Monday, December 2, 2013

Surprising, No Health Insurance Policy is available for Cancer Patients

India is having 30 Lakhs Cancer Patients and every year 8 Lakhs new patients get added to this number.

The number of cancer patients in India is rising alarmingly and from year 2020 onwards, the nation will add more than 20 Lakhs new cancer patients every year,”

It is surprising to know that not even a single Insurance Company is ready to provide Health Insurance for patients who are having pre- existing cancerous condition.

The Raheja QBE, who offers a product separately with the name “Cancer Insurance”, does not cover a pre- existing cancerous condition. They provide cover to the persons who have not been diagnosed cancer symptoms.

Some Life Insurance Companies as well General Insurance Companies offer Critical Illness Cover under which Cancer is one of the diseases. It means Raheja QBE has introduced a disfeatured Critical Illness product under the fancy name of “Cancer Insurance”. This product does not cover a pre- existing cancerous condition or patient. They provide cover to the health persons who have not been diagnosed with Cancer symptoms.

Now, here is a question that which is a better option for proposer or client.
-        To purchase a standalone Cancer insurance of Raheja QBE
-        or
-        To purchase a life insurance policy providing a critical illness cover. Here is a comparative analysis of the premium rate of two companies who gives cover against cancer.

TATA AIA: - CriticalIllness cover for the Sum Insured of Rs. 10 Lakhs for a person of age 35 will cost Rs. 8892.
Raheja QBE: - A person of age 35 to get cover against cancer for the sum insured of 10 Lakhs will cost Rs. 3060.

Therefore we can interpret that the Life Insurance plan for Critical Illness Cover may be much better & cheaper than standalone Cancer Insurance Policy.

Rajiv Gandhi Cancer Institute located in Rohini, Delhi has a scheme that those who are having no pre existing cancerous condition can make one time donation of Rs. 5000. They can have checkup and when required will be given free of cost treatment by this hospital in the event of person getting Cancer. 

Although, Rajiv Gandhi Cancer Institute is not Insurance Company but the initiative taken by this hospital needs appreciation.

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