Regular Medical Insurance Or Critical Illness To Cover Cancer Treatment

• Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
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Most people in the world are aware of the devastating consequences of cancer. While cancer treatment takes a heavy toll on one’s body, its financial impact is yet another major thing to worry about. The cost of cancer treatment is increasing every year due to the medical inflation witnessed in India. One of the alarming facts about cancer is that India has one of the highest incidences of cancer in the world. Even worse, the number is increasing every year. In this situation, it is necessary for every individual to get adequate protection from cancer with the help of a cancer insurance policy.

Those who have realized the importance of insurance often opt for health and life insurance covers to protect themselves from various adversities. When it comes to health insurance, people may also opt for critical illness covers along with their regular base covers. While these covers are extremely important, they cannot be considered as replacements for cancer insurance covers. Let’s see in detail why cancer insurance policy is important for everyone.

Why health insurance is not adequate

Health insurance covers play a major role in protecting an individual from unforeseen medical expenses. These covers reimburse the insured for the medical expenses incurred during a particular period. In the case of cancer, health insurance plans reimburse the medical expenses up to the specified sum assured amount. However, the cost of cancer treatment is not something that most people anticipate when taking a health insurance policy. Medical advancements have helped people successfully overcome cancer. However, the treatment comes with a price.

The cost of treatment varies based on the severity of the disease and the type of cancer. For instance, a treatment procedure that comprises chemotherapy, immunotherapy, radiation therapy, surgery, and targeted therapy might cost somewhere around Rs.20 to 30 lakh in India. If you are considering global options, the cost could be much higher. In India, most people believe that health insurance coverage worth Rs.5 lakh is sufficient for their whole family. High-value coverage is not something they look for when buying a health insurance plan. Moreover, the premiums are extremely high if you wish to opt for a high-value health cover. Hence, health insurance coverage most often falls short when it comes to cancer treatment.

Why critical illness coverage is not adequate

Critical illness plans are something that people buy in addition to their base health insurance covers. These plans provide coverage against a range of life-threatening diseases including cancer. Upon diagnosis of any of the named critical illness, the full sum assured amount is paid as a lump-sum amount to the insured person. These policies are typically cheaper than regular health insurance plans for the same sum assured amount. However, they fall short on various aspects when it comes to cancer treatment.

Unlike a cancer insurance policy, a critical illness cover provides coverage only against advanced stages of cancer. In most plans, cancer must be diagnosed at stage III or IV in order to receive the benefit. If the diagnosis is made at an earlier stage, there will not be any benefit paid under a critical illness policy. Cancer insurance plans, on the other hand, provide coverage for all stages of cancer. A critical illness plan may be effective in providing coverage for various life-threatening conditions. However, they are not adequate when it comes to cancer treatment.

Benefits of cancer-specific insurance policies

Some of the key benefits of cancer-specific covers over basic health insurance and critical illness policies can be listed as follows:

• Most cancer covers provide coverage for all types of cancer except for skin cancer.
• Cancer-specific covers provide coverage for all stages of cancer.
• There are plans that provide compensation at all stages of cancer and continue to remain active till the end of the policy term.
• All future premiums are waived off if cancer is diagnosed at a minor stage.
• Most cancer covers have provisions for an additional payout in the case of diagnosis at an advanced stage.
• Similar to health insurance covers, most cancer-specific policies have No Claim Bonus for every claim-free year.
• The lump-sum payment obtained from this policy can be used for any purpose as per one’s requirement.
• Apart from diagnostic reports and physician reports, cancer covers do not require medical bills for how the money is spent.
• Cancer insurance policies are much cheaper than health insurance plans and critical illness plans.
• Unlike basic health insurance plans, cancer covers are highly beneficial when it comes to income replacement following the occurrence of a disease.

Conclusion

Cancer-specific insurance plans are offered by health insurers as well as life insurers in the country. It is worth noting that a cancer insurance policy is not a replacement for your health insurance plan. Considering the rising incidences of cancer in India, it is definitely worth investing in a cancer cover and get adequate coverage against this life-threatening condition.