HDFC Life launches HDFC Life Cancer Care

HDFC Life is the only private life insurance company to offer such a product. The plan is distinct from standard critical illness policies as it provides a fixed lump sum benefit on diagnosis of early and major stages of cancer, waives future premiums and also pays regular income on diagnosis for treatment of cancer.

The plan also has an indexation option whereby the sum assured increases by 10% 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 male for less than Rs.1, 800 annual premium and is also eligible for tax benefits.

Announcing the launch, Sanjay Tripathy, Senior EVP - Marketing, Product, Digital & E-Commerce, HDFC Life, 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% 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.”

The response to the plan has been encouraging with over 12,000 policies sold within a week of launch. HDFC Life has also come up with first of its kind Mobile App ‘MPOS’ for its distributors to manage end to end sale of the product in very few simple steps.