Why buying Cancer Insurance is Important?

July 21, 2021

Cancer is a life-threatening disease and it is one of the leading causes of death across the world. According to an estimate by Indian Council of Medical Research (ICMR), more than 17.3 lakhs new cases of cancer and over 8.8 lakhs deaths will occur due to cancer by the year 2020. Under National Cancer Registry Programme of ICMR, 39 lakhs new cases of cancer were recorded in year 2016. As per the projected figures released by WHO, deaths from cancer worldwide will rise to over 131 lakhs by 2030. The number of new cases is expected to increase by around 70% in the next 2 decades to save life you can invest in Cancer Insurance plan. This disease claims 1 out of 6 deaths globally. One in every 8 men and one in every 9 women are expected to suffer from cancer during their lifetime.

It’s a fact that cancer is a dreadful disease but with advancement in technology it can be treated as well. If detected early, 80% cancer patients can be cured.

Cancer Treatment & Its Cost

A correct diagnosis is essential for effective cancer treatment. There are over 100 types of cancers and in India, the five most frequent types of cancers are of breast, cervical, oral cavity, lung and colorectal. Each cancer type requires a specific treatment that involves surgery, radiotherapy, chemotherapy, etc. When it comes to its treatment cost, it is quite expensive. The cost of its treatment, varies depending on the type & stage of cancer. The cost of treating cancer ranges from Rs 2.5 lakhs to 20 lakhs, depending upon the type of cancer and stage of diagnosis. The chemotherapy treatment alone costs you around Rs 5 lakhs.

Why to opt a Cancer Insurance Plan?

The cost of treatment has increased substantially and it can even drain off a common man’s entire life saving, leaving households debt-ridden. Considering the skyrocketing cost of cancer treatment, it is an imperative move to buy a Cancer Insurance Plan. With cancer insurance, you don’t need to pay huge cancer treatment bills from your pocket, as the insurance coverage will pay off the treatment expenditure and keep your family financially secure. A cancer insurance plan pays a lump sum amount or stage-based payout that will help you to pay the treatment expenses, elongated hospitalization stay, periodic visits to the health specialist, etc. It can also be used to take care of your household expenses as well, while you are diagnosing and recovering from the disease.

Benefits You Can Avail

  • Lump-sum Payout: Cancer insurance plans offer about 20-25% of the sum assured, in case of diagnosis of cancer at an early stage. The remaining sum assured amount is then payable at the major/last stage of cancer.
  • Increasing Cover Benefit: Some cancer plans also come with a benefit of the increasing sum assured without any additional cost. Cancer insurance plans usually offer an increase of 10% in the initial sum assured amount.
  • Income Benefit: In most of the cancer insurance plans, a regular monthly income, as 1% to 2% of the sum insured on diagnosis of the major stage cancer is payable for 5 years.
  • Waiver of Premium: Cancer insurance plans also waives off future premium for 3 to 5 years or for the remaining policy years, upon diagnosis of cancer. The waiver of premium benefit also varies depending on the stage of cancer, from one plan to another.

Top Cancer Insurance Plans in India

Key Aspects to Consider before Buying a Cancer Insurance Plan

Having a cancer insurance plan is always advantageous, as it offers coverage for treatment expenses and other recuperation aids. When it comes to planning for cancer insurance, it is extremely essential to evaluate the options and make a well-informed decision.

It is thus imperative to go through some key points, prior choosing a right cancer insurance plan.

Policy with adequate sum assured

A cancer-specific insurance plan ensures financial guard against expenses incurred in the treatment of cancer, but within the sum assured limit. When you are planning to buy cancer insurance, it would be a practical move to pick a sum assured amount that will cover the entire cancer treatment and recovery expenses, so you can avail the latest treatment without spending your savings.

It would be a better choice to opt a cancer plan that offers the benefit of increase in sum assured without any additional cost. It will help you to get a higher cover, without any additional burden on your pocket.

Coverage at various stages of cancer

You never know at which stage the cancer will be detected. Hence, it would be a wise move to opt a plan that offers coverage against all stages of various cancer types, as it will help you to meet the treatment and other allied expenses at different stages of cancer. When you are looking to buy a plan, you also need to check whether it covers all types of cancers.

Waiting and survival period

Cancer insurance plans come with a waiting and survival period. Usually, the cancer plans are having 90 to 180 day waiting period. Your claim is not admissible during the waiting period, so you need to choose a plan which has the minimum waiting period. The survival period is the time duration during which you have to survive post diagnosis of the disease. It is usually 7 days for most of the policies.

Waiver of Premium

This feature provides you an option to waive off future premiums, after diagnosis of cancer. It is advisable to opt for a policy that will offer you the waiver of premium (WOP) for the remaining policy term. With WOP feature, you don’t need to pay the future premiums and the policy will continue with its specified benefits.

Policy Term

It is one of the vital parameters that you should prior buying a cancer insurance plan. You should pick a plan that offers the maximum policy term that will ensure the coverage for a longer term. Be sure to check the policy duration, before you opt to buy a plan.

Check Exclusions

Cancer-specific plans also come with exclusions. You are advised to read the exclusions carefully, before buying the plan. Exclusions such as pre-existing cancer, cancer caused by an STD, etc. are not covered under a cancer policy.

Concluding Words

Buying cancer insurance is a prudent move towards ensuring a quality health treatment, when it comes to cancer care. It also safeguards you against the expenses incurred in cancer treatment & recovery. It is advisable to check all aspects of the policy and buy the one that provides you the protection against cancer, as per your need.

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