Is Cancer Insurance MUST in 2024?

by | Sep 17, 2024

Statistics of Cancer In India.

  1. The Indian cancer insurance market is expected to grow from USD 6,457.68 million in 2023 to USD 7,897.74 million by 2032. – Credence Research
  2. Approximately 1 out of 9 indians is expected to face a cancer diagnosis during their lifetime – NCDIR
  3. According to Global Cancer Observatory report – Incidence rate of Breast, Lip, Oral cavity, Cervix uteri, Lung & Oesophagus is higher in India.
  4. Cancer cases in India are projected to rise from 1.39 million in 2020 to 1.57 million by 2025 TIME
  5. According to the World Health Organisation’s latest report, the number of new cancer cases will increase by a massive 77 per cent in 2050 from the estimated 20 million cases in 2022. LiveMint
  6. The issue of high disease burden is compounded with late-stage detection caused mainly due to lack of awareness and low penetration of screening programs. India has a poor cancer detection rate of 29%. – EY Report

From the above shared statistics and figures, these findings tell us the critical importance of addressing cancer illness in India. It is important to invest our research, improve healthcare infrastructure, and promote public awareness about cancer prevention and early detection. 

Now the big questions are;

  1. What is Cancer Insurance?
  2. Is there a cancer insurance plan available in India?
  3. Who should buy this insurance?

Let’s find out the answers in this article.

What is Cancer Insurance?

Cancer is a serious illness that can appear without any warning signs. It’s often difficult to understand exactly why someone gets cancer. Many people find out they have cancer early on, but some don’t discover it until it’s at a later stage.

Cancer can be very tough on both the patient and their family. It can take a toll on their bodies, feelings, and finances.

Having a health insurance plan can help a lot when dealing with cancer. Cancer treatment is expensive, so insurance can be a big relief.

Below is the table of cost of cancer treatment in India

Cost of Cancer Treatment In India

Surgery Ranges from ₹2.8 Lakh  to ₹10.5 Lakh. Price may vary depending on the site and stage of cancer.
Robotic Surgery ₹5.25 Lakh on average.
Chemotherapy ₹18,000 per session, depending on the cancer’s severity.
Radiation Therapy No fixed radiotherapy treatment as it depends on the patient’s needs, whether he requires internal or external therapy.
Immunotherapy Ranges from ₹4.4 Lakh – ₹ 4.5 Lakh 
Bone Marrow Ranges from ₹15 Lakh to ₹ 48 Lakh
Targeted Therapy Ranges from ₹ 2 Lakh to ₹ 2.5 Lakh
Hormone Therapy Depends on the severity of the cancer with a cost of ₹3.2 Lakh onwards.

 

Cancer insurance is like a safety net for people who might get cancer. It helps cover the cost of treatment. You can buy it separately or add it to your regular health insurance. When you get diagnosed with cancer, the insurance company gives you a lump sum of money to help pay for your treatment. In return, you have to pay a minimal yearly cost in the form of a premium. Cancer insurance can make it easier to get the best treatment and worry less about money.

Is there a cancer insurance plan available in India?

Yes, there are multiple insurers who’re offering cancer insurance as a standalone product or in critical illness insurance. 

Here’s the list of top Cancer Insurance plans available in India.

Name of Cancer Insurance Plan  Key Features Coverage
Aditya Birla Activ Cancer Secure Plan  Lump-sum payout on diagnosis of any type of Cancer  Covers expenses like surgery, chemotherapy, radiation therapy, and hospitalisation. 
Bajaj Allianz Criti Care Insurance Plan  Lump-sum payout on diagnosis of critical illness, including any type of Cancer  Covers both in-hospital and out-patient treatments.
Care Cancer Mediclaim Plan  Provides coverage for hospitalisation, surgery, chemotherapy, radiotherapy, OPD & other related expenses    Offers a lump sum payout on diagnosis and covers the associated medical expenses.
HDFC Ergo iCan  Get an additional 60% of the sum insured, as a lump sum payment if cancer is detected of specified severity.  Provides coverage for both in-hospital and out-patient treatments.
New India Assurance Cancer Guard Plan  Provides a lump sum payout on diagnosis of any type of cancer  Covers expenses like surgery, chemotherapy, radiation therapy, and hospitalisation.
TATA AIG Cancer Cover  Offers a comprehensive cancer cover, including expenses for surgery, chemotherapy, and radiation therapy.  Provides coverage for both in-hospital and out-patient treatments.
Manipal Cigna Lifestyle Protection Critical Care Plan  Offers a lump sum payout on diagnosis of critical illnesses, including cancer.  Provides coverage for both in-hospital and out-patient treatments.

 

Who should buy Cancer Insurance ?

  • If cancer runs in your family, you might be more likely to get it.
  • Some jobs or habits can make you more likely to get cancer like smoking, drinking too much, or working with harmful chemicals.
  • If you already have a health problem that makes you more likely to get cancer.
  • If you’re the breadwinner who earns money for your family, insurance can help protect your family if you get cancer.
  • Cancer treatment can be very expensive, so insurance can help cover the cost.

Factors to Consider Before Purchasing Cancer Insurance

Even if you have basic health insurance, it’s a good idea to get cancer insurance separately, especially if your family has a history of cancer. 

Basic health insurance might not cover all the costs and benefits you need for cancer treatment. A comprehensive cancer insurance policy can help you deal with cancer-related expenses and protect your finances.

Here are some things to keep in mind when choosing a cancer insurance plan:

  • Claim Settlement Ratio: Look for a company that has a high percentage of claims approved.
  • Cancer Insurance Payout: Choose a plan that offers good coverage, especially in the early stages of cancer.
  • Waiting Period: Look for a plan with a short waiting period before you can start making claims.
  • Affordable Premium: Find a plan that fits your budget without sacrificing coverage.
  • Policy Renewal Terms: Make sure you can renew your policy easily and for a long time.

Conclusion

Cancer is a deadly disease that can leave you both physically and mentally traumatised.

Paying for cancer treatment can be very expensive and cause financial problems.

Having good health insurance can help you cover these costs.

Author

  • Shashank Bhardwaj

    Shashank Bhardwaj is Marketing Manager at Algates Insurance. He has been part of company from past 2 years, where he managed to research and develop content in life and health insurance domain.

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Author Profile

Nidhi Verma - Founder & CEO at Algates Insurance
Shashank Bhardwaj is Marketing Manager at Algates Insurance. He has been part of company from past 2 years, where he managed to research and develop content in life and health insurance domain.

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Disclaimer :The information contained in this blog is for information purposes only. It does not constitute insurance advice and we do not guarantee the accuracy, adequacy or the completeness of the information contained here.

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