“Cancer insurance is going to be an important segment for the healthcare insurance market and a niche insurance product because of rising awareness of cancer risks and the increasing cost of treatment”, says Sujoy Manna, Vice-President (Products), HDFC Life.
In order to make the insurance more eminent the IRDA is making attempt to simplify the procedures to buy an insurance plan. HDFC Life had recently launched a cancer care plan that provides financial support to policyholders on diagnosis of cancer. “We are the only private life insurance company to offer such a product,” Manna claimed.
However, in a populous country like India, cancer insurance coverage is very low; the penetration of insurance as such, including healthcare and life, is also abysmal. More than three-fourths of cancer patients pay for their own treatment.
This makes it a market with potential as the cost of treatment increases and people’s income and awareness of risks rise, Manna pointed out.
