The word ‘cancer’ is nerve-wrenching; to the extent that we have bracketed it as a word-that-one-musn’t-say. But, merely not saying the name doesn’t reduce the risk or possibility of it striking anyone of us. And, with our fast-paced and unhealthy lifestyles, the chances of this disease are more than ever. With the disease comes, financial instability and mental unrest. If you fear the disease too, fret not and give this article a good read.
In this article, we will discuss the benefits of cancer cover policy and how will it help financially.
Lump-sum pay-out:
With a cancer policy, you will receive a fixed amount. This amount is essentially a percentage of the total sum assured. The sum is generally paid as soon as the insurer is diagnosed with the disease. Often, the pay-out is entirely dependent on the stage of cancer which the insurer is detected with. The amount is specified in the policy. Hence, it crucial that you understand the terms and offerings of your cancer cover policy before you make the purchase.
Waiver of premium benefit:
Most cancer insurances in India tend to waiver all future premiums payable under the plan. Some companies waiver the payable premiums of a duration of three or five years, or even for the entire policy duration. This happens if the acceptance of a claim is done during an early or major stage of cancer. Furthermore, the policy continues to offer you the benefits.
Income benefit:
The financial aid received from the company is approximately 1% of the total chosen sum assured. However, this sum assured depends on the duration you have selected the plan for. This could range anywhere between 3-5 years.
Increasing cover:
Generally, cancer cover policy offers the insurer an option of increasing the basic cover by 10 per cent every year. This continues until the original investment is doubled or until the claim is made for an early or major stage of cancer. This is beneficial, as it helps to keep pace with the increasing cost of medical treatments.
Affordable premiums:
As compared to many insurance plans, the cancer cover policy is fairly easy on the pocket. Different insurance companies offer various payable premiums’ rate. Once you choose the plan which you wish to buy you can, you can use the online calculators to estimate the premiums that you will have to pay.
Furthermore, buy a cancer cover policy for you. Because life is worth saving and every penny you’ll shell for it.
