HDFC Life has launched HDFC Life Cancer Care, a health plan that provides financial support on the diagnosis of early or major stages of cancer. The plan provides a fixed lump sum benefit on the diagnosis of early and major stages of cancer, waives future premiums and also pays a regular income on diagnosis for treatment of cancer.
The plan has an indexation option whereby the sum assured increases by 10 per cent every year. The plan carries a Rs. 20 lakh cover for a period of 20 years being available to a 35 year male for less than Rs.1, 800 annual premium and is also eligible for tax benefits.
Amitabh Chaudhry, MD & 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 the year 2030. While early detection is important in the quest for surviving cancer, we realized that one of the biggest set-backs is adequacy of financial resources. Treatment of Cancer is very expensive and can range from 3 lakhs to 25 lakhs. In many instances, out of pocket expenditure for treatment of cancer means household savings are wiped out or families go into debt for their lifetime. We believe that being financially prepared against Cancer is half the battle won and with HDFC Life Cancer Care we expect to help our customers achieve this goal.”
With the launch of the policy around 12,000 policies have been sold within a week, a release by the company said. HDFC Life has also come up with Mobile App ‘MPOS’ for its distributors to manage end to end sale of the product in very few simple steps.