Why add Cancer Insurance Plans to your Insurance Portfolio

Why add Cancer Insurance Plans to your Insurance Portfolio

It is critical to provide for health related contingencies so as to lead a stress free life – for the sake of both – your health and finances.
You might already own a health insurance plan that achieves this which leads you to believe you are adequately covered against all medical emergencies.
But are you?
Are you covered against critical illnesses like cancer?
Most health insurance plans do not cover critical illnesses. Even with the flexibility to add riders, health plans are useful primarily for accidents, falls and basic surgeries. They are not adequate when it comes to treating major illnesses that leave a devastating impact on your body and finances. These are called critical illnesses and cancer tops this list.
No one wants to be afflicted by cancer. But wishing it away is hardly the solution. Take one look around and you realize that cancer can strike anyone even when there is no link to family history or lifestyle. Incidence of cancer is rising alarmingly in India.
Most individuals are not financially prepared to deal with the costs of treating cancer. An important step towards preparing yourself financially against cancer is to opt for an insurance policy that specifically covers cancer.
Cancer insurance policies are launched with this very purpose. They offer comprehensive cover against cancer placing the patient and the family in a financially secure place while dealing with cancer treatment.

Benefits of Cancer Care Insurance

While the details may vary across cancer insurance plans, there are some common features like:

  1. Pay out of a lumpsum amount on diagnosis of cancer

  2. Waiver of premium under certain conditions like early stage cancer

  3. Sum assured increases by a specific percentage annually (e.g. 10%) in case of no claims

  4. Monthly income upto a specific number of years (e.g. five years) under certain conditions like diagnosis of major cancers

  5. Discounts on premiums for sum assured above a certain amount (e.g. Rs 10 lakhs)


How Cancer Insurance can fit in your Portfolio?

Owning a cancer care policy along with a regular health plan is not an either/or option. Individuals should ideally aim at owning both plans in their insurance portfolios. The two plans serve different needs. While the regular health policy is suitable for accidents and non-critical medical emergencies which are inexpensive in nature, the cancer insurance policy is specifically targeted at cancers, treating which can be quite expensive and beyond the scope and sum assured restrictions of the regular health plan.

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Lisa Ray: New technology, innovations. Medical sciences have made a lot of advances. Aaj aap Cancer se lad sakte hain, like me. But haan, iss ladaai mein paison ki zaroorat pad ti hai.

Super + VO: Presenting HDFC Life Cancer Care. Rs.20 lacs cancer cover @less than Rs.5/day.

Lisa Ray: So get it, but I hope you never need it.

Source: AVON FOUNDATION

*premium Amount for Male, 35 yrs, 10 year term, Silver option, including tax.
HDFC Standard Life Insurance Company Limited.

Insurance is the subject matter of the solicitation. For more details on risk factors, associated terms and conditions and exclusions please read the product brochure before concluding a sale. HDFC Life Health Assure Plan (Form No. P501-105, UIN: 101N087V01) is the name of traditional health plan offered by HDFC Life. HDFC Standard Life Insurance Company Limited is only the name of the Insurance Company, HDFC Life is only the name of the brand and HDFC Life Health Assure Plan is only the name of the product. The name of the company, name of the brand and the name of the product does not in any way indicate the quality of the contract, its future prospects or returns. HDFC Standard Life Insurance Company Ltd. IRDAI Reg No. : 101. ARN: MC/03/2015/6186.
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