Why you should
consider a cancer insurance policy?
Have you been diagnosed with cancer? Nobody would want this
even in their worst dreams. The fact, however, is that today's lifestyle has
increased the chances of getting cancer. Worse, there are over a 100 types of
cancers and any part of the body can be affected. Further, anyone can fall
victim to this deadly disease.
In fact, a recent study conducted in Britain by the British Journal of Cancer finds that the lifetime risk of getting diagnosed with cancer has increased over time - from 38.5% for men born in 1930 to 53.5% for men born in 1960. The study concluded that the lifetime risk of cancer for people born since 1960 is greater than 50 per cent now.
In fact, a recent study conducted in Britain by the British Journal of Cancer finds that the lifetime risk of getting diagnosed with cancer has increased over time - from 38.5% for men born in 1930 to 53.5% for men born in 1960. The study concluded that the lifetime risk of cancer for people born since 1960 is greater than 50 per cent now.
In India alone, about 10 lakh people
are diagnosed with cancer every year and another six to seven lakh die of it.
By 2035, these numbers may almost double to 17 lakh new patients and 12 lakh
deaths per annum, according to a special research paper on cancer in India published
in Lancet Oncology journal sometime ago.
Moreover, while the probability
of getting cancer has increased substantially, the cost of treatment has also
gone up many-fold in recent years. In fact, treatment costs now have the
potential to wipe out a common man's entire life saving. Worse, the cost of
treating cancer abroad can be several times that incurred in India, according
to a Times of India report.
This is the reason why
comprehensive medical insurance against cancer has become the need of the hour.
Although most health insurance policies available in the market today cover
almost all major critical illnesses, including cancer, but these policies
generally pay only for inpatient hospitalization and for treatment at hospitals
in India. They do not cover the entire cost of treatment. Also, the policy amount
may not be enough as the common man generally does not go for a health policy
of more than Rs 5 lakh. Such limitations may be overcome by opting for critical
illness (CI) insurance which is designed to help cover medical expenses that
your normal health insurance will not cover.
How to buy your right
insurance policy?
Yoddhas is a Cancer support NGO (Regt with
80G,12A) Not-for-profit support community formed by
patients and
volunteers. It is India’s First Online Support Network for patients. It was started in
2013 by 28 year old patient, Rahul Yadav fighting Multiple- Myeloma a rare form of blood
cancer.
We at Yoddhas are working to find various
Cancer related insurances policies so that one can pre-emtively insure and safeguard from the financial needs
of cancer treatment.
While we tried studying various insurance
policy, we explored various different policies which are active right now and
being availed by the public. We also referred to many online websites
like PolicyBazar.com and insurancepandit.com to do our comparative studies.
We compared many available policies in
India to find out which ones would be best suited for Cancer related cover.
Based on our studies these are the four insurance policies where we got a good
feedback from the people and we enquired from other patients and people who
have either been using or have knowledge about such policies.
ICICI Cancer Care Plus
|
National Insurance+ CPAA Cancer Insurance Policy
|
National Insurance+ ICS Cancer Insurance Policy
|
Religare Health Insurance
|
|
Eligibility
|
For anyone aged
between 20 and 60 yrs who is not suffering from pre-existing cancer
|
For members of Cancer
Patients Aid Association who are not suffering from pre-existing cancer
|
For members of
Indian Cancer Society who are not suffering from pre-existing cancer
|
For anyone aged
between 20 and 60 yrs who is not suffering from pre-existing cancer
|
Entry-Exit Age
|
20 yrs – 60 yrs
(renewable up to 70 yrs)
|
Not given
|
Up to 70 yrs
|
20 yrs – 60 yrs
(renewable up to 70 yrs)
|
Sum Assured
|
Rs 5,00,000 –
25,00,000
|
Rs 30,000 –
5,00,000
|
Rs 50,000 or
Rs 2,00,000
|
Rs 15,00,000 –
50,00,000
|
Policy Term
|
10 yrs
|
1 yr
|
1 yr
|
1 yr
|
Premium
|
For a typical
10 lakh cover -4,604 to 8,945 (for men)
8,602 to 14,845
(for women)Minimum single premium - 1,200 per annum
|
2,400 to 8,000
|
Rs 496 (for 50,000 cover)
Rs 1,157 (for
2,00,000 cover)
|
Rs 6482 to 9982(for men and women)
|
Waiting Periods
|
For Early
Cancer - 12 months from the risk commencement date For
Advanced Cancer -
6 months from
the risk commencement date
Should be able
to survive for 28 days from the date of diagnosis
|
Should be able
to survive for 30 days from the date of diagnosis
|
Should be able
to survive for 30 days from the date of diagnosis
|
Should be able
to survive for 30 days from the date of diagnosis
|
Firstly its always good to be planned for whatever happens. After studying the given policies and as
Yoddhas Research Team our feedback is general we can state that the Indian Cancer Society’s
policy is very cheap and easily available. Also the maturity amount is not big
enough as we know the cost of cancer treatment is high but still the return is
much higher if we compare with the premium paid. So as per our research all people
should get insured under this policy.
For some selective people who have higher
risk of cancer in their family should go for the higher premium policy because
of the cost of the cancer treatment. They should get insured under ICICI Cancer
care plus Or Religare Health insurance.
Please Note: This is a basic study based on patients and public
feedback and secondary data from the various sources. We are not in any manner promoting any particular thing over another.
Please do your research to make an informed decision.
Co-Authored By:
Rohit Banka
Research and HR Consultant
Rahul Yadav
Founder- Yoddhas and a Blood Cancer Fighter
Thanks for reading and please keep visiting our blog to discover and appreciate more Yoddhas. Do subscribe
Feel free to contact the Yoddhas team at team@yoddhas.com
Join our free patients group https://www.facebook.com/groups/yoddhathewarrior/
Feel free to contact the Yoddhas team at team@yoddhas.com
Join our free patients group https://www.facebook.com/groups/yoddhathewarrior/
Lastly, Praise the Yoddhas; Support the Yoddhas ; Love the Yoddhas!
References:
https://www.facebook.com/groups/yoddhathewarrior/ (Yoddhas Patient Group)
Great information!
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