Should You Invest in Cancer Insurance?

Apr 05, 2018 | 10 months ago | Read Time: 3 minutes | By iKnowledge Team

Should You Invest in Cancer Insurance? - Aegon Life Blog

Cancer, the word is enough to slow down your usual thought process. Imagine having the dreaded disease? Not only does it exhaust one physically and emotionally, but also drains one financially. It has been reported as a  leading cause of death worldwide and even in India, there is an alarming rise of cancer cases. In 2016, The ICMR stated that India is projected to have approximately 8.8 lakh deaths due to the disease by 2020 and 17.3 lakhs new cases registered because of different cancers. In such a scenario, it is prudent to have a medical insurance that covers cancer insurance specifically.

The standard argument against purchasing cancer insurance is the bleak probability of being diagnosed with Cancer. In this case, why should one buy an insurance plan for a future occurrence of such negative proportions? Such a standpoint is only one-sided and miniscule in opposition to the mounting costs of cancer care. If you possess a history of Cancer in your family or are the sole earning member in your family, buying a cancer insurance the safest option against the ghastly inevitable.

Although some comprehensive medical insurance and include critical illnesses like Cancer, normally the payout is not enough to cover the large expenses of the cancer treatment. One has to plan for the doctor visits and the costs of chemotherapy. During cancer treatments, one might find it difficult to continue with regular employment, so this lump sum payout also mitigates the costs of running a household and maintaining the lifestyle your family is used to.

As per the recent statistics of the ICMR, an estimated 71% of all cancer related deaths are occurring in the age group between 30 to 69 years. This indicates that Cancer is a disease not defined by age, gender or social structure. It is slowly developing into an epidemic, harmful for an enormous demographic. Therefore, investing early in a cancer insurance policy will be no folly, and can guarantee a sufficient amount to safeguard your financial well-being.

The Aegon Life iCancer Insurance Plan is a focused health insurance plan for cancer with benefits that cater to your health needs and risk mitigation. It is specifically designed to provide financial support for the cancer treatment at every stage of the disease through Stage-based Benefit Payments. It covers all types of cancers except skin cancers. In India, the largest number of cancer related deaths in men occur because of lung and oral cancers, whereas the female population is highly susceptible to cervical and breast cancer.

In this cancer insurance policy, the coverage available to you ranges from 10 lakhs to 50 lakhs and it covers over 100 unrelated cancers right from their initial stages. You receive 150% of your assured sum if cancer is detected in the critical stage and 100% of your assured sum if it is detected in the major phase. It aslo eases your burden by waiving off all your future premium payments if the claim in Major Stage is approved.

The treatment for Cancer is excruciating not only for the patient, but also for his near and dear ones. It takes a toll on finances and assets putting immense pressure on the earners in the family. During this stressful hour, it is best to have a cancer insurance to fall back upon. The struggle you encounter should be only related to your wellness, and not have recurring nightmares about how you will pay for the best available treatment. Be assured and insured, safeguard your interests for unforeseen circumstances like Cancer.

Summary: With the ever-increasing risk of Cancer in India, cancer insurance is a prudent step. Does your medical insurance cover cancer insurance?


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