Which is the Best Cancer Insurance Plan?

Which is the Best Cancer Insurance Plan?

Cancer is one of the deadliest diseases on earth which can target any individual of any age group. It has the strength to weaken not only bodily but also mentally and financially. As per the findings of recent research, India is facing a massive rise in the number of cancer cases. In 2016, around 14 lakhs cases of cancer came into notice which may increase to 17.3 lakhs by the year 2020. Environmental factors contribute to around 70% of cancer cases. GLOBOCAN is an International Agency for Research on Cancer by World Health Organisation. It states India holds the third-highest number of hematological cancer patients in 2012. Thus, there is an urgent need to think about the cancer insurance plan to cover the treatment cost. Hardly six months of medical expenses can range from Rs. 2 to 20 lakhs depending upon several factors and stages of cancer. Four stages of cancer are Carcinoma In Situ (CIS), Early Stage, Major Stage, and Critical Stage.

Important Factors to Consider for Selecting the Best Cancer Insurance Plan

Fighting with cancer is the toughest thing for any patient. But, fighting with finances during ailments is the worst condition for patients. Especially when he is working alone to feed the entire family. Thus, to select the best cancer insurance plan consider the following factors :

1. The cancer insurance plan should offer the highest amount of sum insured. It will cover the sky-rising expenses on treatment, hospital bills, medicines, therapy, etc.
2. At every stage of cancer, insurance companies provide different claim amount. For CIS and early-stage cancer, the claim amount is usually low. Whereas, higher claim amounts provided against major and critical stages of cancer.
3. Most of the cancer insurance plans provide a fixed amount of sum insured. Choose the one in which the amount of sum insured increases every year at a fixed percentage. An increase in an insurance claim, definitely makes the premium amount higher. It is quite beneficial as the medical expenses for cancer keep on shooting high.
4. Always check if the cancer insurance plan offers a waiver of premium. That is, waiving off the premium for few future years or for all the remaining years of the policy.
5. Cancer can curb the income of the patient as it becomes impossible to attend regular work. Get an insurance plan that offers a percentage amount for future years on the diagnosis of cancer.

 The Usual Cancer Insurance Plan

1. Sum Insured: Most of the cancer insurance plans provide claim amount on the basis of the stage of cancer. If any previous amount is paid in earlier stages, then the lump sum amount at any stage reduces to that extent.
2. Waiting Period: The waiting period is generally around 180 days. If the patient succumbs within the waiting period, the family gets a 100% premium amount. In some plans, the patient must survive at least 7 days from the date of diagnosis of cancer. This is the 7 days survival period.
3. Policy Term: An insurance plan with the greatest policy term can help in covering expenses for a longer period.
4. Claim linked with cancer stages: Any health insurance plan can cover expenses for inpatient hospitalization. But, in the case of cancer, the claim is payable according to the stage of cancer.
5. Cancer-specific Exclusions: A critical illness plan may not cover up for cancer-specific exclusions. The cancer-specific exclusions include pre-malignant tumor, non-invasive cancer, prostate cancer stage, etc.

  Conclusion: PTIC India offers the best cancer insurance plan which provides all the above benefits. It covers all the stages of cancer and grants income benefits. PTIC India gives a maximum waiver of premium and wider policy terms. Buy PTIC India cancer plan to cover all financial worries in case of a diagnosis of cancer.