Indians not financially ready for cancer: Future Generali study

The majority will dip into savings or take a loan to finance treatment for cancer, finds a Future Generali India Life Insurance study.

The figures are grim

3 out of 10 Indians are likely to contract cancer by 2020, say oncologists.

Most people are unprepared to deal with the costs

69 % of respondents have no financial preparedness to deal with cancer

31% have insurance cover.

26% will take a loan if afflicted.

22% will seek help from family and friends.

15% will tap into savings.

Awareness is low
56% of respondents are not even aware of any cancer cases.

Detection early is key
2 out of 3 patients are diagnosed with cancer in stages 3 and 4.

Only few are aware of financial danger of being unprepared

21% of patients have cancer specific insurance cover, say oncologists.

Cost of treatment is not properly understood

Rs 3.9 lakh is what respondents feel is the cost of treatment.

Rs 5 lakh upwards is what oncologists say is cost of treatment.

The financial implications of cancer

* Loss of income
* Cost of medication
* Cost of diet
* Deterioration of lifestyle
* Sacrificed aspirations
* Repayment of loan

Source: FGLI-IPSOS Cancer Financial Preparedness Study. The survey covered 1,314 respondents and 40 oncologists