Different ways of investing in cancer insurance


New lifestyle and diseases go hand in hand. In India, where diabetes and hypertension are common diseases, Cancer has joined the league. Cancer cases are rising regularly. If we differentiate the same on the basis of gender then women are more prone to breast cancer and the number of prostate cancer and lung cancer are higher in men. People are still looking for different solutions to deal with the same.

Besides having a healthy lifestyle and diet, no one has control over cancer. Cancer can strike anyone at any time. If you want to be ready to fight against financial implications of cancer, then you should buy a cancer insurance plan. There are basically two reasons behind the suggestion of buying an effective cancer insurance policy: –

One – The number of cancer cases are high. As discussed above, the number of cancer cases is rising day by day and now it is the time to support the statement with numbers. As per the National Cancer Registry Program that is conducted by the Indian Council of Medical Research, which is also popular by the name of ICMR, around 1300 Indians die every day just because of cancer.

Talking about 2012 to 2014, the mortality rate of the cancer has increased by 6%. In fact, According to ICMR, around 17 lakh new cases will be registered by 2020 .So, with this growing number, it is important to have a cancer specific insurance plan to get the required protection and stability.

Two – the cost of the treatment are exorbitant. If you say that treating a cancer is expensive then this would be an understatement. A big thanks to the growing medical inflation rate, treatment costs of the same are getting higher day by day.

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Being a critical disease, cancer patient needs intensive treatments that continue even after the surgery. Such disease can create a whole in the pocket of the diagnosed. The cost are this much high that a normal middle-class family would not be able to have it on right time. However, a cancer insurance plan assist you in getting the coverage against the costs of treating cancer. Thus, it saves you from the financial crisis.

In India, three are basically three ways of purchasing cancer insurance:-

  • Complete Health Insurance Plan

In India, if you search online then you would come to know that there are many health insurance policies that provide coverage on cancer. If you go for such plans then you not only get the required coverage for the treatments and surgeries that are related with cancer but also get coverage against chemotherapy or Day Care Treatments. Apart from this, you would be liable to get coverage against pre- and post-hospitalization expenses too. Hence, a complete or comprehensive health insurance policy helps a lot in getting cover for financial implication of cancer.

  • Critical Illness Plan

A critical illness plan is basically an insurance policy that is designed in a way that can provide coverage against a wide list of specified diseases. If you are dealing with any critical illness during the policy term that comes under the critical illness plan then you will be liable to get a lump sum benefit to pay the cost of the same. Cancer refers to be a critical illness that get coverage almost every critical illness insurance plan. If you get diagnosed with cancer, then the plan will be there to pay the sum insured in lump sum irrespective what is the cost of treatment. A person can use this money either to get the treatment done or to deal with any other financial obligations.

  • Standalone Cancer Insurance
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There are many health insurance policies in the market that is specifically designed for cancer treatment. They are specifically designed for cancer treatment so they are able offer the required coverage at all stages of cancer. Under these form of insurance policies, you will get the sum assured amount as a lump sum. Further, you can use the money the way you like.

How To Choose?

The ideal way to invest in such protection cover is to buy a combination of a health insurance plan, and supplement the same with an effective critical illness cover. While a health insurance plan will offer the cover basic treatment, a critical illness cover will be there to deal with the expenses of cancer with lump sum money. A person then can easily use the money for paying extra medical costs or for any financial liabilities.

Points To Note

The sum insured that you will get under a cancer insurance plan should be enough the get the required coverage on time. Buy a plan at a young age to get a lower premium. You should first understand all the finer details of the plan that includes benefits, features, exclusions and much more.

Cancer has become a threat, and to fight back financially, a cancer insurance policy is a must have thing. So, it is important for you to arm yourself with an effective policy before the disease strikes. Invest today in an effective cancer insurance plan and take benefits of the same in the harsh and crucial times.

Naval Goel (CEO & Founder of PolicyX.com)

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