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5 things to look for while buying Cancer Insurance

Tuesday January 16, 2018 12:17 PM, Anika Sabahat,

Cancer Insurance

Cancer refers to be the most unfortunate disease that can easily control the life of any person without a knock at the door. Cancer not only spoils the physical health, but also leaves a big impact on the financial status of the patient as getting it treated is an expensive proposition.

According to the cancer-related statistics as per the Indian Council of Medical Research (ICMR):

  • In India, the number of cancer cases has been around 14.5 lakh for the last year and the figure is likely to reach 17.3 lakh by the year 2020
  • Around 12.5 % of patients get the needful treatment during the early stages of the disease
  • Among females, breast cancer is the most common form of cancer and mouth cancer topped the list among males
  • An estimated 71% of all cancer related deaths are occurring in the age group between 30 to 69 years.
  • 70-90% of all cancers are because of environmental factors

To fight against cancer on time and to get quality treatment so that you can beat this disease, the standalone cancer insurance plan is there which are offered by many insurance companies in the market. Cancer insurance plans offer lump sum payout when the insured is being diagnosed with cancer.

Why cancer insurance plans

Now, most of the people have the assumption that there medical insurance plan will be able to cater the needs of a cancer treatment, but this is not true. You must check out your policy documents to know about this. The treatment of cancer cost may range from Rs 2 lakh to Rs 20 lakh in six months’ time frame depending upon the stage of diagnosis. Moreover, people who are diagnosed with cancer may not be able to continue with their routine job that results in loss of regular income.

The claim amount that you will get in the form of lump sum or partial payout can be used to clear the treatment expenses, lengthy hospital bills, and consultation expenses for a specialist visit. It can also cover the non-medical expenses that include travel expenses for treatment too far away places, household expenses, etc.

In the case where you are the only breadwinner of the family and have some family history of cancer, then you must think about a cancer insurance plan. It can also protect your assets and savings that may get eroded during the treatment phase.

5 important things to consider while buying cancer insurance plan

  • Go for a robust sum insured: When you are buying a cancer insurance plan, then it is really very important to take the sum insured in sync with the treatment expense. It will work as a superficial form of financial back up if and would not be able to meet the overall treatment cost. Hence, it becomes imperative to buy an adequate amount as the sum insured under the policy to combat the financial impact of this unfortunate disease.
  • Cover for all stages of cancer: It is vital to check that the cancer insurance plan covers all stages of cancer. There are cancer insurance plans which also cover multiple unrelated cancers subject to the company’s underwriting decision.
  • Waiting period clause: One more important thing to consider is the waiting period. The lesser is the waiting period the better it is.
  • Wider policy term: This feature of wider policy term will help you to get the coverage and protection for a longer term at the same premium cost throughout the policy term.
  • Waiver of premium (WOP) & income benefit: Cancer insurance plans offer inbuilt or additional benefits that include“Waiver of Premium” and “Regular monthly Income” to offer the cushion effect in the times of distress.


Be wise and choose the right cancer insurance plan for yourself. The premium cost of such insurance plans is minimal as compared to the benefits offered to them, which will financially compensate you in the hour of need.

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