New Delhi, Sept 26 (UNI) With an estimated seven lakh Indians registered as cancer patients every year, health insurance agency Apollo Munich has come up with a new product called ‘iCan’ which offers a life-long coverage for cancer and comes with an annual renewal policy, even after claim.
“The plan not only covers the basic medical needs, but also provides complete financial security to the patient as well as the family (who get a percentage of the sum insured) at all stages of the disease,” said Anthony Jacob, Chief Executive Officer of the company.
The catch is that it covers people who are healthy, not already diagnosed with cancer.
Secondly, the product can be bought as an individual policy only till 65 years of age. And thirdly, the plan can be bought either as an individual or add-on cover at additional premium.
The sum insured under the ‘iCan’ cancer plan ranges from Rs 5 lakh to Rs 50 lakh. Premium ranging from Rs 685 to over Rs 3 lakh.
The plan covers all forms of cancer at, both, early and advanced stages. Apart from standard plan that covers conventional treatment like chemotherapy, radiotherapy and organ transplant, the policy also gives an optional benefit of getting advance treatments like proton beam therapy, hormonal therapy, stem cell transplantation and immuno-therapy, said Dr Bhabatosh Mishra, the Chief Operating Officer.
The officials said that the plan comes with features such as CritiCare and FamilyCare wherein the policy holder gets 60 per cent of the sum insured on diagnosis of cancer and 100 per cent on diagnosis of advanced stages, recurrence of cancer or fatality, in addition to the hospitalisation cost.
“Today an estimated number of Indians living with cancer is around 2.5 million. We have conceptualised this plan keeping in mind the economic burden of cancer impacting a family’s cost of living, the cost of advance treatments and the fact that cancer treatment is often long and expensive,” Mr Jacob said.
Answering questions from the media, he said the company was open to considering covering cancer treatment by Ayurveda, which is becoming popular but is increasingly becoming expensive.
With a revenue of Rs 1,717 crore till March, 2018, this 10-year-old medical insurance company has an estimated 10 per cent of the market share.
The potential of spending in healthcare in India is estimated at USD 280 billion, the company said.