Rising Awareness of Cancer Risk Making Cancer Insurance an Important Product

No wonder if cancer insurance policy would be come the most sought after healthcare product in the segment. The rising cases of cancer due to changes in life style and of course the awareness of cancer care and skyrocketing treatment costs pulling people to buy cancer care insurance policy.

According to a report of the British Journal of Cancer, the lifetime risk of getting diagnosed with cancer in Britain has increased over time from 38.5% for men born in 1930 to 53.5% for men born in 1960. It clearly says that the lifetime risk of cancer for people born since 1960 is greater than 50% now which is a matter of concern.

A special research paper on cancer in India published in Lancet Oncology journal some time ago, finds that in India alone, about 10 lac people are diagnosed with cancer every year and another 6 to 7 lac people die of this deadly disease.

By 2035, these numbers may almost double to 17 lac new patients and 12 lac deaths per annul, the research further says.

It is apparent that the risk of getting cancer is increasing substantially and cost of getting it treated has also going up. Even a hospitalization can wipe out your entire saving. This makes ample reason to have a comprehensive medical insurance against cancer. However, there are few insurance policies that cover critical illness including cancer available in the market, but these policies, in general, pay only for inpatient hospitalization and for treatment at hospitals in India. They do not cover the entire cost of treatment, while policies dedicated to cover cancer, cover entire costs incurred in the treatment.

While the premiums for cancer insurance policies in India is very low, getting it treated is out of the reach of the common people. The average cost of treating breast cancer among females and lung cancer among males ranging between Rs. 3-to-25 lac.

Harjot Singh Narula

Harjot Narula is founder and CEO of ComparePolicy.com, an IRDAI approved insurance web aggregator focussed on selling online insurance for companies. Harjot has more than a decade of experience in software development and has also spent 5 years in US working for the mortgage and risk management industry.

Leave a Reply

Your email address will not be published. Required fields are marked *