Read This Before You Buy A Cancer Insurance Plan
On the first mention of the word cancer, it can inculcate fear even in the so-called tough individuals, but no individual has to stress over it if they have got an appropriate safety measure if it ever were to happen.
These days cancer has become a common phenomenon and has been taking the lives of millions of people from all around the world. The deadly disease seems to be in the rise, especially in our country and several reports have backed up up this fact.
In fact, there has been a recent study regarding this and from the study, it has been concluded that more cases are likely to increase, i.e. 14 lakh cases were reported in the year 2016 and now over 17.3 lakh cases will be elevated by 2020. And these reports have also suggested that about 70-90% of cancer cases have been occurred due to the environmental factors.
In GLOBOCAN 2012, World Health Organization’s International Agency for Research prepared a health report and turned out our country that is India is third in the list of the highest number of haematological cancer patients, after the US and China.
So amidst all of this, an individual need to consider investing in a good cancer insurance plan. Several factors need to be taken care of while choosing a plan, so here are some of the things to keep in mind while buying one.
Sum Insured and duration
The first and foremost thing you need to take care of while picking a good cancer insurance plan is the cost of the plan and for how long will it last, the longer duration the better. Usually, most of the insurance companies offer the insurance sum of Rs 50 lakh and also provides the maximum duration of 65 years. The premium on the insurance plans varies depending on the sum assured and the age of the applicant. For example, ApolloMunich offers the cancer cover plan of Rs 50 lakh starting from Rs 180 per month depending on the age of the buyer while ICICI Prudential offers plans of Rs 20 lakh cover starting from Rs 99 a month.
Stages of cancer covered
Usually, these insurance policies provide a percentage of sum assured at different stages of cancer but since cancer involves stages you should go for the plans that will cover all the stages of the disease. So make sure to read all the terms & conditions precisely before approving for a plan.
Premium Waiver and Income Benefit
A loss of income is inevitable if any of the family members gets diagnosed with cancer, it will surely affect the income of the current working member of the family which is why it is necessary that you go for such insurance plans that will promise to pay you regularly each month once the insured is diagnosed with cancer.
Also, note that Insurance companies don’t really cover all sort of cancers in their plan so while signing up for one make sure you read all the conditions carefully. Usually, the type of cancers that these plans cover are breast cancer, lung cancer, blood cancer, ovarian cancer, prostate cancer, stomach cancer, bone cancer, cervical cancer. Also if the insurer gets diagnosed with cancer caused by sexually transmitted diseases, contact with radiation or radioactivity he would not be receiving the benefits of the policy.