A decade back, the word cancer or malignancy on diagnosis report of any individual was enough to send shivers across. In other words, cancer was a devastating agent which was capable of jeopardizing a person or a family – physically, mentally and financially.
Nowadays, the scenario has changed a lot. There are ample cases of positive results in cancer treatment but affordability is still a serious issue. On a rough estimate, the number of cases is going to reach 17.3 lakh by 2020. Interestingly, the expensive cost of treatment of the disease is the primary reason behind lower survival rate. Shelling out anywhere between Rs 2.5 lakh and Rs 20 lakh for six months of cancer treatment is a grave reality. Thus, the importance of having cancer insurance has become manifold in all these years.
Among the available insurance policies, the decision with regard to cancer insurance is always a tricky one. In technical terms, there are four stages of cancer namely carcinoma in situ (CIS), early stage, major stage and critical stage.
Insurers treat the first two stages in the same way and the last two similarly. The cancer insurance plans differ and individuals need to wary of certain parameters before choosing which one to opt for.
First and foremost, it is indeed important to find out whether the concerned plan offers benefits including payouts at all stages of cancer. It is the duty of the individual to be aware of and analyze benefits in each stage and also total benefits under the existing plan. As cancer treatment is costlier than other diseases the individual has to clarify whether he has to pay the same premium amount every year or the amount is going to increase on a certain percentage. Sometimes, there are specific waivers available too upon diagnosis, which can be of great help to the patient’s family.
Regular income benefit is also another sensitive issue which is also to be explored in due course of time. Added to that, waiting period is also another important perspective for cancer insurance which is often ignored in most cases. Most significantly, ‘maximum term’ is also another parameter that needs to be highlighted in the beginning. Be it the date of commencement or date of reinstatement of the cancer insurance policy, there are ample perspectives which are to be taken care of. No doubt, cancer insurance calls for serious introspection and it is a must for India as cancer is becoming the biggest menace to human civilization.
There is no denying the fact that survival rate of cancer of different parts of the body is different. Side by side susceptibility or vulnerability of cancer varies from one individual to other, man to woman and other factors as well. Thus it is a judicious decision on part of any individual to have cancer insurance plan with an affordable premium amount.