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Why you should get a standalone cancer insurance plan?

Mar 15, 2018 | 2 years ago | Read Time: 2 minutes | By iKnowledge Team

Standalone cancer insurance plan is the need of the hour due to increasing cancer cases, treatment costs and shortcomings of ordinary insurance plans.

Cancer can deplete your health and your finances. The latter, however, can be avoided if you have an insurance plan. No, not just an ordinary health cover, but a dedicated cancer insurance plan. Here’s why it’s important:

  • Rising cases

Over 17 million Indians are likely to be afflicted with cancer by 2020, according to Indian Council of Medical Research (ICMR)! That itself should tell you the importance of having a cancer cover.

  • Spike in treatment costs

The sobering number of cases gets grimmer if you take the cost of cancer treatment into account. A study done by Chicago-based American Society of Clinical Oncology found that, globally, cancer treatment was least affordable in India.

For example, a chemotherapy can cost you about Rs.1 lakh per session in a private hospital. And if you add lab tests, hospitalisation charges and medicines, your bill can run up to Rs 20 lakh! That’s prohibitive for most Indians. This is another reason to have a cancer insurance plan. This will safeguard your finances if you are diagnosed with cancer.

  • Limitation of insurance plans/Mediclaim

A health insurance plan or a Mediclaim policy can foot your hospitalisation bills. But, it may not cover your entire cancer treatment. Such plans usually have an upper limit for each treatment, including cancer. This means that you shell out the arrears, which can be hefty, from your pocket.

A cancer insurance policy, on the other hand, covers all stages of cancer treatment. You don’t have to spend a dime for your treatment. For example, Aegon Life’s iCancer Plan gives you 150% of the sum assured (it is the amount you are insured for) if you are diagnosed with critical stage cancer. If you are suffering from a major stage cancer, you receive 100% of sum assured amount.

This money can also pay the monthly bills when you are recovering from the debilitating effects of chemotherapy. After all, you can’t expect to start working immediately. It takes several weeks to recover from such a life-threatening illness.

To sum up

Standalone cancer insurance plans have become a necessity in this day and age. So, why take the risk of exposing yourself to the vagaries of life?

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