It is imperative to have insurance against cancer…
India is witnessing a cancer flareup with about one million new cancer cases believed to be arising each year. About 2.8 million people have cancer at any point of time and half a million die of the disease each year. The number of cases is expected to go up because of an increase in life expectancy, changing lifestyles and risk factors such as high tobacco use.
Above statistics indicate that no one is safe from cancer and hence it makes sense to sign-on for a critical illness insurance policy or a cancer specific policy. Also, the insurance cover should preferably be Rs 5 lakh and above since a lower cover would be meaningless for a disease like cancer which entails higher treatment costs.
Various kinds of insurance plans available…
Cancer Insurance Plans: Covers all stages of cancer. Compensation is paid at every stage. All future premiums are waived-off on diagnosis. Hospitalisation is not required to make the claim. Insured cannot be suffering from pre-existing cancer conditions and cannot be previously diagnosed and treated for cancer.
Critical Illness Insurance: Immediately on detection of the critical illness like ADVANCED stage of cancer, the entire amount is paid up and can be used by the insured as he or she likes. Hospitalisation is not required to make the claim.
Term Insurance Plans with Critical Illlness Rider: On detection of critical illness like cancer, a payout is made. This payout can be either a proportion of sum insured as lumpsum or payment of sum insured itself in the form of EMIs. In thee case of lumpsum, payment at the end of policy or on death will be sum assured less lumpsum paid. No payment will be made for treatment.
Mediclaim Policy: This policy takes care of medical expenses during hospitalization, subject to the annual limit which is the sum insured. One can adopt cashless procedure (by treating in a network hospital) or reimbursement. Hospitalisation may be for illness, surgery or accident. There are disease-specific limits, room charge limits etc.
Cancer Insurance Policy of Indian Cancer Society & New India Assurance: Provides for reimbursement of claims every quarter for actual expenses incurred towards diagnosis, biopsy, surgery, chemotherapy and/or radiotherapy, hospitalization and rehabilitation. Reimbursement is made until the entire sum insured is exhausted or the insured person is declared cured, whichever is earlier.
Insurance for People Previously Diagnosed with Cancer: Lumpsum payout of half the entire sum insured is made soon after new diagnosis of the disease. Covers the risk of recurrence of previous cancer, the spread of cancer (metastasis) and second cancer (second malignancy).