Health

Critical Illness Insurance & Cancer Insurance Plans Decoded

It completely depends on your health and lifestyle as to how long you’re going to live. Besides the other diseases, heart diseases have caused deaths to millions of people over the world. Many people avoid going for the treatment because it is expensive and cannot be borne by everyone. Chronic diseases can attack anyone and cancer has been on the rise. Therefore, it is best to be prepared beforehand. What must one opt for under such situation; should you go for a critical illness health insurance plan or a cancer plan? What is the main difference between the two?

Over the past few years, the need to invest in Cancer insurance or a Critical health plan has increased, so you can secure your future from major diseases. Let’s get into the details and know the difference between the two:

  • Cancer Insurance

Some people assume that because they have good health, they don’t need to buy any health cover. However, cancer can affect anyone, and the healthcare required for the same costs a lot. If you buy a cancer protection plan, it will complement your health plan and will provide coverage in case of cancer-associated risks.

If you have a family history of cancer, you must get a cancer insurance plan. Now, let’s look at the advantages it has:

  1. Premium waiver

There are cases wherein people suffer from early-stage illness, under this you may receive a premium reduction of a pre-decided percentage.

  1. Tax benefits

On buying a cancer insurance plan, you receive tax benefits for the amount you’ve paid for the cancer insurance policy under section 80D, Income Tax Act, 1961.

  1. Payment

If you are diagnosed with cancer, you will receive a lump sum amount for the treatment.

  1. Insurance cover

You can avail of the insurance cover as per the terms and conditions of your policy. This way, you will be able to have coverage for high treatment costs.

  • Critical Illness Insurance

Well, cancer is a very major or critical illness, but various other conditions fall in this category too. In case you’ve been diagnosed with a severe medical condition, you will receive a lump sum amount under a critical illness insurance policy. These conditions include kidney failure, paralysis, heart attack, and so on.

When buying a health insurance policy, people ignore purchasing critical illness insurance. Mentioned below are a few advantages of the same:

  1. Coverage for extensive health conditions

As compared to your regular health insurance plan, the critical illness insurance covers more medical conditions, along with various surgical procedures.

  1. Lump-sum amount

If you’re diagnosed with any condition mentioned in your insurance policy, you receive a lump sum amount. The same amount will help to reduce the financial burden that your family will have to face at the time of treatment.

  1. Provides Flexibility

You can easily customize your insurance policy according to your needs and also maximize the benefits that you receive. The process to avail a critical insurance policy is not tedious. You do not have to pass any medical tests whatsoever, up to a specific limit depending on the cover you’ve selected and your age.

Your life completely depends on how healthy you are. However, with the unhealthy lifestyle that most of us are leading, even youngsters tend to contract critical illnesses. The medical expenses have hiked as well, and hence it has become necessary for you to secure your life with a good healthcare plan. To get good deals online, you can make use of the health insurance premium calculator and get health insurance quotes instantly.

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