Here’s why you need a dedicated cancer insurance plan

Here’s why you need a dedicated cancer insurance plan

PNB MetLife 17-06-2019 12:18:04 PM
Here’s why you need a dedicated cancer insurance plan

Here are some cold facts when it comes to cancer: India has around 2.25 million cases with over 1 lakh new cases being registered every year, according to Cancerindia.org. In 2018, the disease led to nearly 7 lakh, deaths. The Indian Council of Medical Research (ICMR) estimates that the country is likely to register over 17 lakh new cases and report over 8 lakh deaths by 2020 [1]. In fact, the most common cancers in the country, namely, lung, oral, uterine, cervix and large intestine cancer are linked with having very strong lifestyle risks. However, it is important to remember that cancer can affect anyone, regardless of age, lifestyle, health condition and it is critical to have protection against the same. Diagnosis of cancer doesn’t only take a toll on your mental and physical health, but can also burn a hole in your savings due to the exponential cost of treatment associated with the same. Read More

Given the exact nature, type, stage, the treatment can cost lakhs of rupees. In short, one family member suffering from cancer can derail the entire family’s short-term and long-term financial goals apart from causing severe emotional trauma. Mediclaim plans will provide reimbursements for expenses incurred while regular critical illness covers will provide a lumpsum payout generally at the most severe  levels of cancer. A health plan, specifically designed for cancer ensures that the payouts happen at even the early stages of cancer, limiting the financial impact  on the family. 

Also, remember that cancer care and treatment are long-term which makes it a recurring expense and an extremely painful procedure especially mentally. Cancer costs are also not limited to mere hospital bills. A number of other expenses may be incurred during the course of treatment The payouts in a cancer specific insurance plan can be used to cover all such expenses  

A number of cancer plans also offer some cover variants where additional benefits like an enhanced cover, income benefit etc are available. Income benefit is another feature that can be of help during the recovery phase, particularly if the health condition is debilitating enough to force a break from employment. This is an extremely important feature especially if a family’s breadwinner is suffering from cancer.

No matter how much care you take, where you live or what your family history is, cancer poses a very real threat to your lifestyle. The only thing that works against it is early detection and extensive treatment. Buying a cancer insurance plan is the one way to protect you and your family from the financial perils that hopefully never follow.

Sources:
1 https://icmr.nic.in/sites/default/files/ICMR_News_1.pdf

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The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision.

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