Cancer Insurance:A ray of hope for patients

Cancer is a dreaded disease because it not only breaks the patient psychologically, but it also spells financial disaster for the entire family as the cost of treatment of cancer is quite high. To avoid such a difficult situation, it is imperative that one gets an insurance cover that is specifically designed to provide for the treatment of the cancer patient.

A separate policy for cancer is necessary as the regular health insurance policy may not cover critical diseases such as cancer, or even if it covers, the sum assured may not be enough to treat cancer. The treatment of cancer involved chemotherapy and radiation, the costs of which are prohibitively high.

The cancer insurance policy offers a lump sum immediately after the disease is diagnosed. The lump sum amount is irrespective of the actual cost of treatment or the survival period of the patient. The amount can be used by the patient as per his/her discretion. It can be used for actual treatment at any hospital of his/her choice and location or it can be used to support loss of income or to provide for the family. The premium paid on such standalone policy is eligible for deduction under Section 80D of the Income Tax Act, subject to a maximum of Rs. 25,000 per annum.