Stats from the National Cancer Registry Program conducted by ICMR (Indian Council of Medical Research) show that every year 11,57,294 people get diagnosed with cancer. Despite these drastic stats, we ignore the threat of this disease, and the majority of cases are discovered in the latter stages. The late detection of cancer only makes the treatment more difficult and expensive.
A study by the American Society of Clinical Oncology found that India is one of the costliest countries when it comes to the treatment of cancer. ‘The treatment can cost anywhere between 2.5 lakhs to 20 lakhs depending on the severity of the disease’. And these expenses can deplete your savings in a single swoop. Therefore, purchasing a cancer policy becomes extremely important.
When you purchase cancer insurance, you secure yourself from the financial burden that might befall you in case you get diagnosed with cancer. Buying a policy that can serve your needs if they arise, is of utmost importance. However, choosing the perfect policy requires research and time. But don’t worry we have listed down some essential features that will help you in picking the best cancer insurance policy in India:
Features to Look for In A Cancer Insurance Policy
Cover for all Stages
Diagnosis and treatment on time play a vital role in curing cancer. You can never tell at which stage cancer will be detected. Therefore, it is imperative that you choose a plan that offers coverage for all the stages of cancers. But, you should also keep the fact in mind that the sum assured may vary on the basis of detection of cancer at specific stages.
Stage-based Payout Option
The stage-based payout is a feature that every cancer policy must have. It helps in confronting the treatment costs and other associated expenses with ease at different stages. The insurance policy should offer at least 25 percent the sum assured on minor-stage cancer diagnosis, and 100 percent of the sum assured at the major stages.
The Requirement of Medical Examination
Most of the times, the fear of medical examinations and their lengthy processes keeps people away from purchasing cancer plan. However, you need not worry. We at Future Generali provide “no medical exam” cancer policy which you can easily buy within a few clicks.
Waiver of Premium
Many times, despite getting cured completely, cancer patients are not able to resume their normal life for some time. This, in turn, affects their finances. Moreover, if the diagnosed person is the sole bread earner, his/her family may struggle to manage household expenses or even pay premiums.
Therefore, it is crucial to choose a policy that offers assistance during such circumstances. Waiver of premium is one such feature of best cancer insurance policy in India, as it keeps the policy active by waiving off the premium payments for a maximum of three years in case the insured has been treated for a major stage cancer.
Income benefit feature helps in providing a regular monthly income to the insured in case he/she is diagnosed with a major stage cancer. The payout is usually 2 percent of the total sum assured and is payable for a period of 5 years.
It is not common knowledge, but cancer insurance policies in India come with a waiting period. It is the initial period ranging from 180 to 365 days, during which the insured cannot claim from the policy. Therefore, it is suggested that you go for a policy that has the least waiting period.
A cancer insurance policy is a capital investment for people looking for the value of money. The cost is minimum, and the benefits offered are maximum. However, before purchasing a policy always look for the features mentioned above. They will assist you in selecting a policy that provides you with a comprehensive cover while meeting your requirements.