Cancer Insurance - An Indispensible cover

Recent advances in cancer treatment have opened new treatment options, such as targeted therapy and immunotherapy, for people diagnosed with advanced-stage disease. However, these advanced treatments are costly and remain out of reach of many.

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Introduction

The word "Cancer" itself is sufficient to give a fright and make one contemplate on the sufferings involved in the life of one diagnosed with the deadly disease. It is not only the emotional and physical loss but also the financial loss associated with the cost of treatment that magnifies the miseries of cancer patients and their families. Apprehension of treatment affordability and financial survival are the major concerns for them.

Recent advances in cancer treatment have opened new treatment options, such as targeted therapy and immunotherapy, for people diagnosed with advanced-stage disease. However, these advanced treatments are costly and remain out of reach of many.

Health Insurance policies are usually bought considering the exorbitant cost involved in the treatment of any disease. The most common health insurance policy which is sold and bought in India is the Hospitalisation Indemnity product. The product is available in the Indian market in the sum assured range of Rs. 50,000/ to Rs. 20 lakhs with the average sum assured of Rs. 3 to Rs. 5 lakhs which is sufficient enough to take care of most of the diseases, but might prove to be insufficient to take care of any critical illness like cancer of advanced stage, coronary bypass graft, kidney ailments etc.

Cancer incidence in India