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Cancer care is the new buzzword for insurers
NEW DELHI: Insurers are now looking at launching standalone products for cancer and related treatments.
NEW DELHI: Insurers are now looking at launching standalone products for cancer and related treatments.
Though most insurance companies already offer critical illness cover of as high as ₹50 lakh and above, the rising number of cancer cases in India are leading companies, including HDFC Life, Max Life and Universal Sompo General Insurance, to launch specific products. The country reports around 10 lakh cases every year, and the number of claims towards cancer cases is more among women than men.
HDFC Life and Max Life have specific policies to cover the ailment. Universal Sompo General Insurance is in the process of launching a similar product.
“Cancer and related treatment is expensive. One must have a specialised plan for cancer, since this disease has a tendency of repeating itself,” Aalok Bhan, director, product solutions and customer marketing, Max Life Insurance, told HT. Max’s product would cover the cost of treatment and expenses related to travel for the patient and family members.
According to Bhan, the medical expense in case of cancer could be between ₹10 lakh and ₹30 lakh. However, in certain cases, the treatment cost could even exceed ₹30 lakh. This is an increase of more than 50% compared to what it was five years ago.
India is likely to have close to 13 lakh cases of cancer by 2020, an increase of 14%, compared to 2015, according to the National Cancer Registry Programme. About six to seven lakh patients die of cancer every year.
“Cancer is one of the growing critical illnesses in India, so there is a a need for standalone insurance plans,” said Antony Jacob, CEO, Apollo Munich Health Insurance.
