Cancer is a deadly disease and its incidence is on the rise in the country. Unfortunately, there are very few policies in the market today which cover patients with cancer. In fact all of these except 1 policy by Star health insurance are benefit policies which pay a fixed sum based on diagnosis. Insurance companies do not offer specific policies to cancer patients as the treatment expenses are high and prolonged and also the chances of recurrence are very high. There is a rapid increase in the incidence of cancer cases and it will be one of the leading causes of morbidity in India by 2030. If a person suffers from cancer the financial burden on the family is huge due to the expenses involved and the loss of income due to prolonged absence from work.
Most of the insurance policies cover for the expenses related to hospitalization and treatment of cancer in case the same is contracted post buying the policy. However, if the customer has suffered from cancer and treated for the same and is asymptomatic for many years, still insurance companies will not issue a policy. Cancer specific plans available in the market are too restrictive and the premiums are very high compared to the final benefits provided,
Hence, it is very important to buy an insurance policy at an early age for self and your family members.