by Suman Gupta
- Offers the longest coverage term in the industry – 5 years to 85 years*
- Lump sum benefit amount available up to Rs. 50 lakhs
Mumbai, February , 2019: HDFC Life, one of India’s leading private life insurers, today announced the launch of the enhanced Cancer Care plan. This launch coincides with the World Cancer Day.
In India, cancer is the second most common cause of death (after heart ailments). According to data released by the National Institute of Cancer Prevention and Research (NICPR), there has been a 5% increase in the total number of new cancer cases between 2017 and 2018. It is estimated that yearly 50,000 children and adolescent, aged 0 to 19 years will be diagnosed with cancer**.
Depending on the type of cancer, the average cost of treatment ranges anywhere between Rs. 10 lakhs – Rs. 40 lakhs. The treatment expenses could potentially wipe away a family’s fortune, especially, if the earning member of the family were to be diagnosed with the disease. The road to recovery is usually long and along with the patient, the entire family fights during the journey. Early diagnosis may not always be possible.
One might believe that the health insurance plan will provide cover against all medical emergencies. However, cancer treatment is incredibly expensive. The costs are only going to see a surge in coming years.
Keeping these requirements in mind, HDFC Life has launched the enhanced Cancer Care (a fixed benefit plan) on World Cancer Day. This plan covers the disease from the age of 5 years till the age of 85 years. This is the longest coverage term in the industry (in the fixed benefit products category), which has been offered keeping in mind the increasing instances of cancer among children as well as senior citizens.
HDFC Life’s enhanced Cancer Care is a fixed benefit plan that offers a lump sum payment option which works well for the patient and the family as it enables funding of the treatment along with the associated expenses. On diagnosis of an early stage cancer, premiums for the next 3 policy years are completely waived off and one receives 25% of the sum assured. There is also an income benefit option available, under which the customer receives an income benefit for 5 years over and above the lump sum payment.
In addition to the above benefits, the plan also offers an indexation benefit. If the first year of the policy is claim-free, then the sum assured increases by 10% in the subsequent year, without affecting the premium amount. This continues till the sum assured reaches 200% of the original sum insured. This feature has been provided to keep the sum assured in line with medical inflation. The product also offers tax benefits Under Section 80D of the Income Tax Act 1961.
To understand this plan, consider a scenario where the patient has to undergo targeted therapy or chemotherapy. In such a situation, the cost of treatment can be as high as Rs. 20 lakhs. The enhanced Cancer Care not only provides financial support but also enables the patients to choose a hospital and location as per their needs and convenience. Further, the plan also enables them manage additional expenses arising during the course of the treatment. The income benefit option further provides guaranteed income for 5 years in case of loss of earning ability due to the illness.
Unveiling this much needed cancer plan, on the occasion of World Cancer day, Mr. Srinivasan Parthasarthy (Chief Actuary & Appointed Actuary – HDFC Life) said “This plan helps to eliminate the financial uncertainties for our customers in their fight against cancer. At HDFC Life, we are constantly innovating to offer products which provide a 360 degree support to our customers at times when they need it the most. Since 2015, HDFC Life has been a market leader in the Cancer Care space and this is another step in that direction”.
Fixed benefit products categor
About HDFC Life :HDFC Life Insurance Company Limited (formerly HDFC Standard Life Insurance Company Limited) (‘HDFC Life’ / ‘Company’) is a joint venture between HDFC Ltd., India’s leading housing finance institution and Standard Life Aberdeen, a global investment company.
Established in 2000, HDFC Life is a leading long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings, Investment, and Health. As on December 31, 2018, the Company had 36 individual and 11 group products in its portfolio, along with 8 optional rider benefits, catering to a diverse range of customer needs.
HDFC Life continues to benefit from its increased presence across the country having a wide reach with 413 branches and additional distribution touch-points through several new tie-ups and partnerships comprising 209 bancassurance partners including NBFCs, MFIs, SFBs, etc and 37 partnerships within non-traditional ecosystems. The Company has a strong base of financial consultants.