse through our multiple critical illness insurance plans and select one which suits your requirements.

1Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details

You can also use our health plan calculator as well, to foresee expenses for the same. For a cancer-specific plan, you can check out the all-inclusive ABSLI Cancer Shield Plan.

ABSLI Cancer Shield Plan (UIN: 109N103V02) is a traditional non participating health insurance plan.

ADV/3/20-21/2680

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