A cancer insurance policy is very important to give coverage to the whole family and provide security in every stage of cancer.
“Cancer” is not only a simple word but like threatening thing in anybody’s life, it is a disease that has taken a lot of lives and one of the leading life taking disease across the world. According to a research by Indian Council of Medical Research, it is seen that more than 17.03 lakhs new cases of cancer have been registered and due to this it is assuming that over 8 lakhs of people may lost their lives by the year of 2020. As per Who, deaths from Cancer worldwide will increase by the year of 2030 and 1 out of 6 people is affected by this disease.
Though there are many doctors who are constantly trying to invent the cure of this disease but failed to find the ultimate cure but some advanced technology is trying to treat people well. This article is going to lighten up the importance of taking a Cancer Insurance Plan in this recent scenario.
Cancer Treatment and the cost
Right diagnostics is very important for every disease and for cancer it is very important as it can’t be cured fully. There are over 100 kinds of cancers found all over the world and in India, there are 5 types of cancer that are most seen in people such as: breast, cervical, oral cavity, lung and colorectal. Each type has its own kind of treatment including surgery, radiotherapy, chemotherapy etc. but the cost of treatment is quite expensive and varies upon the type and stage of the cancer. Generally the cost starts from Rs. 5.5 lakhs and can be up to 20 lakhs and the chemotherapy may cost around Rs. 5 lakhs.
The treatment cost is rising substantially and can make the life dreadful of a common man by taking up all his savings and leaving households’ debt ridden. As the cost is growing up constantly, so it is a right time to buy a Cancer Insurance Plan. The buyer has not to pay the huge cancer expenditures from his own pocket as the insurance coverage will pay them and keep the family financially stable. This plan also pays a good sum amount or stage based payout that bears the treatment expenses, long hospitalization stay, visits to the doctor etc.
Reasons of choosing a Cancer Insurance Plan
Cancer is a life taking disease and as the treatment cost is much more than the normal treatment that also been increasing day by day so it is generally taking out all the savings of a common man and sometime left him in debt. By considering all the things, it becomes essential to buy a Cancer Insurance Plan that will pay the huge treatment bills and give coverage to pay the treatment costs keeping the family financially safe and secure. So basically cancer insurance is the payer of a lump sum amount or period based payment to help in paying the treatment costs, long hospitalization stay, periodic visits to the health specialist and many more.
Benefits of this plan
Cancer insurance plans give the sum assurance of 20-25% if the cancer is analysis at the first stage and the remaining sum assured amount is them payable at the last stage of cancer.
Some cancer insurance plans give a benefit of the rising sum assured without any extra cost and they offer an increase of 10% in the first assured amount.
The cancer insurance plans come with a regular monthly income like 1-2% of the sum insured on analysis of the last stage of cancer is payable for 5 years.
The plans abandons off the future premium for 3-5 years upon analysis of cancer and the benefit varies on the stage of cancer.
Checklists before having the plan
Though a cancer insurance plan offers benefit and coverage for the family but it is better to choose a plan that offers benefit of increase in sum assured without extra charge. The plan should also give coverage against all the stages and provide expenditures with a minimum waiting period. It is advisable to choose the premium that gives WOP for remaining policy term and the buyer is advised to read the exclusions carefully before buying any plan.