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Cancer Insurance Plans

 

Cancer has become the most common of all critical illnesses with millions of individuals falling victim to the ailment. In fact, according to the projections made by the Indian Council of Medical Research (ICMR), India is expected to have more than 17.3 lakhs new cases of cancer by the year 2020. (Source: http://icmr.nic.in/icmrsql/archive/2016/7.pdf ).

Grim numbers, aren’t they? Well they are and the numbers aren’t the only thing which is bad. The cost associated with treating cancer is another nightmare altogether. Medical inflation is rising and treating cancer is financially draining. While you might have a health insurance plan to pay for the treatment costs, the coverage might not be sufficient. Moreover, in case of loss of income you need funds to help you recuperate and meet your family’s daily living expenses. Would your health insurance plan cover these expenses?

It won’t and so a cancer insurance plan is required. Cancer insurance policies, as the name suggests, are special health insurance policies which cover cancer of all types. The plan benefit is paid if the insured is diagnosed with a minor stage or major stage cancer.

How does the plan work?

Since cancer insurance plans cover only cancer, the plan is taken for a specified tenure and if the insured suffers from cancer during the stipulated plan tenure, the benefit is paid. Cancer insurance plans offered by insurance companies have one unique feature. The benefit paid under these plans usually depends on the stage of cancer. In minor stage cancer a portion of the Sum Insured is paid and premiums are generally waived off. If the cancer develops into major stage cancer, the remaining Sum Insured is paid and the plan is terminated. If, on the other hand, the insured suffers from major stage cancer, the total Sum Insured is paid and the plan is terminated. There are other cancer plans too which pay the Sum Insured in lump sum if the insured is diagnosed with cancer irrespective of the stage.

Features of cancer insurance plans

  No benefit is paid if the plan matures and the insured does not suffer from cancer.

 There is a survival period condition in most cancer plans. Under this condition, after the diagnosis of cancer, the insured must survive for a specified tenure. This tenure ranges from 30 days to 90 days depending on the plan.

 A No Claim Bonus is usually applicable in most plans. If there is no claim in any policy year, the Sum Insured is either increased by a specified percentage or there is a discount in the next year’s premium.

Exclusions

 Skin cancer is, usually, not covered in many plans.

 Cancer arising due to pre-existing conditions, congenital conditions, radioactive contamination, HIV/AIDS or other sexually transmitted diseases, etc. are not covered.

Importance of cancer insurance plan

 The lump sum benefit paid by the plan in case of cancer is a financial relief in an otherwise dire situation. The money can be used for treatments, meeting day-to-day expenses or for paying off liabilities.

 The plan becomes relevant in modern age when the incidence of cancer is very high.

 The plan also protects your savings from being drained on your ailment.

 Paybima offers a range of cancer insurance plans offered by different insurance companies with varied features and competitive premium rates. Since the plan is so important, you can compare the different plans and choose one online from Paybima. So, insure yourself against the implication of cancer, buy a plan at the earliest.