- DetailsWritten by PolicyBazaar -
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Modified 09 January 2018
Urban lifestyle and health-related complications go hand in hand. While high BP and Diabetes are common these days, another disease that poses a severe threat, both physically and financially, is cancer.
The rising instances of cancer cases have become a concern. In India, women are more prone to breast cancer, while prostate cancer or lung cancer is more common among men. The reason why it is more of an unrest is the cost associated with the treatment, which is enough to burn a hole in your pocket.
Are you looking for a solution? Actually, there is not any!
Yes, you read it right. Just maintaining a healthy diet or keeping yourself fit through regular stints at the gym or physical exercises is not enough. What if you are diagnosed with a critical illness after maintaining a healthy lifestyle? There is no guarantee that your savings wouldn’t be affected.
Again, what is the solution?
You can’t overpower the chances of being diagnosed with cancer but can deal with the financial distress with a cancer insurance policy. Take a look at the reasons mentioned below for why you need this plan:
First, the occurrence of cancer is high these days. If we go by the statistics, the National Cancer Registry Program, hosted by the Indian Council of Medical Research, estimated that every day more than 1300 people die of Cancer.
In recent years, the mortality rate due to cancer has raised by 6%. This is expected to reach up to 17 lakhs by 2020 which is fast approaching. Looking at the figures, one can say that the chances of cancer are increasing and so is the threat. Hence, buying a Cancer Plan is imperative these days.
Second, the treatment costs are very expensive. Thanks to inflation, quality medical treatments are sky-rocketing. Cancer, being a menacing disease, needs intensive medical care which by all means involves heavy monetary drain. Those belonging to the middle-class section of the society can’t afford the expenses one could face during its second or last stage. Even after the surgery, medication and therapy continues. Cancer Insurance Plan comes as a saviour in this regard, which covers the expenses incurred in the treatment. This saves you from going bankrupt during a financial crisis.
Increasing cases of cancer, grouped with sky-high medical costs, compels us to have cancer insurance before it is too late. But you must consider the categories mentioned below while buying a cancer plan.
A Comprehensive Health Insurance Plan
Some insurers offer health insurance with comprehensive coverage that may cover cancer as well. In that case, you will be covered for any cancer-related treatments, surgeries, day care treatment, and chemotherapy. Pre and post hospitalisation expenses will also be covered. Thus, having a comprehensive health plan is beneficial in reducing the financial implications one may face while struggling with cancer.
A Critical Illness Plan
A Critical Illness Plan is designed to cover some specific illness. When you’re diagnosed with any of the illness listed in your policy document, the insurer pays a lump sum amount for its treatment. Cancer is on this list as most of the insurers include it in one or the other critical illness plan. In case of cancer, the insurer pays the sum insured as a lump sum regardless of the exact expense of treatment.
A Cancer-specific Health Plan
There are health plans in the financial market that are specifically designed to cover deadly diseases like cancer. These are called Cancer Plans which cover all stages of cancer and bear the expenses incurred during the treatment. The insurer pays the sum insured as a lump sum which is, by any means, a great financial help during a crisis.
How to Decide on a Plan
The wise decision would be to purchase a normal health insurance plan and complement it with a Cancer Insurance Plan or other Critical Illness Plan. The icing on the cake would be if your health insurance offers a comprehensive cover by covering cancer-related treatments. In such cases, the lump sum money that your cancer plan offers could be used for paying other medical expenses or financial liabilities.
Points to Remember
- The sum insured you choose for a cancer plan should be sufficient as the expense related to cancer treatment could be expensive depending upon the stage.
- Consider buying a plan at a young age to enjoy a lower premium.
- Understand the fine print of the policy thoroughly to avoid last minute surprises.
Considering the constant threat it throws, cancer is considered as a menace. When you cannot control lifestyle and other environment-related threats, it is better to prepare yourself to bear the expenses before such diseases knock your door. Buy cancer Plan and remain financially relieved!
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