Cancer insurance is a policy designed to financially help individuals who have been diagnosed with the critical disease. However, the cancer insurance includes a waiting time that must be completed before the coverage starts and protects the insured. Cases of cancer are on the rise all across the world. The substantial rise in the figures has been linked to changes in lifestyle, genetics, and environmental factors. According to World Health Organization data, India is one of the top three countries with the highest number of patients suffering from hematologic cancer.
Due to the escalating expense of medical treatments, a cancer patient's financial obligations would be severely impacted. For six months, the cost of medical diagnosis and treatment (including surgery, chemotherapy, radiation, hospitalisation, and so on) is expected to be between Rs. 2.5 lakh and Rs. 20 lakh. As a result, being prepared with a good insurance plan has become a requirement, especially for persons with a family history of cancer. Cancer can be divided into four distinct stages:
1. Carcinoma in Situ (CIS) - This stage occurs when a patient is first diagnosed with cancer, and the cancer cells have not yet fully invaded the surrounding tissues.
2. Offer - A malignant disease can penetrate and kill adjacent tissues at this stage.
3. Major stage - There will be an uncontrollably growing malignant tumour. Normal tissues are also destroyed by cancerous cells.
4. The critical stage- This stage refers to when the cancer has been diagnosed as being in a major stage and has been classed as Stage IV by an oncologist.
Besides acting as a financial help during difficult time, cancer insurance plans have various other benefits as well, some of which are as follows:
The following eligibility conditions need to be met by applicants to get their cancer insurance plan approved:
There are several firms that offer cancer insurance plans. Bajaj Finance Ltd. offers affordable cancer insurance plans that covers lung, breast, stomach, prostate, ovarian, and hypopharyngeal cancers up to Rs. 50 lakhs.
Cancer insurance plans can be easily bought online and offline by applying on the firm’s official website.