Why buying Cancer Insurance is Important?
Cancer is a life-threatening disease and it is one of the leading causes of death across the world. According to an estimate by the 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 the National Cancer Registry Programme of ICMR, 39 lakh new cases of cancer were recorded in the 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 a life you can invest in a 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.
Cancer a Threat
Leave Covid-19 here and moving forward, the Covid-19 virus is new in this world or for scientists but has this world completely found a cure for cancer? No, Not yet
Cancer is still a question for people and for science also even in the 21st century. Cancer has still a setback impact on people, whenever they know that they are suffering from cancer they are afraid they don’t know how to react with this while we all know that Cancer can be defeated.
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% of cancer patients can be cured.
Table Content
- Cancer Treatment & Its Cost
- Why to opt a Cancer Insurance Plan?
- Benefits You Can Avail
- Top Cancer Insurance Plans in India
- Key Aspects to Consider before Buying a Cancer Insurance Plan
- A policy with adequate sum assured
- Coverage at various stages of cancer
- Waiting and survival period
- Waiver of Premium
- Policy Term
- Check Exclusions
- Concluding Words
- Related posts:
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 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 stays, 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 the diagnosis of the major stage cancer is payable for 5 years.
- Waiver of Premium: Cancer insurance plans also waive 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
| Cancer Plans | Entry Age | Maturity Age | Sum Assured | Policy Term |
|---|---|---|---|---|
| Max Life Cancer Insurance Plan | Min: 25 years Max: 65 years | 75 years | Min: 10 lakhs Max: 50 lakhs | Min: 10 years Max: 40 years |
| Future Generali Cancer Protect Plan | Min: 18 years Max: 65 years | Min:18 years Max:80 years | Min: 10 lakhs Max: 40 lakhs | Min: 5 years Max:(80 minus entry age) years |
| Aegon Life iCancer | Min: 18 years Max: 65 years | 70 years | Min: 10 lakhs Max: 50 lakhs | Min: 5 years Max:(70 minus entry age) years |
| HDFC Life Cancer Care | Min: 18 years Max: 65 years | 85 years | Min: 10 lakhs Max: 40 lakhs | Min: 10 years Max: 20 years |
| PNB MetLife Mera Heart and Cancer Care | Min: 18 years Max: 65 years | Min: 28 years Max: 75 years | Min: 5 lakhs Max: 40 lakhs | Min: 10 years Max: 20 years |
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 to choosing the right cancer insurance plan.
A 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 of the latest treatment without spending your savings.
It would be a better choice to opt for a cancer plan that offers the benefit of an 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 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 a 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 buy 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 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.
The way we are moving towards an advanced world in the hope of a better world but the question is “are we ready for that advanced world”? Well, there are many reasons behind asking this question. After the arrival of Covid-19 in the year 2020, he went away by showing us many truths. Like we always feel and say with pride that nothing is impossible in today’s world and it took too much time to make the vaccination of Covid-19.
But the way they took so much time to make the vaccination in today’s world, it’s not much different than before. In the old-time or in the past world, I did not see much difference because even in earlier times people used to find medicine for every problem and even though it took time.
