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Why Are Cancer Insurance Policies Important

According to WHO statistics, cancer cases are expected to increase by a staggering 70% in the next two decades! In India alone, there is surging rise of nearly 10 lakh new cases every year.

There are over 100 types of cancers, each requiring a unique diagnosis; and the expenses towards these remain sky high. For e.g. the basic cost of lung cancer treatment was Rs. 4.6 lakh in 2015, much of which goes towards diagnosis for initial stages1. Add to it, the expenses towards medicines, vials and advanced cycles of chemotherapy shoot up significantly.

Unfortunately, India lags behind in cancer insurance penetration. In fact, compared to the developed countries, state-sponsored treatment in India is almost non-existent. Hence, if you live in India, investing in a cancer health insurance for yourself and your family’s financial security is prudent.

Rising Cancer Treatment Costs

Treatment costs continue to rise due to a major demand-supply mismatch. While the no. of cancer patients are rising at an alarming rate, the testing and treatment infrastructure, R&D facilities, paramedics availability is simply not able to match up. The cost is also greatly influenced by the stage of cancer. In India, cancers are detected in advanced stages because voluntary screening is abysmally low, even among the educated.

High costs of treatment can easily erode personal savings and derail future goals, leaving households debt-ridden. This is why a cancer insurance plan, that covers all stages of cancers, becomes a necessity. It helps you mitigate the expenses without compromising your family’s financial security.

Cancer Insurance Coverage

Cancer insurance policies help you manage unforeseen out-of-pocket expenses associated with cancer and its manifestations. These polices pay a lump sum amount which can be used as per requirement. In India, cancer insurance generally covers expenses towards initial diagnosis, surgery benefit, radiation/chemotherapy, and experimental treatment.

Such policies should be bought in addition to the health insurance or family floater policies that you might have. This is because the general health insurance policies can rarely provide the cover and coverage that cancer treatment might demand. Apart from direct cancer related expenses, a cancer insurance plan can help you manage peripheral expenses like accommodation, out-of-pocket expenses, up to certain limit. Hence, while cancer brings a lot of turmoil, smart planning can give you the peace of mind and freedom to battle the disease.

The comprehensive Max Life Insurance Cancer Insurance Plan takes care of extensive payments in case of an unfortunate case of cancer detection. Safeguarding the financial future of your loved ones, it lends you a tranquil state of mind to fight the disease. This plan also provides cover for smokers. While the plan covers all stages of cancer and pays a 20% lump sum on early stage cancer detection as well as all future premium payments are waived off. Apart from the product benefits, the paperless online transaction ensures convenient purchase.

Max Life Cancer Insurance Plan (UIN- 104N093V01)- A Non-Linked Non-Participating Insurance Plan. Benefits defined under the plan are payable only on diagnosis of Cancer as specified. There is no maturity or surrender benefit available under the plan.

1) The information in this article has been collected through secondary research and Max Life Insurance Company Limited is not responsible for the accuracy of the content
2) This information is provided for general knowledge only. Kindly consult your doctor/physician for any specific queries

 
 
 
 
 

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