Insurance covers that a woman needs. Why cancer plan is necessary and what should you look for?

Why a Standalone Cancer Insurance is a Must Have for Women?

It is difficult to classify Insurance either as an expense or an investment. It is an expense from an accounting perspective, but then it is an expense that helps us to reduce much larger expenses. It is an investment too since many insurance plans bear returns as well. In either case, it is one of the most essential expenditures in a person’s life. Cancer insurance is once such type of insurance product, which is becoming more and more relevant, unfortunately. It is a disease that is statistically on the rise. Speaking specifically about women, there are 1 to 1.4 million cancer cases annually, as claimed by a private health insurance company. And we know that there are types of cancer that are specific to women. So, the insurance needs for a woman is not the same as it is for a man or a child for that matter. As a woman, you must choose your insurance cover as per the needs of a woman. There’s no one size fit all in insurance. 

Cancer Insurance for Women 

Your family is dependent on you, both as a homemaker or as an income earner. Therefore having a term insurance policy is almost compulsory for any woman. And when it comes to cancer, age is no bar and the cost is very high. It is observed that the cost of one cancer-related hospitalisation can be more than the per capita income of 60% of our population. in case of late detection, the cost can go up further by 1.5-2 times. Thus, cancer is a major health problem in modern times and insurance companies have come up with cancer-specific plans to address this ailment. There is no shortage of reasons why a woman should consider specific cancer insurance plan. Let’s look at some of them.

  1. Cost: Cancer treatment can get extremely expensive. Just the pre-hospitalisation expenses including chemotherapy can run into lakhs of rupees. For a treatment period of six months, the cost can range from Rs 2 lakh to Rs 20 lakh. So it is wise to get a robust sum assured on your plan.
  2. Coverage: Cancer plans cover all stages of cancer and compensate for the expenses incurred in every stage. Many of these plans also cover multiple and unrelated cancers. There are others that waive premium if diagnosed at a major stage.
  3. Cancer types covered: These policies cover all types of cancer and also cover multiple unrelated malignancies. Women-specific cancers namely breast cancer and cervical cancer feature among the most rampant forms of cancer in India, alongside lung and oral cancer. This four account for 41% of total cancer cases in India.
  4. Increasing cases: Presently cancer affects 25.8 out of every one lakh women and it is expected to increase to 35 cases per one lakh women. To add to this, nearly 60% of breast cancer cases are identified at an advanced stage. It happens at least 10 years early in Indian women than their western counterparts. India also has the highest number of cervical cancer patients in the world.

Aspects to consider 

  • You can look for indexation benefits on your plan. This results in an increase in the sum assured with each passing year, by a fixed percentage. This clause will protect you from the effects of inflation.
  • You should make sure that your cancer plan provides coverage on all stages of cancer. You should get clarity on the stage based pay-out claim where a portion of the sum assured is cleared in case of early detection and 100% in case of major stage detection.
  • The lesser the waiting period on your plan, the better. Generally, there is a period (3 months, 6 months etc.) starting from the policy inception date wherein you cannot make a claim.
  • You can also check if your cancer plan has a premium waiver option in case of detection of cancer. Once cancer is detected this waiver makes sure that you don’t need to pay a premium for the remaining period of the plan.

As a woman, you should try to understand your insurance needs and take coverage accordingly. A standalone cancer plan is almost a necessary evil of our times and we hope this article helps you in your selection. See how these famous women have taken it upon themselves to inspire their kind and fight breast cancer. 

How I did it

Rahila Khan

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Rajesh Singh
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