The article discusses the increasing occurrence of cancer in India and the need for comprehensive health insurance to cover the potentially significant financial burden of treatment. It highlights the value of policies with large sum insured and unlimited restoration, which reinstates the original sum insured amount in your policy once it gets exhausted for the same or different illnesses. The article also emphasizes the importance of critical illness cover, essentially a top-up to your basic health insurance policy, which offers a lump sum payment if a critical illness like cancer is diagnosed, regardless of how much the treatment costs.
Sunil’s Unexpected Cancer Diagnosis Illuminates Rising Health Concerns
The doctor visit Sunil, a 34-year-old Delhi resident, considered routine transformed into a nightmare when he was diagnosed with early-stage Cancer. Despite following a healthy lifestyle, he questioned how such a diagnosis could be possible. No clear answer exists for these questions, as even celebrities like Yuvraj Singh and Sonali Bendre have also battled this disease. Over 1.2 million people in India are now affected every year.
Alleviating Financial Burdens of Cancer with Health Insurance
Cancer’s health and emotional trauma are often accompanied by devastating financial impacts. As cancer diagnoses become more common, it’s crucial to be financially prepared. The health insurance industry is evolving to meet this need.
How Comprehensive Health Insurance Can Help
Cancer’s financial toll is daunting, especially with rising healthcare costs in India. The average cost of Cancer treatment in India is over Rs 5 lakh, increased from Rs 1 to 1.5 lakh three years ago. A comprehensive health insurance policy can cover these costs, including new-age treatments like Immunotherapy or Stereo Static Radio surgeries.
Large Sum Insured and Unlimited Restoration: Necessary for Covering Costs
High-cost treatments like chemotherapy necessitate a robust health insurance policy. The importance of having a sum insured of Rs 50 lakh to 1 crore cannot be overstated. The feature of unlimited restoration in health insurance policies, which reinstates the original sum insured once exhausted, is a lesser-known yet crucial benefit.
Boosting Protection with Critical Illness Cover
A critical illness cover, essentially a top-up to basic health insurance, offers a lump sum payment upon diagnosis of critical illnesses like Cancer. This amount is paid irrespective of treatment cost and can be used flexibly to cover out-of-pocket expenses, supplement lost income, or meet financial goals. This cover is an extension, not a replacement of regular health insurance, and boosts coverage to include situations not otherwise covered.