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Differences Between Child Plans And Term Insurance

To ensure your family’s financial security and a prosperous tomorrow, proactively engaging in financial planning today is crucial. One must assess their goals and choose financial instruments that suit their needs.

Of the many financial instruments available at one’s disposal today, child plans and term insurance are two of the relatively popular ones. Each of these plan types is designed to meet specific goals and offer some peripheral advantages as well.

There is no need to make child plans vs term insurance into an either-or choice. However, if you can only get one at the moment, or are unaware of how these are different from each other, let’s dive deeper into understanding term insurance and child plans in India.

What is a Child Plan?

As a parent, providing the best for your child is probably one of your priorities. Their wants and needs may be as important to you as your own. To safeguard their future, you may want to make suitable arrangements.

Traditionally, saving money for children in bank accounts was prevalent. However, these methods of savings may not offer significant growth. Today, child plans offer an alternative to these conventional means. Apart from saving for your child’s future, child policies may also offer a range of other benefits that may help a parent fulfil their little one’s dreams.

Child policies in India are mainly of two types – child education policies and child insurance policies.

Child education policies are a fortified version of endowment plans. They offer a life cover to the parent, so if they were to meet an untimely death, their child may be financially secured through the death benefit from the policy. Furthermore, the child can expect to receive plan maturity benefits. These are usually paid in parts at the pre-determined, significant milestones of the child’s life.

Child insurance plans are market-linked plans that function similar to ULIPs. The parent can avail of the life cover for the benefit of their child, and simultaneously build a corpus for their child. As with ULIPs, you can choose the type of funds you want your money to be put into and allow it to grow over time. The maturity benefits of this plan are received as a lump sum.

The premiums you are required to pay for child policies in India may vary as per the type of plan you choose, and your goals and customisations. Before you buy a plan, it is ideal to get estimations using a child plan calculator.

What is Term Insurance?

A term insurance plan is a way to ensure the financial security of your family in the unfortunate event of your demise. If you are a provider to your family, i.e., you are responsible for their financial needs, losing you may plunge them into financial stress. When you have a term plan, they may use the death benefit to alleviate their financial troubles.

The death benefit of term insurance goes to the nominee named by the person insured or their legal heir. To ensure that your child benefits from the policy, you may nominate them. If they are a minor, ensure that you appoint a guardian who will make the death claim on their behalf.

These plans are relatively affordable, easily accessible, and simple in design. Based on the policy you choose and your insurance provider, you may be able to get a host of riders and benefits as well.

Child Plans Vs. Term Insurance

Child Plans	Term Insurance Plans
Life insurance plus wealth building	Pure life insurance product
Life cover for the parent, death benefit directed towards the child	Person insured is covered, death benefit received by the nominee
Policy may allow partial withdrawals	No partial withdrawals
Maturity benefits to help secure the child’s future	Level term plans offer no maturity benefits
Premium rates depend on the type of policy selected and customisations	Premiums tend to be low and may be affected mainly by age, gender, and health of the person insured

If you are a new parent looking for options that allow you to create a corpus for your little one, child plans in India are one of your best options. On the other hand, if you are looking to safeguard your family, including your child, for a possibility of a future without you, term insurance plans are one of the simplest and most affordable ways of doing so.

5 Tips to Save Money on Your Next Vacation

Planning a vacation within one or a few years? Then the only way to achieve this goal is to start planning the finances right away. So, here are 5 suggestions to save money on your next vacation.

Set a budget

The first step to save money for your upcoming vacation is to fix a budget. For that, you need to factor in all the possible costs related to the vacation. These may include:

Transportation costs (for instance, air, rail and bus fares including those on the return trip)
Cost of meals when travelling
Hotel booking and accommodation
Food costs
Expenses towards travel-related activities, such as shopping and entertainment activities
Local transportation costs of the place that you visit

Include these costs in your budget and keep it relaxed so that it also accommodates any additional or unforeseen expenses.

After that, consider whether to invest in an avenue and use the returns to finance the vacation. A low-risk avenue is a fixed deposit investment. If you plan to invest in an FD soon, you can use an online fixed deposit calculator to learn the required maturity amount to meet your goal. You can even set your budget accordingly.

Also, Read More – How To Avoid EMI Defaults

Consider investing in an FD

Before investing in a fixed deposit, consider the duration after which you’ll have the vacation. If the period is a year or two, it’s best to choose a bank that allows you to open an FD for a minimum tenure of 1 year. As per your investment capacity, see whether the bank allows you to deposit as little as ₹10,000. Ensure that you can get access to the best fixed deposit interest rates to enjoy high returns. Look for other facilities like a loan against the fixed deposit for up to 75% of the amount deposited. Then if you decide to travel earlier before the maturity period ends, you can avoid premature withdrawals. If you get these benefits, consider investing in an FD in the particular bank.

Cut unnecessary spendings

Simply investing in the best fixed deposit may not be enough to save for your goal. So, consider saving more by spending less or not at all on less important things like:

Ordering food frequently
Subscriptions for entertainment
Impulse shopping

Open a dedicated savings account

You can open a separate savings account to save some extra money for your vacation. If you currently do a job, for instance, you can request your bank to initiate direct/automated transfers from the account in which your salary is deposited to the account dedicated to finance your vacation. Thus, you can save in a disciplined way.

Consider a Home Loan Transfer

If you’re paying high interest on an existing home loan, you can consider transferring its outstanding balance to a lender offering a lower rate of interest. Then you can save on your EMI payments that can boost your savings for the vacation. You can see whether the bank offering the best fixed deposit rates also offers attractive home loan interest rates.

Simply follow the above tips to plan the finances for your upcoming vacation successfully. Start now! Also, Read More – How Settlements Affect the CIBIL Score?

Points to remember before ICSI procedure

ICSI is another form of IVF or In Vitro Fertilization. The acronym ICSI stands for Intracytoplasmic Sperm Injection. The ICSI procedure is carried out when there is severe male infertility. The couple has frequent failed fertilization attempts with other treatments such as conventional IVF or after egg freezing. The ICSI procedure is also used for preimplantation genetic testing.

During the ICSI treatment, the embryologist takes a single sperm and then directly injects the same into the egg, as opposed to the conventional IVF treatment in which many sperms are placed together with the egg. The procedure can be done when there is a condition of male infertility or any other medical reason, depending upon the particular condition.

Cost of ICSI

The single cycle of the ICSI treatment cost can be around 2 to 3 lakh INR. The cost includes the cost of injections that are used to stimulate the development of multiple eggs. The cost can be increased if there are other IVF options included in the treatment. In addition to that, make sure there are no hidden charges included by the clinic in your bill.

Benefits of ICSI

Here is the list of the advantages that the ICSI treatment brings to the couples-

The ICSI procedure helps couples where a man’s semen does not contain sperm due to any reason.
When there is a low count of sperm, poor motility of sperm, abnormal shape of sperm, or physical blockage of sperm, couples can take the help of ICSI.
ICSI treatment enhances the chances of fertilization if the IVF procedure does not work for the couple.
ICSI helps those couples who wish to get pregnant post-vasectomy.
The ICSI procedure helps in the conditions wherein frozen sperms are not active, or eggs become hard by freezing.
Sometimes there are complications in preimplantation genetic testing with IVF that hampers the genetic screening of embryos, and sperms have not resulted in the fertilization of eggs surrounded by embryos. This condition can further lead to inaccurate results of the PGD. The ICSI makes sure that the sperms which do not participate do not have any negative impact on the diagnosis.

Risks involved in ICSI

There are a few risk factors associated with the ICSI process that are listed below-

In the ICSI treatment, there are chances that eggs and embryos can get damaged during the process.
There are chances of developing twins or triplets or maybe more if the ICSI treatment is used along with IVF. It can result in further complications.
There are higher chances of birth defects in the ICSI procedure.

Conclusion

There are various clinics across the country that can help you with fertilization. You just need to do thorough research before finalizing the clinic or hospital. Make sure that you know the success rate and standards of the lab that the staff adheres to while choosing the best fertility centre in Delhi, as these are some of the major aspects that must be kept in mind.

Domestic flight rules you must follow in India

If you are going to travel by air soon, there are a few things that covid outbreak has changed. However, you can keep yourself safe by following a few things.

To avoid any delays, make sure to use web check-in services. Online flight check-in will help you avoid the long queues in airports for domestic flights. Due to the coronavirus outbreak, the government has issued new guidelines for the passengers; here are a few of them:

Reaching the airport – There are a few factors that you should keep in mind when traveling to the airport like:
Download baggage tags and ID numbers and print them so that you can attach them to your luggage.
You are allowed to carry one handbag and one check-in bag.
You need to wear all protective gear like gloves and masks before getting to the airport terminal. You should not take off your mask anytime during the journey.
You should reach the airport two hours before departure as additional guidelines due to covid may take longer check-in and boarding.
Individuals with covid positive reports are prohibited from traveling on a domestic flight. Boarding a flight in such a case may lead to penal action.
Passengers need to self-declare that they are fit to travel along with Arogya Setu app health data.
Reaching terminal building – You should have all the necessary documents and should wear protective gear all the time. You need to go to the thermal screening area near the entry gate and get your temperature checked. You will also need to showcase your health status through the Arogya Setu app. To enter the terminal premises, you will need to show your ID and boarding pass. Once you check in your baggage, you will get SMS confirmation about the same.
Airport security – Before boarding the flight, you will have to undergo a security screening.
Hold area – You need to maintain social distancing with other passengers waiting for the flights. You should avoid seating on the chairs where ‘Not for Use’ is written. In F&B outlets, too, you need to follow proper social distancing and sanitization. You should dispose of your napkins, gloves, tissues, masks, etc., in the dustbins with yellow color.
Boarding the flight – Collect your facemasks, sanitizers, and face shields from the boarding gate. Wear your mask and shield, and sanitize your hands thoroughly before getting on the flight. You will need to self-scan your boarding pass to avoid physical contact with the staff members.
After take-off – Avoid face-to-face contact and limit the use of the washroom. Airlines will not serve food during domestic flights. Passengers will not be allowed to consume any food item on flights.

The pandemic outbreak has affected our lives, but we will have to face it with caution. Following the guidelines given above will keep you safe and prevent the spread of the virus.

What To Know Before Buying A Savings Plan

Savings plans are customized financial products offered by insurance companies that help investors attain life goals while also providing insurance coverage. Regular and consistent investment in the plans allows for the long-term creation of a sizable corpus. Furthermore, the savings scheme will enable policyholders to make investments based on their needs and risk tolerance.

Savings Plan and Their Features

Proper financial planning is essential for living a stress-free life. The most straightforward approach to living a financially secure life is to start investing with your first paycheck. However, purchasing a savings plan is advised in light of the uncertainty of life events. Along with life insurance, it helps to provide financial security.

There are multiple schemes available in the market nowadays. You can evaluate their features and purchase a savings plan online. Before deciding on a good savings plan, some of the crucial factors to consider are listed below.

How to Choose The Right Savings Plan?

Let us look at some of the essential features to buy the right savings plan for your future.

Risk Profile

The risk profile influences the type of returns expected from a savings plan. Young people typically have a high-risk appetite and are more aggressive with their investment strategies. They were more interested in investing in equities than in debt securities. It is so because the returns on equity are substantially higher than those on other assets.

On the other hand, people approaching retirement choose guaranteed return plans with minimal investment risk. As a result, these investors have a limited risk tolerance and a conservative strategy. Here the funds are invested in debt securities for stable returns.

Duration

Another important consideration when selecting the ideal saving policy is the length of time the money is invested. The best saving plans in India offer investors a long term to the medium-term investment horizon. This is because the corpus grows during the policy tenure due to the power of compounding.

Goals

Before deciding on the best saving strategy, you should establish long-term and short-term investment targets. It will provide you with a great deal of clarity and will assist you in selecting the best investment strategy.

Features of the Plan

There are various types of plans available on the market, each with its features. Therefore, it is critical to analyze the strategies based on their features for the best results. Some policies, for example, allow a policyholder to withdraw a portion of the policy’s value after a specified period. On the other hand, other savings plans have a defined tenure that might vary from 5 years to 10 years or even more.

Simultaneously, some plans provide lifetime coverage, while others offer bonuses. The company determines these bonuses based on fund performance and typically differs from one fund to another. With flexible options and comprehensive coverage, you can select the best plan that will provide you with both protection and savings. As a result, it is critical to consider the features of a savings plan before making a decision.

Charges and Deductions

The cost of a savings plan is an important consideration to make while choosing one. When deciding on the appropriate financial plan, you must fully understand the costs and expenses involved. The best savings plans have low fees and provide flexibility regarding cash withdrawal, plan term, bonus receipt, etc.

Investing demands a complete understanding of various schemes available. To make the best investment choice for yourself, assess your financial goals first, and then check the multiple options. Creating the perfect investments will allow your wealth to grow over time.

Which Factors Contribute to a High-Risk Pregnancy

About 20-30% of all pregnancies in India are high risk. This means both the mother and the baby are at increased chances of health problems. It includes preterm delivery, high blood pressure, breech position, miscarriage and poor birth weight. This is when you will require specialized help from the best gynecologist hospital in Bangalore. The specialists will diagnose and treat the issues which are critical parts of the care process. The good news is that prenatal care and support can reduce risks. It can take the stress off your shoulder and ensure a safe, healthy and full-term delivery.
But it is vital to learn about the factors that lead to these complications. It becomes easier to take precautions like altering your lifestyle, managing maternal health issues or planning the baby at an early stage. Take a look at what can contribute to a risky pregnancy.

Ø Maternal Age

Age plays a major role in determining pregnancy health. Mothers who are 35 and above have high risks of gestational diabetes, preeclampsia, reproductive abnormalities and intrauterine growth restrictions. They can be fatal if not treated medically on time. You can also face excessive bleeding, prolonged labour, genetic disorders and ectopic pregnancy.
Teenage pregnancy can lead to anaemia, high blood pressure and STIs. Premature rupture of membranes, systematic infections and puerperal endometritis are also common. These occur due to underdeveloped pelvis and nutritional deficiencies.

Ø Pre-Existing Conditions

Polycystic ovary syndrome (PCOS), kidney and thyroid disease, asthma, uterine fibroid and autoimmune disease can make you susceptible to pregnancy complications. Work closely with a healthcare provider to reduce the risks of a high-risk pregnancy. They will suggest additional treatment, management techniques, medications and at-home care. Frequent visits to the clinics and consultations can keep you in a good shape.

Ø Lifestyle Changes

Obesity, alcohol and tobacco consumption, forgetting prenatal supplements and missing doctor’s appointments can contribute to a risky pregnancy. Try to make smart choices for your baby and take control of your lifestyle. Follow a healthy diet and maintain the right weight according to your BMI. Reduce and slowly stop drinking altogether. Otherwise, you could be increasing the risks of Alcohol Spectrum Disorder. Smoking on the other hand can cause birth defects and low birth weight. Further, try to take iron, folic acid and calcium supplements before conception. This can reduce multiple health risks for the baby.

Ø Mental Health

Depression has been reported to cause miscarriage, preterm birth and low birth weight. It can also lead to post-partum depression if left untreated. This often lasts for months to come and deteriorates your physical health. Anxiety leads to small head circumference for the baby. This can impact brain size. Earlier gestational age is another common side effect. High levels of mental stress could cause heart issues and blood pressure.
In short, being mentally disturbed can have a profound impact on the baby. Get plenty of sleep, exercise often, consider breathing techniques and ensure a well-balanced diet. These are proven techniques to keep you happy and relaxed.

High-risk pregnancy can be easily detected via ultrasounds, blood tests and urinalysis. Look for signs like discharge, unconsciousness and pelvis pain. Visit the doctor immediately.

Also, Read – What is the Difference Between PCOD vs PCOS?

Why a Home Loan Balance Transfer Could be a Good Idea in 2022

A home loan balance transfer involves transferring the outstanding balance on a home loan to another lender, usually to get access to a lower rate of interest. After that, if you can submit the documents required for home loan transfer, your new lender pays the outstanding balance to your previous lender. So, the previous account gets closed. Alongside, you open a fresh account with the new lender.

The year 2022 can be a good time to opt for a home loan balance transfer if you’ve been paying high interest or dissatisfied with the services. That’s because interest rates have already declined in 2020-2021. So, the first half of FY2021 witnessed a 42% increase in borrowers trying loan transfers. Here are the benefits of doing so.

Reduce interest burden

The most common reason to transfer the balance of an existing home loan is to reduce the interest burden. So, you need to transfer it to a lender offering a lower interest rate. Then you can afford the EMIs better and repay the new loan more conveniently. Ensure to arrange the home loan for salaried/self-employed as suitable to your case before applying for a loan transfer.

Change the type of interest rate

Sometimes, you can transfer your home loan to change the type of interest rate applicable for it. For example, you may switch from fixed to floating interest rates or part-fixed and part-floating rates. A fixed rate is unchanged throughout the repayment tenure. However, a floating rate, by not being fixed, gives you access to the most attractive interest rates. Plus no prepayment charges are levied if the loan has a floating rate.

Enjoy a longer tenure

You may find it difficult to repay a loan over a short tenure. Here again, a balance transfer helps. You simply need to apply for a new loan with a longer tenure, say, up to 25 years. This allows you to pay reduced EMIs spread over a long duration. Ensure to check the necessary “home loan ke liye documents” before applying.

Also, Read Guide To Register For ENACH

Get multiple repayment options

If you want flexible repayment options but couldn’t get them from your existing lender, you can choose a lending bank offering the following options besides EMIs:

Step-up repayment facility that lets you pay more EMIs as your income increases.
A flexible loan instalment plan for applicants whose income may decrease over a few years or those approaching retirement.

Receive better customer service

Are you dissatisfied with the customer services of your current lender? You may be bothered by a lack of quick services at the service desk, extreme delay in updating personal details, frequent changes in policy, etc. In this case also, you can go for a better lender and choose a reputed bank for home loans in India.

All you need to do is ensure to meet the eligibility criteria and prepare all the documents required for a home loan transfer before applying for this facility. Then remain stress-free with a lightened interest burden and enjoy better loan services!

Also, Read Impact Of EMI Default On CIBIL

5 Questions you need to ask about IUI

Pregnancy, while it can evoke feelings of sheer joy in some women, others might feel it more stressful, the reason being difficulty in conceiving. Facts say that a woman has 25% of getting pregnant during her menstrual cycle when she’s in her 20s and 30s; the reality is not as positive for some.

Whether it’s due to age, stress, or medical condition when couples seem unable to conceive naturally, they seek aid from science and of its blessings to humankind – fertility treatments, and IUI is one of them.

What is the IUI process

Intrauterine Insemination is a type of artificial fertility treatment. In the IUI process, the sperm is washed and concentrated in the laboratory and are then placed into the woman’s uterus during her ovulation time when her ovaries release eggs to be fertilized.

How IUI works

During the IUI procedure, semen is collected from your partner or donor, which goes through a “sperm washing” where healthy sperm are collected in a concentrated amount. Your fertility doctor will then place the sperm directly into your uterus to fertilize the eggs.

IUI treatment reduces the time sperm needs to travel to reach the uterus and helps healthy sperm get closer to the eggs for fertilization.

While what we have shared are only the basics of the procedure, and if you are undergoing the IUI process, you need to know the risks, success rate, as well as precautions you need to take during and after the process.

Here are the questions you should ask your doctor at the fertility clinic in Bangalore to know more about the IUI process.

How should I be prepared for the procedure?

Before the IUI procedure, your doctor may prescribe you medication to help get your eggs matured and ready to be fertilized.

Depending on your ovulation cycle, you may be given some other medications to trigger ovulation. This will tell the doctor when you are ready for the procedure to maximize your chances of getting pregnant.

Your partner or donor is asked to collect the semen sample at home or the doctor’s office. The sperm are prepared through the “sperm washing” process to extract a healthy concentrated amount of sperm.

What should I expect during the IUI cycle?

During the procedure, your fertility doctor will slide a thin tube into your uterus through your cervix to insert the sperm directly into your uterus. It only takes 5-10 minutes for the entire process.

Is IUI painful?

IUI is not usually painful, but some women might feel mild cramping. It is normal to experience mild cramping after IUI. However, you experience discomfort days after the process; you should consult your fertility doctor.

What is the success rate of IUI?

IUI is less invasive as well as less effective than IVF. There are no facts or data that show a clear success rate of IUI. Whether you will conceive within the first IUI cycle or have to undergo for the next largely depends on various factors such as your age, your body condition, and the cause of infertility.

However, research has shown that women below 35 who have undergone IUI due to irregular periods have a 50% chance of getting pregnant across three to six IUI cycles.

What is the cost of IUI?

IUI procedure is less expensive as compared to other fertility treatments such as IVF treatment. However, the cost of the procedure varies from city to city and case to case. Some insurance companies cover the cost of fertility treatments in their health insurance plans. So before going for IUI, check with your insurer if they have such a feature under the plan you have opted for.

Parenthood is an exciting journey, and when you receive the good news after a little more wait, the joy of holding your little bundle makes it worth the struggle.

How to Save Tax in 2022?

Section 80C is the most popular section of the Income Tax Act of India to save taxes. The tax deduction under this section was last revised to ₹1,50,000 in FY 2014-15. Over the years, the cost of living has gone up exponentially. The current pandemic has only compounded it. Therefore, the limit of ₹1,50,000 must be revised and increased to a minimum of ₹2,50,000 in Budget 2022. This will up the chances of the government to achieve its aim of ‘Ease of Living’ and support individual taxpayers in reducing their tax burden.

However, a few steps from your end too can help boost tax savings. For that, consider the tax-saving investment schemes in India below.

Equity-Linked Savings Scheme (ELSS)

Equity-Linked Savings Scheme (ELSS) is a kind of equity fund. The only mutual fund scheme that offers tax benefits is ELSS. ELSS allows you to avail of tax exemption of up to ₹1,50,000 as per Section 80C. In this kind of fund, profits or returns for up to ₹1,00,000 per year are not taxed. On the other hand, ELSS has the briefest lock-in period of 3 years. So, it’s even suitable for people with a low-risk appetite.

You can double up your benefits by investing in an ELSS fund via a Systematic Investment Plan (SIP). Then you need not invest a lumpsum amount in one go. You can conveniently keep investing a small fixed amount at regular intervals. Thus, you can grow the habit of disciplined investments and expand your savings with the power of compounding while also enjoying ELSS tax benefits. Since ELSS is an equity fund with high volatility in the short term, SIP will make sure that your investments work for you.

Public Provident Fund (PPF)

Besides ELSS, tax benefits are available in a PPF government scheme too. You can invest a maximum of ₹1,50,000 annually in this fund. The government provides a guarantee on it, i.e., your investment won’t sink. Currently, the government is offering 7.1% annual interest on a Public Provident Fund. You can avail of tax exemption on your investments in this fund under Section 80C.

National Pension System (NPS)

This government tax-saving scheme in India also facilitates retirement savings. According to Section 80C, you can receive benefits of ₹50,000 along with ₹1,50,000 in tax on your investments in NPS. You can avail of a total tax exemption of ₹2,00,000.

You can begin investing with ₹1,000 per month. Any citizen of India who is 18-65 years old, is eligible the open an account in NPS.

Sukanya Samriddhi Yojana (SSY)

The government launched this small tax-saving scheme in India in 2015. You can open an account in the scheme in the name of your daughter (aged below 10) to save tax.

You can avail of tax exemption in SSY by investing up to ₹1,50,000 annually in the scheme. For now, the government is offering 7.6% annual interest on Sukanya Samriddhi Yojana.

Consider investing in one or more suitable schemes from the above options to save taxes substantially.

Choosing A Cancer Insurance Plan? 5 Things To Keep In Mind

Cancer cases appear to be on the rise in India. According to the National Cancer Registry Programme Report 2020, the number of new cancer cases in the country will increase to 15.6 lakh by 2025, a 12percent jump from the present forecast.

Surprisingly, it is not genetics that is driving the increase in patient load. Studies have shown that environmental factors and their impact on our bodies are responsible for more than 70% of cases. Depending on the cancer stage and options taken, the cost of treatment might run into lakhs of rupees. Thus, it is essential to have a cancer insurance plan to cover the expensive treatment cost.

Buying a cancer plan is a perfect approach to protect your interests and better prepare for unforeseen circumstances. There are many plans available in the market. Before subscribing to one, let us look at the five most essential elements to consider.

Five Things to Consider Before Buying a Cancer Plan

Know Your Options

There are many health plans available in the market that have distinct ways to cover the cost of treatment. The basic policies with their coverage offered are described below.

Mediclaim Plans: These are basic health insurance policies that allow you to receive reimbursement for hospital expenditures upon producing bills.

Critical Illness Insurance: In this policy, an insurer receives a lump-sum payment upon diagnosing a critical illness specified in the policy.

Cancer Insurance: A cancer-specific policy that provides coverage in all stages of disease prognosis. The cancer insurance benefit can cover treatment, hospitalization cost, or even income replacement during the treatment time.

2) Calculate the Premium

Before purchasing a product, it is imperative to calculate the required cancer insurance premium to be paid. You can use an online premium calculator to estimate the correct amount for a specific plan.

3) Opt for Higher Cover Amount

Medical inflation is increasing at a rate of roughly 10% each year. When it comes to a terminal sickness like cancer, the costs are considerably higher. The expense of prescribed medications and therapies might quickly deplete all your savings. Choosing a more significant sum assured is necessary to have the best treatment without worrying about the expenditure. Having a lower level of coverage exposes you to financial danger.

4) Choose a Plan Covering all Stages of Cancer

It is crucial to select a plan that covers all types of cancer and all stages of cancer. Cancer is classified into three stages. A policy involving step based payouts will assist you in addressing the ailment more effectively. A typical cancer plan pays 20-25 per cent of the entire sum assured during the primary stage and 100 per cent of the whole sum assured during the critical stage.

5 Opt for More Extended Policy Term

It is essential to purchase a policy with the most extended policy term possible. This ensures that the policy covers you for the maximum amount of time.

The benefits of obtaining cancer critical illness insurance are many. It covers the medical expenses incurred and guarantees you a regular monthly income during the treatment period. However, there are multiple policies available, and you can compare them before buying cancer insurance online.