Is dedicated Cancer Insurance Policy required?

Cancer Insurance policy

Among various serious illnesses, cancer is a major threat to human beings worldwide. If we talk about the last decade, the rate of death due to cancer was high around 8 lacs existing cases. Cancer is a dreadful disease, liable for 3 lacs deaths annually. Cancer cases are expected to increase from 14 lacs cases in the year 2016 to more than 17 lacs cases by the year 2020. Deaths counts owing to cancer are estimated to around 8.8 lacs by 2020.

According to a study by ICMR, mouth cancer for males and breast cancer for females are the most common types of cancer in India. Breast cancer is having 1.5 lacs new cases and lung cancer with 1.14 lacs new cases during the year 2016. Cancer cases arising due to consumption of tobacco contribute around 30% of all cancer cases.

Considering these deadly figures of this life-threatening disease, it is quite essential to go for its treatment, else you have to face the loss of a loved one.

Cost Associated with Cancer Treatment

Not only the surging incidence of the disease, the cost of its treatment has also risen significantly owing to new technology-based investigation costs, advanced treatment, and newer drugs. The cost of treatment also varies depending on the type and stage of cancer.

Getting an exact figure is not possible, however, it could cost you in a range of Rs 10 lacs to 15 lacs or may go higher as well. Each chemotherapy costs around Rs 90,000. Moreover, cancer treatment and care is a long-term in nature, so you need to pay a big fat medical bill plus recurring expenses that will wash out all of your savings or you may not be able to afford its treatment.

Due to its huge cost and considering the affordability factor, it becomes extremely essential to cover the financial risk that may incur on the treatment of this dreadful disease. Having a health cover is the best way that can assure you of quality treatment plus covers the medical treatment costs.

Some people are of a thinking that having a regular health insurance policy works well. However, a regular health policy only pays for hospitalization & other medical expenses and it does not give you enough cover for the cancer treatment.

With a view of this fact, people have started opting for health plans covering critical illnesses. It’s a prudent move, but you also need to ascertain whether a critical illness cover also covers you for cancer. Most of the times, these types of policies provide cover for heart attack, kidney disorders, and other illnesses, but give you the cover only in the advanced stages of cancer.So, it is advisable to opt for a Cancer Dedicated Insurance Policy.

Cancer Dedicated Insurance Policy

The Cancer Dedicated Policy is designed to provide financial cover to those diagnosed with cancer. This cancer insurance policy provides a comprehensive cover against the cancer diagnosis and treatment cost related to hospitalization and chemotherapy, surgery or radiation. With this cancer dedicated policy, you don’t need to worry about treatment cost and can easily focus on your recovery.

The insurer pays you at different stages of cancer. Typically, cancer dedicated policy pays you 25% of the sum insured on the diagnosis of cancer in the early stage and this payout helps you take care of the expenses during the initial stage. Upon diagnosis of the disease, premiums are also waived off and the policy continues.

In case, the cancer is detected in more than one organ, 20% of the sum insured is payable towards the treatment cost of each organ. In its advanced stage, the insurer will pay you 100% of the sum insured amount. Some of the cancer policies also offer the monthly income benefit of five years or more as specified in the plan.

Best Cancer Insurance Policy

Considering the severity of the illness, Insurance companies have come up with health policies exclusively for cancer patients.

HDFC Life Cancer Care

HDFC Life Cancer Care is a comprehensive plan that offers lump sum benefit on diagnosis of Early Stage and Major Cancer. It offers the waiver of premium, in the case of diagnosis of early stage cancer.

Its Benefits

On diagnosis of early stage cancer or Carcinoma-in-situ (CIS), 25% of sum insured is payable. On diagnosis of Major Cancer, 100% less Early Stage Cancer or CIS claims is payable. Increased Benefit is applicable, under Gold Option and Monthly Income as 1% of the sum insured is payable when opted for Platinum Option.

Future Generali Cancer Protect

Future Generali Cancer Protect plan safeguards and provides a comprehensive coverage against Cancer. This plan will help you stay financially and psychologically secure in case you or a family member of yours is diagnosed with a critical illness -Cancer. The plan offers 2 plan variants – Lump sum cover & Lum sum cover with Income Benefit.

Its Benefits

The policyholder will receive 25% of sum insured in case diagnosed with cancer in the minor stage and premiums are waived off for next 3 years or till the completion of the policy tenure (whichever is earlier). In case, cancer is being diagnosed at the Major stage, the entire sum insured is payable to the policyholder adjusting the previous payout, if any. Under Lum sum cover with Income Benefit, income of 2% of the cover amount (Sum Assured) per month for a period of 60 months on diagnosis of Major Stage Cancer.

Aegon Life iCancer Insurance Plan

Aegon Life i Cancer Insurance Plan provides cancer cover for your entire family. It covers all stages of cancer and multiple unrelated cancers can also be claimed under this policy.

Its Benefits

For minor stage of cancer, 25% of Sum Assured is payable less any previously paid. For Major Stage of Cancer, 100% of the Sum Assured is payable less any previously paid claims.

Conclusion

Cancer is an appalling disease and its cost of treatment will eat all your savings. It is, thus advised to buy cancer dedicated insurance policy that ensures adequate cover for all stages of cancer treatment & its care. A cancer policy ensures financial peace of mind and also helps you in a fight against cancer.

(Disclaimer by Author: The author is not biased towards any insurance plan or insurance company. The cancer insurance policies mentioned in the article are cited as an example only. Research and compare the cancer insurance plan before buying)

Disclaimer by InsuranceBlog -This is a guest post by Mr. Harjot Singh Narula, Founder and CEO of  www.comparepolicy.com. http://insuranceblog.asia is not associated with Mr.Harjot Singh Narula. This post is purely for knowledge sharing purposeInsuranceblog.asia have not received any monetary benefits for publishing this post or for referrals. Please visit any link outside http://insuranceblog.asia at your own risk.

Harjot Narula is founder and CEO of comparepolicy.com, an IRDAI approved insurance web aggregator focussed on selling online insurance for companies like HDFC Life, Aegon Life, Max Life, Bajaj Allianz and others. Harjot has more than a decade of experience in software development and has also spent 5 years in US working for the mortgage and risk management industry. E-mail ID- harjot.narula@comparepolicy.com

1 Comment on "Is dedicated Cancer Insurance Policy required?"

  1. dear sir is there this cover available in public sector company policies. like nic,nia,uic,oic,andstar .byj.arulmozhi

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