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Role of Critical Illness Planning to Prevent Financial Crisis

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November 13, 2018
Cancer is a disease that no one wants to hear about or go through. In India currently ten lakh people are diagnosed with cancer each year and around six lakh people lose their lives due to this incurable disease.

It doesn't end there- the fight against cancer is inflicted with high treatment costs that have increased substantially in the past few years. Many people spend all their life savings and take up loans to fulfill the cancer treatment costs.

While a health insurance is advised to combat against high health treatment costs, a comprehensive medical insurance against cancer is something you should look at buying.

A general health plan does not cover the cost of medication and hospital bills of a critical illness. A critical illness plan can help you cover the cost of hospitalization and expenses thereafter. Some of its features are mentioned below:

1. Affordable Premium: a decent policy is quite affordable with high cover sum for relatively low premium. For example, a non-smoking 35-year-old male can get a Rs. 10 lakh cover for cancer for a monthly premium of about Rs. 287.A cancer treatment can spread over a few years and it makes sense to buy a policy while you're young because then the policy can run upto 40 years. This ensures that you're insured in all life stages and also reap more benefits from the policy.

2. No sub-limits: A cancer insurance policyprovides the insurance amount on the first diagnosis of illness irrespective of actual amount spent on treatment to help you recover without worries, as opposed to a mediclaim or any reimbursement plan. This also prevents the hassle of applying for a cashless claim or getting reimbursements for what you've already paid, reducing inconvenience.Planning smartly with a specialized insurance can help avoid a situation where the patients get treated at subpar facilities because of lack of funds.

3. You should take a plan that helps you deal with the rising medical costs by increasing the sum assured annually. For example, when you choose a health cover of Rs. 30 Lakhs for Cancer for a term of 10 years and choose the increasing cover benefit, every claim free year adds a 10% to your cover. Hence, by the 5th year, your health cover would have increased to Rs. 45 Lakhs. (10% of 30 Lakhs = 3 Lakhs, 3*5 years = 15 Lakhs increase). 

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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