A cancer insurance policy in just four minutes flat? That’s what HDFC Life claims. A prospective customer can just answer 8 simple questions and the company will issue a policy through its mPOS distribution channel in four minutes.
“You can buy the policy – HDFC Life Cancer Care – much before you finish your cup of coffee,” says Amitabh Chaudhary, MD & CEO, HDFC Life, at a press conference where he briefed media about the product and the hassle-free nature of obtaining the policy. “We have removed the pre-insurance hassles such as medical tests and instead there is a self-declaration form which has 8 simple questions on medical tests, smoking habits etc for the customer to answer,” Chaudhary, said.
Announcing the formal launch of the product in Mumbai, Chaudhary said it is essentially a health plan that provides financial support on dignosis 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 limp 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-old male for less than Rs 1800 annual premium and is also eligible for tax benefits,” said Chaudhary.
HDFC Life Cancer Care has three plan options – Silver, Gold and Platinum. The silver option provides two benefits on cancer diagnosis – a lump sum benefit on diagnosis of the illness and waiver on premum for three policy years. The gold option has, in addition to the silver option benefits, offers increased benefits under which the sum assured increases by 10% of initial sum assured every year. The platinum option has, in addition to the gold option benefits, provides income benefit whereby a monthly income equivalent of 1% of applicable sum insured will be paid upon diagnosis of the illness.
The premium differs for men and women. The company has also incentivized young customers – a 25-year-old male consumer can buy the policy at premium starting from Rs 782, while for a 30-year-old, the premium will rise by 10 times. It also offers discounts on premium for sum assured over and above Rs 10 lakh.
The plan is available with all the distributors of the company, through its web portal and on the mobile platform.
Chaudhary said HDFC Life Cancer Care plan was submitted to IRDA for approval in August 2014 and for the past six months it has been selling it through its mPOS and e-commerce channels. “The response to the plan had been encouraging with over 12,000 policies sold within a week of launch,’ says Chaudhary.
