Life was picture perfect for Sanjeev. At 35, the engineer working at a top consultancy firm had bought a home, a car, and was earning Rs 1 lakh a month. Then, tragedy struck. He was diagnosed with stomach cancer. Sanjeev’s ordinary health insurance cover of Rs 10 lakh was extinguished in 2 months flat. Unable to work now due to cancer, Sanjeev and his wife Sapna are planning to sell off his ancestral house to continue their battle against cancer.
The need for a specialised health insurance
Lifestyle diseases like heart attack and cancer strike when you least expect them to. As you grapple with the diagnosis shock and then soaring treatment costs, a standard health insurance cover doesn’t help you fully. This is because most plans reimburse you for costs you paid out-of-pocket. Even when they directly pay, there are unfavorable sub-limits on such diseases. Some also ask you to carry the burden of 20% of the claims, while the insurer pays 80%. Imagine coughing up Rs 4 lakh for a cancer treatment claim of Rs 20 lakh!
This is why buying a specialized plan for heart and cancer diseases is a good move. With lump sum payouts, no affiliation with any particular hospitals, or any copayment requirements, this is health insurance in its purest form. This is ideal for the salaried class persons who often need money upfront to start treatment.
Smart buyers are already buying these plans, which instantly provide the required money to use the services of the best of hospitals and doctors for beginning treatment. In absence of such heart and cancer plans, you will have no cash to start treatment and may be forced to sell off assets or worst, take loans at high interest!
Protection against heart & cancer
Specialized health insurance plans like heart and cancer plans are becoming progressively more popular amongst health insurance buyers. Even if you have a mediclaim policy already running, people are feeling a growing need to have an additional plan dedicated to heart and cancer that provide 360-degree protection. Many top life insurance companies are coming out with such specialized plans dedicated to heart and cancer.
These treatments can be really expensive, and getting money as soon as you or your spouse is diagnosed is a boon.
Costs of cardiac treatments have jumped two-fold in three years. Today, a corrective surgery for aorta malfunction is estimated to be Rs 10 lakh.
In case of cancer, costs are going through the roof. A simple PET scan can cost as much as Rs 28,000! Drug prices are known to rise 10 times or more. You may have to shell out Rs 2.5 lakh for a six month treatment. That number can easily touch Rs 20 lakh if expensive medicines are involved.
Tax-saving premiums and more
A specialized heart & cancer plan adds an extra layer of defense against tough diseases. So, they complement generic health insurance or mediclaim plans. It will give you the claim amount on first diagnosis irrespective of the actual medical costs.
Also, the plan continues even after the first pay-out for a minor condition is made, without you having to pay any further premiums. This will ensure protection from any future major expenses.
The plans are available for longer terms i.e. 40 years, giving you protection in times when it’s most needed and also without any preconditions whatsoever.
You get a discount for covering your spouse. If you want to cover your wife, you can do so with an independent cover, and get 5% off on the combined premium.
By using a mediclaim and a heart & cancer plan, you can smartly use the section 80-D tax saving deduction of up to Rs. 25,000 per budgetary year for medical insurance premium. This can be done by combining your regular mediclaim health insurance premium of Rs 15,000 – 20,000, with heart and cancer insurance premium of Rs 5,000 – 10,000. So, you can achieve better protection and also save more taxes.
For 35 year old non-smoker male
| Event | Heart and cancer plan | No Heart & cancer plan |
| Premium paid | Rs 15600 (Rs 260 X 12 months) | Rs 0 |
| Cover | Rs 20 lakh | Rs 0 |
| Cancer costs | Rs 12-16 lakh | Rs 12-16 lakh |
| Out of pocket | Rs 0 | Rs 12-16 lakh |
| Income benefit | 1% of cover per month | Rs 0 |
By paying a small premium every month, which can be directly debited from your account, a heart and cancer plan will help you stay worry-free for a long period. Buying such health plans at a younger age come at affordable premiums, which stay fixed for a fixed period but renewability is guaranteed up to 70 years in some cases. Heart and cancer insurance plans that are purchased online come with a 2 percent discount. Online buying is hassle-free, privacy-protected and can be done at the comfort of your home.
So, can you afford to save your own life? Yes, if you insure yourself with a specialized health insurance like a heart and cancer plan. What’s more they are value for money, and can be customized to fit your exact needs.
Also read: Protect first, save and invest next: Why you need term insurance
Don't ignore! It is very important to insure income that your earn
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