What Is Cancer Insurance – Pros & Cons

Cancer has become one of the most alarming disease of current time. I was reading some statistics and found that the number of cancer patients are increasing day by day in India. The data was something like around 17 lakh people were diagnosed by cancer last year and 12 lakh died out of them as per some online source. This is really a dangerous figure.

The worst part of this disease is the treatment process and the less rate of recovery even after spending huge money for treatment. In such a scenario, our typical health insurance plan may not work as per expectation. That’s why the need of a special cancer care insurance has come.

What is Cancer Care Insurance?

You might have read about critical illness policy which cover all major illness in a person’s life, e.g. cancer, any kind of surgery, kidney failure etc. But a cancer insurance policy is nothing but a kind of critical health insurance policy which will dedicate to take care of various stages of cancer & it’s treatment only.

If you’re ever diagnosed with cancer, it will take care of your costs associated with cancer diagnosis and treatment, including hospitalization, radiation, chemotherapy and surgery etc. Generally there are various forms of cancer and these kind of insurance will take care of  breast cancer, ovary cancer, lung cancer, stomach cancer, hypolarynx cancer and prostrate cancer etc. Usually skin cancer is not covered. However, in most other types of cancer, money is payable at various stages of diagnosis, treatment and surgery, including minor, major and critical stage.

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Why Do You Need a Cancer Insurance besides a health insurance?

Although you might have a health insurance policy which will cover majority of your illness in coming years, but there are lots of limitations. Here are few of them I have listed.

  • Typical health insurance only covers expenses in case of hospitalization.
  • No lump sum benefit in case of diagnose of early stage cancer.
  • Highest lump-sum amount is very low, where cancer care could provide you up to 50 lakh
  • There is no premium waiver benefit for health insurance.
  • No Free cancer check-ups or medical tests related to diagnose cancer.

Then A Critical illness health insurance is not enough?

Yes, a critical health insurance may be a better option than cancer care insurance as it may cover many other critical illness. Where you may not know whether you will have only cancer or any other disease.

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Then who should buy a cancer care plan? I think people who are working on such an environment or working lifestyle, which may threaten them get attacked by cancer, they must buy this kind of policy. For others, I would say a health insurance plan with enough coverage is first choice and then if you have enough bandwidth then go for such cancer insurance policies.

As per our current life style and food habits, doctors are predicting that the number of cases of diagnosis of cancer will grow high in country like India. And due to that the cost of treatment will also go high. In such a scenario, one can take extra pre-caution by choosing a cancer care plan.

Drawbacks of Cancer Insurance policies

Despite a cancer insurance has many benefits towards bearing the expenses of cancer care, but there are few draw backs which one can’t ignore at all.

  • The very first thing is this kind of policy will cover only cancer treatment expenses as per policy document. That means in case you have diagnosed with any other disease then your policy may not be helpful.
  • There are many exclusions in a cancer plan. E.g. skin cancer is usually not covered and any kind of pre-existing disease you have been diagnosed with cancer, then your policy will not entertain that.
  • This kind of policy has no maturity benefit, no surrender benefit, no loan facility, no death benefit.
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In India, right now there not many such polices are available in market with high sum assured value. So far I found few of the popular cancer insurance policies like HDFC Cancer Care, BSLI Canceh Shield, Aegon iCancer insurance etc, among which Birla Sunlife Cancer Shield will cover a sum assured of 50 lakhs which is really good cover.

What do you think about this cancer insurance? Do you think one should buy a cancer care plan? Share your thoughts on this by writing simple comment below. Thanks for sharing & reading this post.

What Is Cancer Insurance – Pros & Cons
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