With the rising concerns of cancer-related mortality, several insurance companies worldwide are now offering a specialised cancer insurance plan. Read on to know about the critical things to consider before buying cancer insurance.
It is no doubt that cancer is one of the most dreaded diseases in the world. It can occur to anyone, and it not only leads to health deterioration but also may lead to fatal consequences. Besides, the treatment of the disease can be quite expensive, which can significantly impact your financial health. In such a situation, it is quite a relief that many insurance companies around the world are now offering a special cancer insurance plan. But, before we delve into the cancer insurance and what are the things you must know before buying one, let us look at cancer-related facts as compiled by ICMR – Indian Council of Medical Research.
- In India, nearly 14.5 lakh cases of cancer are detected every year, and the figure is likely to increase by 17.3 lakhs by 2020
- In only 12.5% of the cases, the disease is detected at an early stage
- One of the most common types of cancer detected among females is breast cancer, and among males, it is mouth cancer
- Nearly 71% of all the cancer-related deaths occur in the age group between 30-69 years
- In 70% of the cases, the disease is caused due to environmental factors
The above statistics are a clear testimony of how dangerous the disease is and is also a clear indication that you need sufficient protection against it.
Why Buy a Cancer Insurance Plan?
Many people assume that their health insurance policy will cover the expenses for a terminal illness like cancer. Typically, the cost of cancer treatment ranges from 2 lakhs to 20 lakhs INR depending on how early the disease is diagnosed. Also, people affected by the diseases may not be able to continue working, which means they may lose their regular income.
With cancer insurance, you can claim a partial or lump sum payout to settle the expenses like medications, hospital stays, doctor consultation fees, and tests. If you are the only earning member of the family, or if you have a history of cancer in your family, you must surely get cancer insurance. It would help you safeguard your savings and other assets that may quickly erode during the treatment phase.
Important things to know before buying a cancer insurance plan
Get sufficient coverage
The cost of treatment for cancer can quickly spiral, and if you do not have adequate coverage, you may have to bear the additional expenses out of your pocket. So, make sure that you opt for a plan with a sufficient sum assured.
Know about the payment schedule
A good cancer plan will offer comprehensive coverage, irrespective of what stage of cancer you are diagnosed with. Usually, the cancer plans in India cover 30% of the expenses for the early stages of cancer and 70% for later or advanced stages.
know about survival and waiting period
Every cancer care insurance plan comes with certain waiting and survival period, which is mentioned in the policy document. The waiting period is the time you must wait before the coverage starts, and the survival period is the time the patient must be alive after the disease is diagnosed to claim the benefit. Make sure that you carefully read the fine print to avoid any confusion while claiming a payout.
Today, the insurance companies offer several add-on benefits to make their insurance plan stand-out from the competitors. These benefits range from waiver of premium to regular income for a fixed period. These add-ons are vital as they provide you with additional financial benefits during the treatment period. Look for an insurance company that offers the best add-on to suit your needs.