Livewell: Health Insurance & Wellness Blogs | Max Bupa
Cancer Insurance vs Critical Illness Plans
16 November 2020
India is among the top countries having high incidents of critical illnesses, like cancer, cardiovascular ailments, kidney failure, liver cirrhosis and respiratory ailments affecting the lungs. While cancer cases reached figures of 11.57 lakh in 2018, heart diseases and strokes account for roughly 15-20% total deaths in the country. Out of 100, every 17 people suffer from various types of kidney ailments, while deaths due to liver cirrhosis account for around 2% of the total deaths. India also ranks fourth in total number of deaths because of lung ailments. Do you find the figures scary? It is imperative to underline here that most of the deaths - because of critical illnesses - occur because patients can’t afford the cost of treatment. In the face of rising hospital expenses, what is the best way to prepare yourself for a medical emergency? Buying a health insurance policy can help you meet the manifold expenses, in the case of a medical emergency or being diagnosed with a critical illness. You can choose from individual health insurance plans or family health insurance plans. Alongside, you can consider health insurance plans for specific needs, like critical illness cover.
Cancer insurance plan is a specific type of health plan, which provides coverage or financial protection from cancer. This health policy provides a lump sum amount to the policyholder, in the case of being diagnosed with cancer. This plan can help the policyholder meet a wide slew of treatment costs, like the cost of hospitalisation, surgery, chemotherapy and so on. A key feature of cancer insurance is that it provides the lump sum amount according to stages of the disease - minor, major or critical. Some insurance companies provide waiver of premium benefits in certain cases, like early diagnosis of cancer. A cancer insurance policy can provide coverage against different types of cancers such as breast cancer, prostate cancer, ovarian cancer, stomach cancer, lung cancer etc.
On the other hand, health insurance plans with critical illness insurance can provide financial protection from a wide slew of critical illnesses. Typically, around 20 critical illnesses will be covered under the critical illnesses policy. These include cancer of specified severity, open chest CABG, first heart attack of specified severity, open heart replacement/repair of heart valves, stroke, permanent paralysis of limbs, major organ transplant, kidney failure, coma of specified severity, motor neuron disease, multiple sclerosis, end-stage liver or lung disease, major burns, loss of speech, deafness, aplastic anaemia, bacterial meningitis, viral hepatitis and muscular dystrophy.
The key benefits of health insurance plans with critical illness cover is that it will provide coverage for a wide array of life-threatening medical conditions. You can buy a critical illness insurance policy for either yourself or family - up to two adults. The coverage can start from Rs 3 lakh to a high-value sum insured of Rs 2 crore. This policy also has competitive health insurance premiums, which can start from as low as Rs 12, 521 per annum. You can also avail long-term discounts for two or three years plans. Along with cashless OPD and paperless reimbursements, you can also avail quick cashless claim processing.
This health insurance plan also allows for assured renewals, where you can renew your policy indefinitely and only your age and city of residence will be considered. What’s more, you can also benefit from a wide variety of optional benefits, including accident hospitalisation, surgical operations, nursing care, drugs and surgical dressing, medical practitioner/ surgeon’s fees, room rent, operation theatre charges, anaesthetic’s fees, charges for X-ray/CT scan, diagnostic procedures and therapies, prosthetic implants and emergency ambulance.
As both plans have their own distinct advantages, it is always advisable to choose health insurance plans as per your specific medical requirements. While a critical insurance policy will protect you from a wide range of diseases, a cancer insurance policy is specifically focused on treatment of various types of cancers. Depending upon your family’s medical history and personal medical needs, you must compare health insurance plans and choose the health insurance plan that fits your budget and requirements.
Thus, while you can always choose from either of the health insurance plans, it is always advisable to zero in on a health insurance plan, which can protect you from a wide array of complicated diseases. You must also remember to choose a reliable and trusted insurer as your health partner. The critical illness insurance policy from Max Bupa covers 20 critical illnesses along with providing manifold benefits such as long-term discount, cashless hospitalization, accident care and assured renewal for life.