Among various illnesses, cancer is a major threat to the life of human beings globally. As per data from Census of India, the death rate due to cancer in India is 97 per 100,000 persons with high prevalence in urban regions. The incidence of cancer is highest among the elder people and among females during their reproductive age.
Types of cancers including skin cancer, lung, stomach, liver, blood, breast and mouth cancer are one of the most prevalent ones. Over 1.15 lakh new cancer cases are registered every year in India. As per Indian Council of Medical Research, in year 2018 more than 4.13 lakh men and 3.71 lakh women died due to cancer. Moreover, 9.81% men and 9.42% women are at risk of developing cancer before the age of 75 years.
The cancer disease has become a major public health concern in India. The treatment expenses for cancer hospitalization is financed through taking debt, sale of assets and get assistance from friends and relatives. The out of pocket expenditure for cancer treatment is among the highest for any illness. More than 60% of households who seek cancer care in private hospitals need to incur out of pocket expenses.
Considering the severe financial implications, you need a disease-based approach to finance the high-cost ailment such as Cancer. In order to meet the cost of cancer treatment, you are advised to choose Cancer Insurance plan that will cover the entire treatment cost and you don’t need to pay from your pocket.
In view of medical advancements, there has been increased chances for early detection and successful treatment of cancer. Although the cost of its treatment is quite huge, by buying cancer insurance plan it’s possible to get the complete cover against cancer treatment cost.
A cancer plan is a specific type of health insurance plan that provides financial assistance for different stages of diagnosis including Carcinoma in Situ (CIS), minor, major & critical. With this cancer cover, your family feel financially and mentally secure to deal with the distressing situation that comes with cancer disease.
There are some key factors that focus on the need to buy a Critical Illness Health Plan.
The average cost of cancer treatment is around 15 to 20 lakhs or even high and its cost of treatment is extremely tough to pay from pocket. Buying a cancer insurance plan safeguards you against the huge and cumbersome treatment cost. A cancer plan pay a fixed amount upon getting the treatment done of an insured person.
Due to cancer disease, you will not be able to continue your normal lifestyle that will result in loss of income due to poor health conditions and treatment costs make a dent to your pocket. With help of cancer plan, you will not have to meet treatment expenses from your previous savings instead this plan covers cancer treatment expenses.
A cancer insurance plan provides financial aid to cover the treatment expenses of cancer. In case of diagnosis of cancer disease, you will feel assure that there is a plan that will pay the fixed benefits that will cover the entire treatment cost.
We are specifying the features & benefits of some cancer insurance plans that will help you to decide the right plan.
HDFC Life Cancer Care is a comprehensive cancer plan that provides cover against early or major stages of cancer. This policy provides lump sum payout on the diagnosis of cancer for any stage of cancer.
Upon receiving a claim of diagnosis of cancer, all the future premiums for next 3 policy years will then be waived off. Under Platinum option, the income benefit will be payable for next 5 years. Under Gold and Platinum option, the cover amount will be increased by 10% every year up to 200% of the Initial Sum Insured.
Max Life Cancer Insurance plan cover against all stages of cancer. In case of diagnosis of Carcinoma in Situ/diagnosis of early stage cancer, 20% of indexed sum insured + waiver of all future premiums.
On diagnosis of major stage cancer, 100% of indexed sum insured less CiS/Early stage cancer claim paid. It also pays the income benefit equal to 10% of basic sum insured payable up to 5 years from next policy anniversary.
ICICI Pru Heart/Cancer Protect plan provides the coverage on the first diagnosis of cancer that help you to recover without financial worries. The plan continues even after the first payment for a minor condition, with waiver of premium and cover you from any future major treatment expenses.
Note: The cancer insurance plans mentioned above are not the exhaustive ones. You may also refer other cancer plans to choose and pick the right cancer cover for you & your family.