If you’re someone who plans your finances well, chances are that you already have a comprehensive health insurance plan in place. Having a health insurance plan shields you against unexpected financial losses when you suffer from a medical crisis. It ensures that in such cases, all you have to worry about is the recovery. Your health insurance provider will take care of the hospitalisation expenses and settle the medicals bills directly with the hospital where the treatment was sought.
Have you imagined what would happen if you were to be diagnosed with a critical illness such as cancer? Cancer treatments are expensive, last for a longer duration, and your basic health insurance plan may not cover it. What will you do in such a situation? This is when cancer insurance can come to your rescue.
- 1 What is a Cancer Insurance plan?
- 2 Why should you buy a cancer insurance plan?
- 3 What are the top cancer insurance plans available?
What is a Cancer Insurance plan?
It is a type of critical illness policy where the policyholder is given a lump sum amount by the insurance provider on being diagnosed with cancer. This amount can be used to pay for miscellaneous expenses like transportation costs to the hospital, paying utility bills, etc. Most cancer insurance plans cover cancers of – ovary, breast, stomach, hypolarynx, lung, and prostate. Skin cancers are usually not covered by cancer insurance plans.
A cancer insurance plan covers costs related to the diagnosis and treatment of cancer including chemotherapy, radiotherapy, hospitalisation, and surgery. The lump sum amount provided will depend on the stage of cancer (early, minor, major, and advanced) and previous claims made. Some cancer insurance plans also come with the benefit of regular free cancer check-ups during the policy term.
Why should you buy a cancer insurance plan?
India faces around 10 lakh cases of cancer every year out of which 50% of the cases are fatal. The rest who survive are engaged in battling the disease as a result of which their careers and finances are thrown into a turmoil. Cancer insurance can provide some relief in such cases. Apart from this, there are various reasons why you should buy a cancer insurance plan. We’ve listed the top 5 reasons for you below:
Cancer treatments are expensive
Treatments for cancer last for a longer duration and require multiple visits to the hospital and therefore, are quite expensive. The average cost of treatment for cancer ranges from Rs.5 lakh to Rs.20 lakh, depending on the stage of cancer. The treatment duration is also longer and may range from 6 months to a year. Without a cancer insurance plan, the treatments may not be affordable.
Your family has a history of cancer
If your family has a medical history of cancer, you are at a high risk of developing cancer. Hence, it will be a prudent decision to buy a cancer insurance plan for yourself. However, remember that a cancer insurance plan will not cover any pre-existing cancer conditions but only the ones that are diagnosed after the policy purchase date.
You don’t have sufficient savings
As stated above, cancer treatments are an expensive affair and in the absence of a cancer insurance plan, it can drain away your savings. Cancer insurance will not only offer you monetary support for the treatment of cancer but also act as a financial backup. The lump sum amount provided can be used to cover other expenses like doctor’s fee, medicine costs, etc. thereby reducing the stress on your finances.
Environmental factors causing cancer
Environmental pollution, sedentary lifestyles, and dietary habits are the prime cancer-causing reasons resulting in one-third of cancer deaths. If you are living in an environment that is highly-polluted or is exposed to unusual UV rays, there is a likelihood of you developing cancer. We cannot do much to protect ourselves from environmental hazards but we can put a safety net of cancer insurance around us.
Your family is financially dependent on you
If you have a family who is financially dependent on you and if unfortunately, you are diagnosed with cancer, then a cancer insurance plan can provide huge financial relief. The lump sum amount provided can be used to pay utility bills, rent, children’s expenses, etc. Cancer treatments will also require you to take time off work and cancer insurance can compensate for the loss of income.
What are the top cancer insurance plans available?
Some of the best cancer insurance plans available in the market are ICICI Pru Cancer Protect, HDFC Life Cancer Care, SBI Life Sampoorn Cancer Suraksha, AEGON Religare iCancer Insurance, and LIC Cancer Cover.
A cancer insurance plan comes with many benefits – there is no need to get hospitalised for making a claim, no sub-limits, and it also helps you reap tax benefits. However, there is one thing that you need to remember, cancer insurance cannot act as a replacement for health insurance but can be bought as an additional cover over your comprehensive health insurance plan.