HDFC Life launches cancer care plan

Private insurer, HDFC Life, has announced the launch of HDFC Life Cancer Care, to provide financial support on diagnosis of early or major stages of cancer.

“The plan is distinct from standard critical illness policies as it provides a fixed lumpsum benefit on diagnosis of early and major stages of cancer, waives future premiums, and also pays regular income on diagnosis for treatment of cancer,” HDFC Life said in a statement.

It added that the plan also has an indexation option whereby the sum assured increases by 10 per cent every year. The plan is attractively priced with a Rs 20-lakh cover for a period of 20 years being available to a 35-year-old male for less than Rs 1,800 annual premium and is also eligible for tax benefits.

Amitabh Chaudhry, MD and CEO, HDFC Life said, “In India approximately one million new cases of cancer are reported every year. Cancer is one of the leading causes of death in the country and research says that the incidence of the disease will increase by 54 per cent by 2030. While early detection is important in the quest for surviving cancer, we realised that one of the biggest setbacks is adequacy of financial resources. Treatment of cancer is expensive and can range from Rs 3 lakh to Rs 25 lakh. In many instances, out-of-pocket expenditure for treatment of cancer means household savings are wiped out or families go into debt for a lifetime.”

HDFC Life sold over 12,000 policies in the first week of the launch. The insurance firm has also come up with a mobile app for its distributors to manage end-to-end sales of the product.