HDFC Life launches HDFC Life Cancer Care

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. 

HDFC Life, India’s leading long term private life insurance solutions provider today announced the launch of HDFC Life Cancer Care, a health plan that provides financial support on diagnosis of early or major stages of cancer. 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.
 
KEY FEATURES

• In-built Premium Waiver Option on diagnosis of Cancer
• Increase in Sum Assured by 10% every claim- free year
• Income Benefit for 5 years on payout for Major Cancer treatment to the family
• No Medicals
• Premium Discounts for Sum Assured above Rs 10 Lakhs
• Tax benefits on premiums under Sec 80D of the Income Tax Act, 1961

Announcing the launch, 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% 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.
 
Plan Features:

• HDFC Life Cancer Care is a unique plan that ensures you are ready to fight the battle against Cancer.
• The plan offers choice of three Plan Options:
• Silver Option: This option offers two benefits on Cancer diagnosis:
• Cancer Diagnosis Benefit: A lump sum benefit is payable on diagnosis of Carcinoma-in-situ or Malignant cancer, Early Stage cancers, and Major Cancer. The benefit is payable as below:

Diagnosis of	% of Applicable Sum Insured
Early Stage cancer or Carcinoma-in-situ (CIS)	25
Major Cancer	100 less Early Stage Cancer or CIS claims, if any

 
Waiver on Premium Benefit: The premiums are waived for three policy years in case of diagnosis of Early Stage Cancer or Carcinoma-in-situ (CIS).
 
Gold Option: This option offers two benefit:
 
Benefits mentioned under Silver Option Plus

Increased Benefit: In this option the Sum Assured increases by 10% of initial Sum Assured every year. This increase will continue till the happening of the following:

• Increased Sum Insured becoming 200% of the Initial Sum Insured or
• Any claim event
• Platinum Option: This option offers two benefit
• Benefit mentioned under Gold Option Plus
• Income Benefit: a monthly income equivalent to 1% of applicable Sum Insured would be paid out to you on diagnosis of Major Cancer for a fixed period of next 5 policy years.

Premium Discounts for Sum Assured over and above Rs 10 Lakhs
 
No lengthy medical procedure, Plan is available on answering 8 simple questions and the customer need not undergo any Medicals
 
The plan is available for sale across all distributors and online through the web portal. It is also launched on Mobile platform
 
Eligibility Conditions:

• The Plan is available for the customers between 18 years to 65 years of age
• The Policy Term ranges between 10 to 20 years
• The customer has a choice to choose any Sum Assured between Rs 10 Lakhs to Rs 40 Lakhs