Cancer Plans That Fit The Bill

A slew of policies have hit the market, giving you the financial muscle to fight cancer.

- Renu Yadav

Cancer is a dreadful disease and its incidence has been rising by the day. According to the National Institute of Cancer Prevention and Research, around 785,000 people died of cancer in India in 2018. The cost of treatment runs into lakhs and more often than not becomes a constraint in the fight against the disease. “A recent study we did with oncologists shows that nearly 50 per cent of the patients are not insured and are paying for the treatment from their own pockets,” says Anup Seth, chief retail officer, Edelweiss Tokio Life Insurance. Many insurance companies are now offering cancer-specific plans. Let’s understand the options available.

Life insurance companies are offering plans that will pay a lump sum on detection of cancer. The payout depends on the stage of the disease. Some health insurance companies have launched cancer plans that provide for the cost of hospitalisation and treatment. But these plans may have sublimits (regarding what is covered and what isn’t). Also, if you are not pursuing the treatment at a network hospital, you will have to pay the bills first and then apply for reimbursement from the insurance company. “The insurance covers may have limitations and exclusions, which means some parts of the treatment cost will not be covered,” says A.S. Narayanan, founder & CEO, McXtra , a company offering personal insurance assistance.