What to Look for in a Cancer Insurance Policy

Cancer is one of the most dreaded ailments in the world, and it is becoming more prevalent with each passing day. This is a disease that can wreak havoc on both your heath and financial situation. Treating the illness is quite a long and expensive process, too, necessitating proper financial planning.

Indian cancer statistics

As reported in the Financial Express in February 2020, India had about 1.6 million new cancer patients in 2018. This means that one in ten Indians will suffer from this ailment and one in 15 will not survive cancer. The six most common forms of this disease in India include oral, breast, lung, stomach, cervical, and colorectal cancer. These types comprise almost 49% of the total patients.

Treatment costs

Early detection is critical to successfully treat this disease. Treatment expenses may range from INR 7.5 lakh to over INR 30 lakh. Costing depends on the type of cancer diagnosed and the treatments to be undertaken. Due to inflation, medication and other related expenses are on the rise as well. Even if you are earning well, the cost of cancer treatments can significantly damage your savings.

Importance of cancer insurance

A regular mediclaim plan is inadequate to provide the robust monetary support needed to cover a life-threatening illness like cancer. Conversely, a mediclaim for critical illness can provide sufficient financial assistance for treating this ailment. However, do note that coverage is only available at an advanced stage.

Affordability can be a major constraint, and this is where a specific cancer health insurance plan comes to the rescue. Such a policy provides coverage from an early stage of the ailment. Ideally, it includes:

  • Premium waiver as per the terms and conditions
  • Day-care, inpatient, and outpatient expenses
  • Pre- and post-hospitalization expenses
  • Loss of income during treatment and while recuperating
  • Organ transplant expenses
  • Reconstruction of an affected body part necessary for normal functioning

Factors to consider while buying a cancer insurance plan

  1. Stages covered

You must select a cancer medical insurance policy that offers stage-wise payouts. Such a plan can prove valuable by providing financial aid to treat this ailment. It pays a certain percent of the sum insured at the preliminary phase and 100% in the critical period of the disease.

  1. Waiting period

This refers to the number of days for which you cannot avail of any protection from the cancer insurance plan. You must opt for a policy with the lowest waiting period. Some plans may mandate survival for a certain number of days post-diagnosis to provide cover.

  1. Income benefits

If you have cancer, you will be unable to work and earn a livelihood, resulting in income loss. So, you must choose a cancer insurance policy that offers financial support in the form of timely payouts to ensure that your family does not struggle to meet day-to-day expenses. These payments should match your cost of living so that your family members need not compromise on their lifestyle due to a lack of funds.

Compare different health cover providers and plans by using an online calculator to estimate the premium and get coverage for cancer today!

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