How Much Cover Health Insurance Can Provide For Cancer?
Updated On Sep 06, 2022
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A cancer patient would experience significant financial hardship due to the escalating expense of medical treatments. The cost of medical diagnosis and treatment, which includes surgery, chemotherapy, radiation, hospitalisation, and other related expenses, is predicted to range between Rs. 2.5 lakh to Rs. 20 lakh over a period of six months. Therefore, having a good health insurance plan for cancer is now essential, especially for those who have a family history of cancer.
It shall also be noted that an individual must not have any pre-existing conditions that are connected to cancer in order to be eligible for cancer insurance. The insurance is not available to those who have already received a diagnosis and treatment for the condition.
Stages Of Cancer For Calculation Of Insurance Cover
Generally speaking, there are four primary stages to cancer:
- Carcinoma in Situ (CIS)
If the patient has just been diagnosed with cancer, this stage occurs when the cancer cells have not yet completely permeated the surrounding tissues.
- Early Stage
A malignant disease can penetrate and obliterate adjacent tissues in the early stages.
- Major Stage
There will be an uncontrollably expanding malignant tumour. The cancerous cells obliterate healthy tissues as well.
- Critical stage
A cancer is said to be at the critical stage when it has been determined to be in the major stage and the oncologist has categorised it as Stage IV.
Types Of Insurance Covers For Cancer
The cancer insurance policies provided by life insurance firms in India provide particular coverage with regard to the various phases of the disease's detection. Find below some of the common Cancer Insurance Plans Cover:
- Cancer Insurance Plan from Max Life
The coverage varies according on the cancer stage that was discovered, such as CIS, early stage, and major stage.
The maximum reward for major stage cancer is 100% of the indexed sum assured, less any already-paid CIS/early stage claims.
Additionally, a 10% income benefit of the amount assured is given for the next five years after the diagnosis.
- Aegon Life Cancer Insurance Plan
This programme was particularly created by the insurance to offer the much-needed financial support for cancer treatment at every stage of the disease. The following are some of the stage-based advantages provided by the plan: At any stage of the sickness, a lump sum payment is made. Future premiums are not due after the claim for a serious stage cancer is authorised.
When the cancer develops to more severe stages, the accumulated payment rises. 25% of the amount promised is paid out for cancer diagnoses in the early stages.
As long as there haven't been any prior claims under the policy, 100% of the sum assured is paid out in the event that the insured is found to have significant stage cancer.
Provided that there have been no earlier claims under the policy, the insured will get 150% of the sum assured as a payout if they are found to have cancer that is in the critical stage.
- ICICI Prudential Heart/Cancer Protect
This insurance programme covers all relatively minor illnesses, including CIS of any organ and early-stage malignancies (except skin). Additionally, it offers defence against serious diseases like cancer of a particular severity.
- PNB Metlife Mera Cancer Care
This plan provides coverage for three different kinds of claims:
Mild claim - This includes a CIS or early-stage cancer diagnosis.
Moderate claim - This comprises abdominal hysterectomy and bilateral salpingo-oophorectomy for CIS of the cervix, orchidectomy for CIS of the testis, cystectomy for CIS of the urinary bladder, and mastectomy for CIS of the breast.
Serious claim - This covers all significant malignancies.
Conclusion
Plans for cancer health insurance shield your family from the negative impacts that this illness may have on them physically, mentally, and financially. It is a prudent decision to get cancer-specific coverage if you have a family history of the disease or you believe you do not have enough savings to cover significant medical costs.
Also read: Inclusive Healthcare Plans For Transgenders In India
