Cancer is one of the deadliest and the most widely spread affliction of modern living. A mere mention of the disease is enough to send shivers down the spine of the most determined.
According to a report prepared by WHO on cancer research, India is ranked third after US and China in hematological cases. It not only plays havoc with the health of the patient but also leaves indelible emotional scars on the family which goes through the turbulent ride in equal measure.
The other alarming thing to be factored in is the alarming and exorbitant cost of treatment depending on the stage of cancer: It might range around 2.5 lakhs to 20 lakhs for a 6 months treatment. There are 4 main stages of cancer:
- CIS (I)
- Early stage (II)
- Major Stage(III)
- Critical stage(IV)
The Need for A Cancer Insurance Policy
Keeping the exaggerated cost of treatment in mind, it becomes imperative to have a comprehensive cancer insurance policy which can cover the treatment cost and let the patient and their family focus on other important aspects of the treatment. Also, a good insurance plan can act as an alternative to income from work while the policyholder is undergoing treatment.
Mootable Points to Consider Before Opting For a Cancer Insurance Plan
There are so many variables to consider in a policy before you can go ahead with it. It’s always advisable to be thorough in your requirements as every policy rider comes with a cost. The points below are one of the most pertinent topics to focus on before finalizing the cancer insurance policy:
- The sum assured: This is probably the most important characteristic of a policy as this would ensure there is never a shortage of funds during the treatment. The sum assured should be in sync with the treatment cost, keeping in mind the inflation rate. Some of the robust cancer insurance policies have the benefit of indexation which means that the Insurance company will increase the base sum insured by a fixed percentage every year up to maximum predefined and prearranged percentage. This not only serves well to cover the inflation cost but also ensure that a corpus of the sum insured is built over a course of time.
- The plan should cover all the stages of the plan and the payout should be in commensuration with the stage of treatment. One should always check what percentage of the sum insured would be the payout at different stages of the treatment.
- The waiting period clause should not be missed while you go around looking for the benefits. The lesser the waiting period the better it is. Normally the waiting period ranges from 90 days to 180 days.
- There are lots of policies which offer a waiver on premium and Income benefits. Cancer takes a heavy toll on the patients’ productivity and lifestyle. Waiver of premium is a benefit provided by insurance companies in which the future premiums of up to 3 to 5 years is waivered off after the cancer is diagnosed. The stage and the duration vary from plan to plan. The other benefit that the insurance companies provide is the Income benefit plan in which a percentage of the sum insured is given as a monthly income, on the diagnosis of a major stage cancer.
- The wider the policy term the better it is. The wider policy term will give you coverage for a longer time without having to worry about the premium change all the time. For Instance, Aegon I Cancer gives the maximum term plan of 75 years whereas, on the other hand, ICICI Pru Heart and Max life cancer Insurance provides a maximum term of 40 years.
Cancer Policy Online: Buying a Cancer Insurance Policy Has Never Been Easier
Due to the online platform, buying an Insurance policy has become a breeze. The online portal allows the user to choose and compare insurance plans based on their parameters. The visual representation of the policy plans along with their premium description helps the user to make an informed decision without any pressure of agents biased opinions. The other benefit of buying online is that it’s paperless and one can buy at their own convenience, with the added benefit of making changes online.
In today’s high pressure and sedentary lifestyle, everyone is prone to diseases. It’s always better to be safe than sorry, financially ready at the time of dire need. Cancer is one such dreadful disease which one should be prepared for and a comprehensive, well thought out insurance plan will go a long way in fighting the odds.
By Naval Goel- CEO & Founder of PolicyX.com