HDFC Life Launches HDFC Life Cancer Care
BANKING / FINANCE
HDFC Life
expands
its Health Insurance Portfolio
Launches
HDFC
Life Cancer Care
The only comprehensive Cancer Care plan
by a life insurer that provides financial protection specifically for early and
major stages of Cancer
by Shrutee K/DNS
Mumbai 2015: HDFC Life, India’s leading long term private life insurance solutions
provider 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.
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 25lakhs. 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 12,000policies 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:
1.
Silver Option: This option offers two benefits on Cancer
diagnosis:
o
2. Gold Option:This option offers two benefit :
Benefits mentioned under Silver
OptionPlus
3. Platinum Option: This option offers two benefit
o Benefit mentioned under Gold OptionPlus
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
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.
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 alsolaunched 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
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).
About HDFC Life
Established in 2000, HDFC Life is
India’s leading long-term life insurance solutions provider offering a range of
individual and group insurance solutions that meet various customer needs such
as Protection, Pension, Savings, Investment, and Health. The company also
offers Women’s Plans to meet specific needs of women. Customers have the added
advantage of customizing plans, by adding optional benefits called riders, at a
nominal price. The company currently has 24 retail and 8 group products in its
portfolio, along with 9 riders.
HDFC Life continues to have the
widest reach with over 400 branches in India touching customers in over 900
cities and towns. The company has also established a liaison office in Dubai.
The company has a strong presence in its existing markets with a strong base of
Financial Consultants. HDFC Life is a joint venture between Housing Development
Finance Corporation Limited (HDFC), India’s leading housing finance institution
and Standard Life plc, the leading provider of financial services in the United
Kingdom.
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