6 Things to Focus Before Buying a Cancer Insurance Plan
Cancer is the scariest disease which may occur to anybody at any phase of life, from children to adults, it can make anyone an unfortunate prey. Not only does it affect health, immunity, stamina, and will-power, it also affects the financial condition of the patient.
According to the reports and findings by the Indian Council of Medical Research (ICMR) states that:
- In the year 2017, the registered cases of cancer were around 14.5 lakhs, this number is expected to grow up to 17.3 lakhs in the coming year 2020.
- Barely 12.5% of cancer patients undergo treatment in the initial stages of detection.
- Females are found to be more prone to breast cancer whereas, males commonly suffer from mouth cancer.
- The number of death occurred among patients in the age group of 30 to 69 amounts to approximately 71% of all cancer-causing deaths.
- Environmental factors contribute massively towards 70% to 90% of all the cancer cases.
Need for Cancer Insurance Plan
People are under the impression that any regular health
insurance plan is sufficient to cover expenses for such an incurable disease called cancer. Within a span of six months, the cost incurred in cancer treatment varies between Rs. 2 to 20 lakhs according to the diagnosis stage.
As it becomes difficult for cancer patients to continue working, it is apparent that their regular income is affected especially, if they are the sole bread earner.
Six Key Points To Keep In Mind When Buying The Cancer Insurance Plan
While buying any Cancer Insurance Plan always consider the following guiding principles:
- Higher Sum Insured: Cancer can eat up your savings as well as current income, therefore, it is better to buy an insurance plan that offers an adequate sum insured to cover the rising treatment cost. Also, look for an indexation benefit plan where the insured amount also provides for the ever-growing inflation.
- Stages of Cancer: There are three stages of cancer: Early, Major and Critical stage. Insurance companies pay the claim according to the stages of cancer. Generally, an early stage of cancer can get around 20-25% of the insured amount. On the other hand, 100% to 150% amount of sum insured is provided at major and critical stages of cancer, respectively. Besides, insurance companies do not cover all types of cancer. Therefore, watch out for the best insurance company such as PTIC India which gets you a protection cover against all types of cancer.
- Waiting Period: The waiting period should be the least in your insurance plan which can be of two types -
The initial waiting period, that is 90 to 180 days from the date of policy inception; and
Survival period wherein claim will be given if the patient survives at a predefined number of days that is commonly seven days in most of the insurance plans.
- Waiver of Premium (WoP): Various Cancer Insurance Plans offer Waiver of Premium (WoP) whereby future premium is waived off for say, three to five years or for the rest of the policy year on the diagnosis of cancer.
- Income Benefits: Some cancer insurance plans can provide 1-2% of the insured amount for a period of five years when cancer is diagnosed at a major stage.
- Wider Policy Term: Always insist on buying insurance plans from PTIC India and avail the benefit of maximum policy term according to the present age with the payment the same premium amount throughout the policy term.
Conclusion:
Do not ignore cancer as it can occur to anyone despite age, lifestyle, profession, health and wealth. Buying a
cancer insurance plan is a wise decision along with any existing health insurance plan because your regular health insurance plan cannot come to your rescue at the unexpected diagnosis of cancer. PTIC India offers the best cancer plan that covers expenses of treatment as well as offers income benefits to you and your family.
