World Cancer Day is celebrated annually on February 4th to raise awareness about cancer and its impact on people’s lives. According to the World Health Organization (WHO), every year about 10 million deaths worldwide are associated with cancer, i.e. one in six deaths is related to cancer. This alarmingly high number highlights the need to be prepared for the possible financial implications of cancer diagnosis. The cost of cancer treatment in India ranges from 5 lakh to 25 lakh Indian rupees. And having cancer insurance can help you with this costly treatment. Here’s everything you need to know about cancer coverage plans:

What is a cancer coverage plan?

Cancer coverage is a type of insurance plan that provides financial protection specifically for cancer treatment. Under this policy, the insured receives a lump sum that can cover the cost of diagnosis, treatment, and other related costs such as hospitalization, surgery, and medications. It provides coverage for both early and advanced stages of cancer.

What options are available?

  • Reimbursement Based Cancer Treatment Plan

This type of cancer insurance plan offers lifetime coverage, including the option to renew every year even after you apply. In case of insurance indemnity, the insurers cover the costs of hospitalization within the limits of the sum insured. This policy also covers pre-hospital costs for up to 30 days and post-hospital costs for up to 60 days from the date of discharge.

  • Fixed Benefit Cancer Plan
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In a fixed benefit plan, policyholders receive a fixed amount guaranteed when cancer is discovered. This provides coverage for loss of income. Most of these plans do not require hospitalization and cover all stages of the cancer, providing compensation based on the stage.

Who should buy it?

Cancer coverage is highly recommended for people who have a family history of cancer. People who work in high-risk occupations such as mining, firefighting, and aviation should also consider purchasing this plan. In addition, for households that rely on a single income, purchasing cancer insurance is especially important, as a cancer diagnosis can lead to financial burden.

What do you need to know before buying?

When buying a policy, it is important to remember the waiting period. It is always recommended to choose the shortest waiting period, which will be between three and six months.

It is well known that cancer treatment is expensive, and therefore it is essential to choose the maximum guaranteed amount. The recommended sum insured usually ranges from 15 to 20 thousand rubles.

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Always look for an insurance plan that offers coverage for the maximum age; some offer up to 80 years. Cancer treatment usually takes a long time, so the longer the plan, the more safety it provides.

It is also important to check the cashless network of the insurance company. This refers to the list of hospitals and medical institutions with which the insurance company cooperates, where you can receive treatment without having to pay out of pocket.

Always choose a cancer insurance plan with the ability to waive the premium upon discovery. This way you won’t incur personal expenses if something unexpected happens.

What are some of the most common exclusions in this insurance?

Individuals who have had or have been diagnosed with cancer are not eligible for this type of insurance. In addition, it does not cover skin cancer or diseases caused by congenital diseases, biological, nuclear or chemical contamination. It also does not cover exposure to radiation or radioactivity from non-diagnostic or therapeutic sources. Cancer caused directly or indirectly by an STD, such as HIV or AIDS, is also not covered.

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How is it different from health insurance?

Health insurance policies are suitable to cover the cost of hospitalization, treatment and diagnosis of minor illnesses. However, cancer insurance plans provide more comprehensive coverage, including all costs associated with cancer treatment and regular income during postoperative care. The cancer insurance policy is valid from the moment of diagnosis and covers all stages of cancer progression. Comprehensive coverage requires both a health insurance policy and cancer coverage.

It is recommended that you carefully compare and analyze the various online cancer coverage plans in order to make an informed decision. Always read the fine print to better understand policy exceptions. And buy a policy from a reliable company with a good settlement ratio.

Article written by Siddharth Singhal, Head of Health Insurance,

Disclaimer: Disclaimer: The opinions and advice of the investment experts in this report are their own and not those of the website or its management. Users are advised to consult certified experts before making any investment decisions.

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