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Modified 09 January 2018
Being diagnosed with Cancer is the last thing you would ever want in your life. However, in reality, owing to today’s lifestyle, the chances of getting affected by this deadly disease are high. The worst part is that it not only wrecks your physical health but also adversely affects your financial planning. As the expenses have gone up manifolds, a stand-alone cancer plan can do wonders by sharing the financial burden of the treatment. Under cancer insurance plan, a lump sum amount is payable to the insured for cancer treatment.
Cancer-What the Statistics Say
- As per a recent research by Indian Council of Medical Research, around 14.5 lakh cancer cases were registered in the previous year, a figure which is expected to reach by 17.3 lakhs by 2020.
- Only 12.5% percent of people avail treatment at an early stage of cancer
- Breast Cancer is more common in all age groups while mouth cancer tops the list among men.
- 71% death due to cancer occurs between the age group of 30 and 61 years.
- Environmental factors are the root cause of 70%-90% cancer.
Why Do You Need a Cancer Plan?
You might assume that your health insurance will cover you for a deadly ailment like Cancer. The expense of getting treated for cancer may range between 2 and 20 lakhs just for six-month regular treatment. Moreover, the one who is diagnosed with the disease may not be able to continue with his/her regular job. Imagine if the breadwinner of a family is diagnosed with cancer. Without his/her support, the dependent family will have to face financial hardships.
The partial or lump sum amount paid by the insurance company can be utilized for treatment, paying hospitalization expenses or for doctors’ consultation. It could be a great financial help for the insured and his/her family during this hardship.
However, before buying a plan you should consider few things which will pay off in the long run. Here we go:
Buying Cancer Plan? Your Checklist:
Buy a Vigorous Sum Insured
Increasing inflation in the medical field is alarming. And when it involves an exorbitant cost to treat a deadly disease like cancer, you should be careful while choosing the sum insured. As the treatment for cancer is completely based on its stages, cost of treatment will surely increase at every growing stage. Moreover, if one has a family history of cancer, it increases the vulnerability of being diagnosed with this disease.
At the time you buy a plan, remember to adjust your sum insured with the stage-wise treatment expense. It is your financial backup that saves you from going bankrupt during a crisis. Hence, a Cancer Plan with an adequate sum insured is imperative in today’s scenario.
Ensure Your Policy Covers All Cancer Stages:
Usually, Cancer is diagnosed based on the 3 stages: pre-cancer stage, early stage and major stage. Ensure that the plan you are opting for offers stage-wise payouts. Before taking a plan it is necessary to analyse the payout for different cancer stages and the benefits of the plan. Mostly, the insurance companies pay up to 20 to 25% of the total sum insured under a Cancer Plan if the disease is diagnosed at its early stage; while 100% of the sum insured is paid at the critical stage. Remember to make sure the plan covers all the stages of cancer.
Waiting Period Conditions:
While buying a plan don’t overlook the clause about the waiting period. Try to go for a plan with a minimum waiting period. However, under a cancer plan, the insured has to serve two types of the waiting period. They are:
- Initial Waiting Period: The initial waiting period is about 90 to 180 days from the commencement of the policy, within which no claim is accepted by the insurer.
- Survival Period: The survival period is calculated from the date of diagnosis of the disease. After serving the survival period, which is, normally, 7 days from the date of diagnosis, the policyholder is eligible to claim his/her insurance. Insurance policies like Future Generali Cancer Protect Plan, Max Life Cancer care, HDFC Cancer Care have a survival period of 7 days. On the other hand, some plans don’t have any survival period and the insured is extended financial help right away, once he/she is diagnosed with cancer.
Look for an Extensive Policy Term
Always consider the policy term before zeroing on a plan. Look for the plan that offers maximum term. By opting for a plan with larger policy tenure, you can enjoy the policy coverage for a longer time with the same policy premium.
The Bottom Line!
Be an informed buyer; choose the right plan. Though you will find the premium for these plans hefty, it will still be less when compared to the features and benefits they offer. They provide a financial back-up during the hour of need. Remember, Cancer Plan is not a substitute for your existing health insurance plan. It is a supplementary benefit to your basic health plan that boosts the actual coverage so that you can deal with that distress without worrying about the financial help.
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