All You Need to Know About Cancer Insurance India

Cancer is a dreadful disease that can threaten the foundation of individual life and a happy family. It is heartbreaking to know that approximately 2.5 million people living in India are affected by this life-threatening disease. Due to the rapid upsurge in cancer diagnosis as well as the cost of cancer treatment and care, cancer insurance has become more important than ever.

What is Cancer Insurance?

Cancer insurance is special insurance that is designed to provide financial aid to the insured if diagnosed with cancer. Cancer insurance plans are comprehensive insurance policies that save you from paying an arm or a leg and provide coverage against cancer-related treatment i.e. radiation, hospitalization, surgery, chemotherapy, blood transfusion, nursing care and cost of the prescribed medicine.

Types of Cancer Covered by Cancer Insurance Plan

Breast Cancer
Lung Cancer
Blood Cancer
Ovarian Cancer
Prostate Cancer
Stomach Cancer
Bone Cancer
Cervical Cancer

Why Should You Get a Cancer Insurance Plan?

These days, people are getting more prone to life-threatening diseases due to change in lifestyle, pollution and many different factors. It is shocking to know that 71% of death between the age group of 30-69 years happens due to cancer disease. Not only this, there are more than 200 types of cancer that can be developed in an individual’s body and unfortunately, only a few types of cancers are totally curable. A cancer diagnosis has an adverse effect on families both emotionally and financially. Moreover, not all health insurance policies provide coverage for cancer-related treatment costs. Thus, having a standalone comprehensive cancer insurance policy mitigates the risk of cancer-related treatment and saves you from selling the family heirloom.

Besides this, it is worth considering if:

Cancer runs in your family history
If you think that you have a greater risk of developing cancer due to environment, lifestyle or other reasons.
Your regular health insurance policy does not provide coverage for cancer-related treatment.
You don’t have sufficient savings to take care of your hefty medical bills.
You are not the breadwinner of the family.

However, before zeroing in on a cancer insurance plan, it is important to know the aspects of choosing a cancer insurance plan.

How to Choose a Cancer Insurance Plan?

Here are some of the important aspects that should be kept in mind before making a decision to choose a specific cancer insurance plan.

Go for High Sum Assured

Medical expenses are mushrooming rapidly over the years and if we talk about cancer treatment then it can easily make a dent in your savings. The duration of cancer treatment also lasts longer. So, it is wiser to opt for a cancer insurance plan that offers a high sum assured amount. This will act as a financial cushion at the time of crisis.

The Coverage Should be of Longer Duration

Apart from focusing on the coverage, it is also important that the plan you choose should provide coverage over a longer duration. The time period of cancer-related treatment is usually very long, so the longer the tenure of your policy will be, the more coverage you will get for the cancer treatment.

Your Plan Should Cover All Stages of Cancer

Even though the cancer insurance policy rates are high, go for a cancer insurance plan that covers you at different stages of cancer. Hence, plans which provide stage base claim payout should be your first choice. Generally, a percentage of the sum assured is provided by the cancer insurance policy for the different stages of cancer.

The Plan Should Provide Premium Waiver and Income Benefit

Getting diagnosed with cancer definitely affects the health of an individual severely. Moreover, it also burns a hole in the pocket. The high cost of cancer treatment can inevitably take your income for a toss. Hence, go for a plan that acts as a financial backup during these situations. A plan with a premium waiver benefit will not only keep your policy active but also provides financial assistance to the family of the insured as a regular income benefit.

Go-through the Terms and Conditions of Survival and waiting of the Policy

Check and re-check the waiting period of the policy i.e. the time period you will have to wait before the policy starts to provide coverage. Moreover, the survival period of the policy is also very important as the insured has to be alive in order to claim the benefits of the policy.

Wrapping it Up!

It is wise to have cancer insurance cover for individuals who are suffering from the same. With the help of a cancer insurance policy, one can ensure that he/she has the right coverage to take care of the treatment cost and help their family to be financially secured. Make sure to go through the fine lines of the policy before making an informed decision.

FAQs

How much critical illness insurance cover do I need?

The age of an individual, lifestyle pattern, annual income and city of residence are some of the important parameters that help to determine the appropriate coverage required.

What are the documents required while purchasing the critical illness insurance?

Some of the documents that should be kept handy are; age proof, address proof and identity proof. A specific document may be required in case the insured undergoes a medical test.

Does life insurance cover critical illnesses?

Yes, the life insurance policy provides coverage against specific critical illnesses under the rider benefit offered by the policy.

Surobhi Bose

A financial writer with more than 6 years of work experience in the industry who keeps a professional approach with hands-on knowledge in digital marketing. In her free time, she loves to explore new places, doing photography and also loves to sing.