Cancer Insurance vs. Critical Insurance Plans

How long do you want to live? 60 years? 70 years? More? You are aware health is going to be a deciding factor when it comes to your longevity. Did you know ischemic heart diseases cause 8.76 million deaths worldwide? Cardiovascular ailments are responsible for about 17 million deaths. What you may not know is that most of these deaths occur because the treatment is so expensive that most people cannot bear it. With chronic diseases attacking anyone and cancer on the rise, you should be ready for the worst and prepare for the best. What is the best in this regard? It is cancer plan and critical insurance plan. Why the difference? Let us have a look and understand.

It has become essential to invest in Cancer insurance or Critical Illness Insurance to secure your future from diseases. What is the difference, you ask? Let us have a look:

Understanding Cancer Insurance

You may ask that why do you need a cancer protection plan when you are in perfectly good health, and not go for overall health coverage. The reason is that Cancer is one of the worst afflictions to affect a person, keeping in mind the long-term healthcare that is required, which is expensive. A cancer protection plan will complement your health plan coverage and will come handy in managing cancer-associated risks. You do not want to be left to fend for yourself if such a situation arises and your health plan does not cover the enormous treatment costs.

Benefits of Cancer Coverage

If you have a family history of cancer, it is critical to get cancer insurance, and it has several advantages:

  • Payment on diagnosis

    You receive a lump sum amount in case you are cancer positive after a diagnosis.

  • Premium waiver

    There are certain conditions, such as early-stage illness, under which you may be eligible for a premium waiver.

  • Insurance cover

    You will be able to avail the insurance coverage in accordance with the terms and conditions of your policy. It will help you in covering the high treatment cost.

  • Tax benefits

    You are eligible to receive tax benefits for the amount paid on the cancer insurance policy under section 80D, Income Tax Act, 1961.

Understanding Critical Illness Insurance

While cancer is very much a critical illness, several other medical conditions fall under this category. A critical illness insurance policy will provide a lump sum payment to the policyholder if diagnosed with a severe medical condition. These can include a heart attack, a major organ transplant, kidney failure, bypass surgery, paralysis, stroke and so on.

While most people avail health insurance cover, they ignore critical illness insurance. Here are a few benefits of critical illness insurance that you should consider:

Benefits of Cancer Coverage

If you have a family history of cancer, it is critical to get cancer insurance, and it has several advantages:

  • Lump sum payout

    On diagnosis of any condition listed in the policy document, you will receive a lump sum payout. This amount will be useful in reducing the financial stress faced by your family during the treatment period.

  • Extensive health conditions coverage

    When you compare critical illness insurance to your regular health plan, you will find that a significant illness cover includes more medical conditions as well as several surgical procedures. The policy will provide you relief in case you are diagnosed with any state covered by the policy.

  • Flexibility and convenience

    You get the option to customise your plan as per your need and maximise your benefits. The process to get a critical insurance policy is simple and may not require undergoing medical tests till a certain limit depending on your age and cover.

A lot of your life depends on your good health. Unfortunately, the hectic lifestyle we lead, and all the stress has increased the instances of critical illnesses even among young adults. The healthcare costs are skyrocketing, and therefore it is imperative for everyone to secure his or her life with adequate health insurance coverage. Future Generali makes it even more convenient for you by offering you a two in one plan that provides coverage for cancer and other illnesses as well.