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cancer protection plans from iifl
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Get to know about Cancer Protection Plans from IIFL Insurance

Cancer is the second major cause of deaths in the world. The disease is characterized by the development of abnormal cells that divide and spread without any control. The cells also invade and destroy the normal body tissues. Cancer can spread through a person’s entire body. With the developments in the medical field, cancer treatments are available.

It is every person’s nightmare to be diagnosed with cancer, but with time, the chances of a person being diagnosed with cancer has increased. There are over 100 types of cancer, so there is a strong possibility that one could fall prey to the deadly disease.

A research paper had been published by Lancet Oncology journal on the topic “Cancer in India”. According to the research, it has been discovered that in India, an average of 10 lakh people have cancer every year, and around 6 lakh people die due to the disease. It is assumed that until 2035, the numbers will double to 17 lakh new patients and 12 lakh deaths each year.

Recent Developments in medical science

Cancer is not the most common disease, even in today’s time. The research on this disease has not been enough to declare that cancer is curable. However, with progress in the medical field, there have been new ways to treat cancer that helps individuals live the rest of their life peacefully or at least mitigate their pain in later years.

Doctors do not use the word “cured” because there is no cure, and usually cured can be referred to as “treatment” or “remission”. It is very much possible that cancer may relapse even after five years of being treated.

It is very well known that treating cancer is an expensive activity and cannot be undertaken by every individual as it is not commonly affordable. However, cancer health insurance is the safest way to protect the patient and the family’s lifelong savings from getting spent on medical costs to treat cancer.

Cancer Insurance Policy

For the treatment of cancer, huge costs are involved. While paying such expenses, it is most likely a person can get bankrupt, for which one should safeguard the patient and their family from the disease and the upcoming costs. In simple terms, a cancer insurance plan helps one to manage the risks associated with cancer.

As cancer takes complete toll on the patient and their family’s mental health, the reality is that one has to undertake the expenses yet, thus having cancer insurance is the right decision that needs to be taken. The coverage offered by such plans also helps in reducing the mental trauma and the financial stress one is required to undergo.

Cost of treating Cancer

Treating cancer makes an individual incur money into various medical expenses, such as:

  1. Clinical visits.
  2. Lab tests.
  3. In-patient hospitalization.
  4. Drug charges.
  5. Rehabilitation charges.
  6. Surgery.
  7. Home care procedures.
  8. Specialized doctors help.

The cost for treatment varies from one type of cancer to another.

Why do you need a Cancer Insurance Policy:

To give a general idea of who should buy cancer insurance; look out if you have a family history of cancer or if you are in a job that exposes you to cancer or if the lifestyle is likely to make a person prone to cancer. In cases, where the person is the only earning member of the family, a proper cancer insurance policy is a must as it can avoid jeopardizing the resources of the family.

Some specific reasons and benefits of buying a cancer insurance plan are:

  1. Lump-sum pay-out

Once the policyholder is diagnosed with cancer, an insurance company pays 20-25% of the sum insured. For further treatment, the insurance company stays in constant contact and will pay for the tests or treatments further required. Cancer insurance is the only policy available for the public without sub-limits, which helps as a benefit.

  1. Hospitalization is not mandatory

The insurance company will pay-out money to the policyholder on diagnosis and further as and when required. Hospitalization is not mandatory for the insured to receive coverage. The feature helps a person in avoiding the trouble of filing claims for cashless or reimbursement claims. The policyholder can opt for the entire cover on diagnosis too.

  1. Protecting your savings

Treating cancer is an expensive proposition and hence not everyone can afford it. An insurance policy helps you protect your savings from getting spent here. The savings can be used in the future for the goals set out by keeping them aside. Cancer insurance plans also help in enjoying tax benefit under section 80D of the Income Tax Act, 1961.

  1. Reduce future risk

Health insurance usually covers cancer if the waiting period is served. However, the cover for cancer is not vast. If one is diagnosed with cancer, the primary health insurance coverage will not be enough, and buying cancer insurance after being diagnosed is next to impossible. Thus, purchasing cancer insurance will help you get more comprehensive coverage, thus reducing future risk.

  1. Expensive treatment

If one has to pay for these expenses from their pocket, it will be quite daunting and will eventually lead to a loss in income and also expose you to the risk of financial bankruptcy. Having a cancer insurance plan will protect from high treatment costs and receive broader coverage. The program will help one to compensate for their lost income too. Such strategies will help one to afford cancer treatment.

Points to consider while selecting a cancer insurance plan

 The below points will help one to choose the best cancer policy –

  1. Better sum insured

A policyholder looks for a higher sum insured; this helps to get coverage on particular diseases with a wider sub-limit. It also helps the insured to get adequate coverage for medical expenses. The higher the range, the better the treatment, which means better quality treatment.

  1. Co-payment

For covering such vast expenses, co-payment will not be a good option. Co-payment means that a particular sum or percent pre-decided has to be paid by the policyholder during hospitalization. As cancer treatment is expensive, paying a portion of the bill will also be a colossal burden on finances making it difficult and stressful for the insured.

  1. Waiting period

One must always check the waiting period before purchasing a policy. The insured needs to serve a waiting period before filing claims for coverage against cancer. Minimum waiting period policies always help as the benefits kick in quicker.

  1. Pre-existing medical condition

The insured has to serve a waiting period for pre-existing diseases. If the policyholder’s family has a history of cancer, it becomes even more difficult for one to get an insurance policy at a cheaper rate.

Preventive measures to avoid cancer

  1. Avoid tobacco in all forms

Consuming tobacco is related to many types of cancer, such as mouth, lung, throat, and more. Thus chewing tobacco or even smoking increases the risk of contracting cancer. For avoiding an increase in such hazards, one should prevent cancer. 90% of lung cancer patients suffer due to tobacco. Ironically, passive smokers are also at risk of lung cancer due to being exposed to such air.

  1. Healthy diet

A person shall always make healthy choices, although it does not act as a treatment but helps reduce cancer risk. A few tips are – eat plenty of fruits and vegetables that are green, try to eat lighter, thus avoiding obesity, having alcohol increases chances of one getting cancer. Of course, one can have moderate levels of alcohol but anything in excess is never a great idea.

  1. Stay away from the sun

Skin cancer is the most common cancer, the most preventable one, for which a person shall avoid the midday sun, i.e., around 4 pm sun, cover the exposed body parts from the sun by wearing covered clothes. One shall use an adequate amount of sunscreen to protect their skin, and at the same time, tanning beds and sunlamps are also not suitable for a person’s skin; thus, they shall be avoided as much as possible.

  1. Vaccinations

To prevent cancer means to protect from various vital problems for which vaccinations of Hepatitis B, HPV (Human papillomavirus) vaccines shall be taken for precautionary purposes. With such vaccines, one can get immunized and stay away from cancer causing diseases and infections.

  1. Regular Medical check-ups

A person shall undergo medical check-ups at least once a year to be aware of their health. Regular self-exams and screening for cancer of different types shall be done. If you do not feel fine, it will be better to take immediate action and not waste time by making the sickness worse.

FAQs: Cancer Protection Plans from IIFL Insurance

Why do we need to buy critical illness insurance if we already have health insurance?

Under a health insurance policy, one must serve a waiting period for every particular pre-existing disease and critical illness. The waiting period is 2-4 years. The waiting period under essential policies of disease is approximately 30-90 days. On the other hand, the health insurance policy sets sub-limits on every condition, so the coverage gets limited. Under critical plans, the approach is focused on a particular set of diseases. Thus, the range is focused and broader. The treatment of essential diseases is expensive, and health insurance coverage will not cover the costs.

How do I overcome the loneliness that I am facing since I was diagnosed with cancer?

In such a phase, time will seem like the worst thing as you feel you don't have anything to do, but instead of wasting your time and getting depressed, you can use spare time by investing in learning or practicing a new art form. Try to pamper yourself, do things you always wanted to do but never had the time to do so.
Learn all that you want to; do something you love. Try to stay positive by watching motivational talks. Be honest with your loved ones, talk your heart out; this will help you let your thoughts out loud, and this will help you maintain mental peace and a sense of psychological balance. Have a healthy diet and exercise regularly. Above all, keep negative thoughts away from you.

Is a cancer insurance plan cheaper than other health insurance policies? Are such plans customizable?

It is a fact that cancer insurance plans are cheaper than other plans for the reason that the cover offered by such policies are less extensive and does not have a broad spectrum of diseases covered. On the other hand, under health plans the policy covers a large number of conditions, thus making it expensive. Cancer insurance plans are customizable as per the request of the policyholder. Changes can be done in the sum insured, no. of years until expiry, payment method, income benefit etc.

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