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 Rs. 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. Max’s product would cover the cost of treatment and expenses related to travel for the patient and family members.