We live in uncertain times! To top that, a stressful professional life and a sedentary lifestyle combine to make us highly prone to several lifestyle diseases. Because our risk of being diagnosed with critical illnesses is high, it is prudent to protect our interests by purchasing a suitable illness cover.
Many insurance companies offer a critical illness cover. It is a standalone offering that gives security to individuals with life-threatening diseases. It prevents critically ill individuals from burning a hole in their pockets with the exorbitant medical bills and medication costs to manage or treat their illnesses. It offers a lump sum amount of money for a predetermined list of illnesses and can even provide additional coverage as decided in the insurance plan.
One of the most common of such critical illnesses is cancer, and the treatment cost for the same can be exorbitantly high, depending on the type of cancer and the stage of diagnosis. In such a situation, as mentioned before, critical illness insurance could provide much-needed financial relief. But to better understand how insurance works in regards to cancer, one must first understand the different stages of cancer that make a difference in the final policy benefits –
- CIS (Stage 0) – This is the first stage of cancer, where abnormal cells in the body have yet to spread to the nearby tissues. This means the patient does not have cancer but has a high possibility of developing it in the near future.
- Early Stage (Stage 1) – A malignant condition is said to develop, which could start invading and affecting surrounding tissues.
- Major Stage (Stage 2) – A malignant tumour is developed in this stage and can grow uncontrollably. The cells of this malignant tumour can also start destroying healthy tissues.
- Critical Stage (Stage 4) – The critical stage is when cancer starts spreading to other distant parts of the body.
Now that the stages of cancer development are clear let’s move on to understand how they are insured. In most insurance policies, various types of malignant cancers are covered, and coverage for leukaemia, lymphomas, sarcomas and other cancers is provided. A lump sum payment after cancer has been diagnosed is provided so that the insured can meet treatment costs while remaining financially secure. But remember that the coverage amount depends on the stage at which the cancer was diagnosed. The full coverage amount is paid only when the cancer is diagnosed in Stages 3 or 4.
Additionally, a few more points must be kept in mind before finally buying the critical illness cover, i.e., check the sum assured, waiting period, maximum age and additional benefits being provided over and above the basic policy cover. Furthermore, an easy claim process makes life easier for the policyholder and their families to focus on their priorities. Chola MS understands the need of individuals and offers a comprehensive Critical Illness Healthline insurance plan that strives to provide complete care during tough times. Click on the link to know more about the policy benefits.
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