ICICI Prudential on Monday launched a comprehensive health insurance scheme that covers a cancer patient's expenses starting from diagnosis to treatment.
The product 'Cancer Care' can be bought by healthy individuals for a coverage of Rs 500,000 to Rs 25 lakh (Rs 2.5 million) and the premium paid is eligible for tax benefit under section 80D.
"With about 700,000 new cancer cases detected every year in India, cancer is becoming a big problem as treatment is very costly," ICICI Prudential Life Insurance managing director Shikha Sharma said.
The product makes cash payments to cover direct as well as incidenetal expenses that are associated with cancer treatment and there is virtually no burden on the patient.
If cancer is detected at an advanced stage, premium payment by the policyholder is waived as the person will not be in a position to work.
The premium for cancer coverage is higher for women as they are more prone to the diseases than men.
A 30-year old man will pay about Rs 275 per month (Rs 3,310 per annum) for a Rs 1-million cover upto the age of 65, while a woman will pay Rs 465 per month (Rs 5,580 per annum).
"The differential rate of premium is due to the higher risk level for women who are more prone to breast and cervix cancer," ICICI Pru chief actuary V Rajagopalan said.
Sharma said the standalone health product for cancer was thought due to its unique financial requiremnent as cancer treatment could require Rs 2 million to Rs 2.5 million while other critical illness may need Rs 300,000 to Rs 400,000.
The entry age for cancer care is 20 to 55 years and there is no surrender value.
The product covers cancers of lung, breast, cervix, ovary, blood, thyroid, skin, prostate, oesophagus, stomach, larynx, hypopharynx, head and neck, liver, pancreas, large bowel, bladders, brain, kidney, lymphoma and hodgkin's disease.
Unlike other products, 'Cancer Care' makes payment at the early stage of the disease as its early detection and adequate financial assistance are key to high chances of survival.
"That's why we brought a specialist product though we have a critical illness product that covers cancer," Sharma said.
ICICI Prudential had forayed into health insurance in February this year by launching Health Assure and Health Assure Plus in February to provide cover against six critical illnesses, including stroke, cancer, organ transplant and heart attack.
The insurance company which is growing by an avarge 70 per cent year-on-year, has already sold 3,000 Health Assure policies.
Given the low penetration of health insurance in India, ICICI Prudential plans to launch new innovative health products to fill the gap.
There are about 2500,000 people in India who suffer from cancer, but death rate is high since there is not adequate financial support for the treatment which is lengthy and expensive.
ICICI Prudential Life Insurance is a joint venture between India's largest private bank ICICI bank and UK insurer Prudential Plc.
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