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As cancer cases are continuously rising globally, with over a million new cases reported annually in India, specialized insurance plans have become an essential component of financial protection.
Cancer treatment involves different types of medical procedures such as surgery, chemotherapy, radiation therapy, and medications. Such treatment involves huge expenses such as hospital bills, doctor's fees, diagnostic tests, and prescription drugs.
As per experts, in preventing and managing cancer, early detection plays an important part. In addition to it, the cost of curing cancer can run up to a few lakhs, and a health insurance policy with limited coverage may be insufficient for its treatment. Therefore, it is essential to plan for comprehensive protection against cancer through health insurance.
Cancer insurance is of two types: 1. Standalone cancer insurance policies deliver extensive coverage throughout every phase of the illness. They offer lump sum payments upon diagnosis, cover hospitalization and treatment costs like chemotherapy, and frequently waive future premiums if an early-stage diagnosis occurs.
These can be attached to regular health insurance plans, providing lump sum payments that can be utilized flexibly for treatment expenses. Although these riders might not offer the extensive coverage of a specialized cancer insurance plan, they are advantageous for individuals looking for wider protection that includes various critical illnesses, such as cancer.