Unheard Stories from Cancer Warriors!

Though you may be inclined to believe that cancer insurance is something that you don’t need right now, the fact is that the disease can affect anyone at any point in their lives. So, it is important to protect yourself from the financial impact that cancer treatment can have on your hard-earned savings, especially since cancer treatment can be quite high.

That’s not all. Cancer insurance is also very comprehensive and covers various stages of different types of cancers. And you also get the payout from your cancer insurance plan as soon as the disease is diagnosed. This gives you the necessary financial assistance needed to undergo treatment.

Unfortunately, this is not possible. Since the sum assured under cancer insurance is only paid out to the individuals upon first diagnosis of the disease, patients who are already afflicted with the disease cannot opt for a cancer insurance plan.

This is precisely why you should opt for cancer insurance while you’re young and healthy. Although people in their 20s and 30s do get diagnosed, the risk of developing cancer is still low in these age groups. This not only leads to lower premiums, but also helps you stay protected against future eventualities.

A cancer insurance plan is essentially a health insurance plan. So, by purchasing a cancer insurance plan, you get to claim tax benefits under section 80D of the Income Tax Act, 1961. The premiums that you pay towards such a plan can be claimed as deductions from your total taxable income. This eventually has the effect of reducing the amount of tax that you need to pay.

Here’s a quick look at the various tax benefits under section 80D of the Income Tax Act, 1961.

• Deductions up to Rs. 25,000 for cancer insurance plans taken for yourself and your family, if the policyholder is below 60 years of age.
• Deductions up to Rs. 25,000 for cancer insurance plans taken for your dependent parent, if the parent is also below 60 years of age.
• Deductions up to Rs. 50,000 for cancer insurance plans taken for yourself, your family, if the policyholder is above 60 years of age.
• Deductions up to Rs. 50,000 for cancer insurance plans taken for your dependent parent, if the parent is above 60 years of age.

Unfortunately, no. You cannot opt for coverage for your entire family under the same cancer insurance policy. Cancer insurance is an individual insurance plan that’s designed to provide coverage for only a single individual. However, if you wish to cover your entire family, you could always choose to opt for independent cancer plans for each member you wish to protect.