Cancer has become the most common of all critical illnesses with millions of individuals falling victim to the ailment. In fact, according to the projections made by the Indian Council of Medical Research (ICMR), India is expected to have more than 17.3lakhs new cases of cancer by the year 2020. (Source: http://icmr.nic.in/icmrsql/archive/2016/7.pdf ).
Grim numbers, aren’t they? Well they are and the numbers aren’t the only thing which is bad. The cost associated with treating cancer is another nightmare altogether. Medical inflation is rising and treating cancer is financially draining. While you might have a health insurance plan to pay for the treatment costs, the coverage might not be sufficient. Moreover, in case of loss of income you need funds to help you recuperate and meet your family’s daily living expenses. Would your health insurance plan cover these expenses?
It won’t and so a cancer insurance is required. Cancer insurance policies, as the name suggests, are special health insurance policies which cover cancer of all types. When you buy cancer insurance, the benefit is paid if the insured is diagnosed with a minor stage or major stage cancer.
How does cancer insurance work?
Since cancer insurance plans cover only cancer, the plan is taken for a specified tenure and if the insured suffers from cancer during the stipulated plan tenure, the benefit is paid. Cancer insurance plans in Indiaoffered by insurance companies have one unique feature. The benefit paid under these cancer insurance usually depends on the stage of cancer. In minor stage cancer.a portion of the Sum Insured is paid and premiums are generally waived off. If the cancer develops into major stage cancer, the remaining Sum Insured is paid and the plan is terminated. If, on the other hand, the insured suffers from major stage cancer, the total Sum Insured is paid and the plan is terminated. There are other cancer plans too which pay the Sum Insured in lump sum if the insured is diagnosed with cancer irrespective of the stage.
Features of cancer insurance
No benefit is paid if the plan matures and the insured does not suffer from cancer.
There is a survival period condition in most cancer insurance plans. Under this condition, after the diagnosis of cancer, the insured must survive for a specified tenure. This tenure ranges from 30 days to 90 days depending on the plan.
A No Claim Bonus is usually applicable in a cancer insurance policy. If there is no claim in any policy year, the Sum Insured is either increased by a specified percentage or there is a discount in the next year’s premium.
Exclusions
Skin cancer is, usually, not covered in several cancer insurance policies.
Cancer arising due to pre-existing conditions, congenital conditions, radioactive contamination, HIV/AIDS or other sexually transmitted diseases, etc. are not covered.
Importance of cancer insurance pl
The lump sum benefit paid by your cancer insurance policy in case of cancer is a financial relief in an otherwise dire situation. The money can be used for treatments, meeting day-to-day expenses or for paying off liabilities.
The cancer insuranceplan becomes relevant in modern age when the incidence of cancer is very high.
The plan also protects your savings from being drained on your ailment.