OneInsure Blog
Post By Shraddha Gala
7 Reasons Why You Should Opt for Cancer Insurance
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Cancer Insurance Cover
Remember Mukesh? Not Mr. Ambani – the other Mukesh. He was that famous oral cancer victim who had caught almost everyone’s attention in cinema halls in the government’s Say No to Guthka campaign.
The famous audio-visual clip that featured Mukesh was shot just before his surgery, which cost him lakhs of Rupees. Soon after this surgery, Mukesh lost his speech and eventually passed away, leaving behind a huge medical loan and all sorts of trauma for his family.
Just like Mukesh, there are almost 3 lakh deaths every year in India due to Cancer! WHO data states that India will have more than 13 lakh new cancer cases in 2020.
Who knows, YOU could be next!
Paying attention to increasing cancer cases in India, many insurance companies have come up with Cancer insurance policies to financially support you and your family if and when you are diagnosed with Cancer.
Here are seven strong reasons why you should opt for a Cancer insurance policy:
Increasing Cancer Cases
Habits like smoking and chewing tobacco have been scientifically shown to cause Cancer. What is lesser known is that new-age technologies like genetically modified food, preservatives, air pollution, and the constant bombardment of wireless radiation such as WiFi and cellular networks are slowly but surely emerging as secondary causes of Cancer.
The worrisome bit is that these are so intrinsic to urban life that we cannot draw ourselves away from them without a major overhaul of our lifestyles, which is not feasible.
This is the reason Cancer is growing at such an exceptional rate in India.
The Booming Cost of Cancer Treatment
There are several methods to treat cancer today – radiotherapy, chemotherapy, surgery, transplants. Each of these treatment methods uses different drugs, equipment, time, resources, and expertise to treat the malignancy, all of which are rarified fields of medicine and therefore cost a great deal to undergo in specialty hospitals.
|
Treatment Methodology |
Approximate Cost |
|
Radiotherapy |
Rs 10 – 20 lakhs |
|
Chemotherapy |
Rs 65,000 per session |
|
Radiotherapy + Chemotherapy |
Rs 24 lakhs |
|
Kidney transplant |
Rs 5 – 25 lakhs |
|
Bone marrow transplant |
Rs 25 – 50 lakhs |
|
Heart transplant |
Rs 10 – 30 lakhs |
|
Liver transplant |
Rs 15 – 25 lakhs |
Insufficient Financial Backup Leads to Bankruptcy
No one can simply come up with Rs 10 to 20 lakhs in a few weeks’ time to effectively treat cancer. Moreover:
- What about your family’s daily needs if you are hospitalized?
- What about your child’s education/marriage?
- What about your family’s lifestyle?
- Who will pay the outstanding loans if the worst happens to you?
If you don’t have an answer to these questions, then buying a Cancer plan is a must!
Cancer Insurance as a Supplement to Your Current Policy
As a supplementary insurance plan, a Cancer insurance policy reduces the out-of-pocket cost associated with cancer diagnosis and treatments, which include hospitalization, radiotherapy, chemotherapy, surgery, nursing care, blood transfusions, and the cost of the prescribed drugs (for this particular treatment methodology). Moreover, a normal health plan may offer coverage up to Rs 5 lakhs whereas a cancer plan offers much higher coverage (up to tens of lakhs).
Coverage for Almost All Stages of Cancer
Usually, a health plan or critical illness plan covers Cancer only up to or after a particular stage. On the other hand, most cancer insurance plans provide coverage right from the early stages to the advanced stages of cancer.
Unique Benefits That Aren’t Available Elsewhere
Usually, cancer plans offer all the following benefits either as an intrinsic feature of the plan or customers have to opt for them separately by paying an additional charge:
- Lump Sum Pay-out on Detection – Cancer plans pay the policyholder a fixed amount, which is a percentage of the sum assured, on the diagnosis of cancer.
- Waiver of Premium Benefit – All future premiums payable under the plan are waived off for a period of three or five years or even for the entire policy duration, on acceptance of a claim under an early or major stage of cancer.
- Income Benefit – Under this benefit, the insurer pays a monthly income equivalent to 1% of the chosen sum insured for a defined period, which is usually three to five years, on the diagnosis of a major stage of cancer.
- Increasing Cover – Insurers also offer the option of increasing the basic cover by up to 10% every year (up to 200%) or till the time a claim is made for an early or major stage of cancer.
Minimal Premiums (as low as Rs 5 – 10 per day)
As opposed to the coverage offered by these plans, the premiums are very low – around Rs 5 to 10 per day for a relatively healthy 30-year-old!
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That’s a wrap! Don’t wait for Cancer to come and knock at your door when you have no financial backup.
Get a Cancer insurance plan NOW – call 86559-86559 or email support@oneinsure.com
Be Sure with OneInsure!
(Source and credits: ET, Impact Guru)
