Page 38 - Insurance Times February 2024

Cancer Insurance

- An Indispensible

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Dr. Seema Arora
Deputy Director
School of Insurance Studies
National Law University, Jodhpur

Recent advances in cancer treatment have opened new treatment options, such as targeted
therapy and immunotherapy, for people diagnosed with advanced-stage disease. However, these
advanced treatments are costly and remain out of reach of many.

Introduction insufficient to take care of any critical illness like cancer of
advanced stage, coronary bypass graft, kidney ailments etc.
The word "Cancer" itself is sufficient to give a fright and
make one contemplate on the sufferings involved in the life
of one diagnosed with the deadly disease. It is not only the Cancer incidence in India
emotional and physical loss but also the financial loss As per the National Cancer Registry program, the estimated
associated with the cost of treatment that magnifies the number of incident cases of cancer in India for the year 2022
miseries of cancer patients and their families. Apprehension was found to be 14,61,427 and one in nine people is likely
of treatment affordability and financial survival are the to develop cancer in his/her lifetime in India. The leading
major concerns for them. sites for cancer were lung and breast in males and females,
respectively. Amongst the children of the age group 0-14
Recent advances in cancer treatment have opened new years , lymphoid leukemia was found to be the leading site
treatment options, such as targeted therapy and (boys: 29.2% and girls: 24.2%). It is estimated that the
immunotherapy, for people diagnosed with advanced-stage incidence of cancer cases will increase by 12.8 percent in
disease. However, these advanced treatments are costly 2025 as compared to 2020.
and remain out of reach of many.
GLOBOCAN (Global Cancer Observatory) had predicted that
Health Insurance policies are usually bought considering the cancer cases in India would increase to 2.08 million,
exorbitant cost involved in the treatment of any disease. The accounting for a rise of 57.5 percent in 2040 from 2020.
most common health insurance policy which is sold and
bought in India is the Hospitalisation Indemnity product. The Cost of cancer treatment in India
product is available in the Indian market in the sum assured It is not only the incidence of cancer cases that is on the
range of Rs. 50,000/ to Rs. 20 lakhs with the average sum rise but also the cost of treatment is surging every year. The
assured of Rs. 3 to Rs. 5 lakhs which is sufficient enough to cost of treatment for cancer varies with the type of cancer,
take care of most of the diseases, but might prove to be its location, its stage, the city, and the hospital from where

The Insurance Times February 2024 35