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6 Things to Remember While Choosing A Cancer Insurance Plan

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Cancer is one of the fastest rising health threats in the world. Reasons for rise in cancer incidences include, rising pollution, urban lifestyle, stress, food habits and many other things. Market reports point to not just the exponential growth in the number of patients but also in the number of cancers across the world and India.

Men and women are equally vulnerable to this deadly disease. Given this scenario and how the treatment cost of cancer is spiralling out of control, it is ideal to have cancer insurance in place.

Cancer insurance plans offer financial relief if diagnosed with minor or major stage cancer and help the patient and his family to better deal with the situation.

There are many cancer insurance products in the market, and so it is essential to know what you must look out for when you make your decision. Keep these six points in mind:


1. Know Your Options for Covering Cancer Treatment Costs

To help cover the costs, various health insurance plans are available in the market. Here’s what each one offers:

  • • Mediclaim plans: This standard health insurance plans allows you to reimburse the expenses incurred in hospitalisation on producing the bills
  • • Critical Illness Insurance: A plan where the insurer pays out a lump sum once the insured is diagnosed with critical illness specified in the policy
  • • Standalone Cancer Insurance: A cancer-specific insurance plan that provides coverage for minor to major stages of cancer diagnosis. The benefit can be used for the cost of treatment, hospitalisation or even as income replacement during the period of treatment

2. Why add ‘Cancer Insurance’ to your financial plan?

Cancer insurance plans are available at extremely low cost, probably less than what you will pay for a meal at a restaurant with your family or your monthly bill for internet. You can easily add this plan to your basket without thinking too much about it. Cancer insurance premiums start as low as Rs 2 per day. Having a cover for will add to a financial ease and sense of security in the long run.

Mediclaim policy may not be sufficient to cover the high-cost burden of prolonged cancer treatment. Whereas the critical illness plans will cost you more as they are more provide more comprehensive cover which includes cancer as well but may have more detailed application process along with medical examination.

Cancer- insurance purchase is hassle free without any medical examination and best-suited to combat the increasing treatment cost of cancer as this disease is becoming a reality.


3. Calculate the Premium for Your Cancer Plan

Once you have made up your mind to choose cancer insurance, calculate the premium that you would need to pay for the same. Make use of a premium calculator to get a quick quote.


4. Opt for a higher Cover Amount (Sum Assured)

Considering the alarming rise in the health care costs, having insurance for cancer can make a huge difference. A life threatening illness like cancer can exhaust all your savings and put you under loans. Having a backup with adequate cancer insurance can not only cover your treatment cost but also protect your savings.

Why you should opt for a higher cover?

The average cost of cancer treatment is Rs 5 to 6 lakhs, contributed by various cycles of chemotherapy, bone marrow tests, PET scans, endoscopy, radiation etc. Moreover, each chemotherapy cycle can cost anywhere between Rs 70,000-80,000, and this cost is only expected to rise in the future.

Opting for a lower cancer insurance cover will still leave you open to the financial risk.


5. Choose A Plan cover all stages of cancer

Pick a plan that offers a stage-based payout to suffice the treatment . Most of the cancer insurance plan covers minor and major stages of cancer.

Typically, cancer insurance plans offer 25% of the sum assured, which is payable at minor cancer conditions like carcinoma in situ (except skin and prostate). While for major conditions of lung cancer, breast cancer, colorectal cancer, kidney cancer etc., 100% of the sum assured is paid.


6. Look for Longer Policy Term

It is vital to consider the policy term before finalising your insurance for cancer. Check for the plan that covers you for maximum age. Few of the cancer insurance plans cover you till age of 80 years. The longer policy term will ensure that the risk is covered for a longer period of time.


Conclusion:

Considering the fact that the premium for a 30-year-old non-smoker male, comes to just Rs 991 annually for a 10-lakh cancer cover, it’s a no brainer to take cancer cover today. The long and short of it is, getting a cancer cover is much cheaper than the money you spend on one-time entertainment or frequent dine-outs.

Protection against 59# critical illness @ Rs.14/day* Get a Quote

# 59 Critical Illnesses are covered under Critical Illness Cover (Option 2) and Critical Illness Cover with Return of Premium (Option 4)
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