According to national statistics, the estimated number of people living with cancer is around 2.25 million. The prevalent cases of cardiovascular diseases have also increased in India from 25.7 million in 1990 to 54.5 million in 2016. IDBI Federal Life believes that protecting Life starts with protecting Health.
IDBI Federal Life Insurance Heart and Cancer Shield Plan comes with the notable feature of fixed benefit pay out on occurrence of covered conditions irrespective of the actual amount spent on treatment. The plan also comes with additional features like in-built waiver of premium benefit to reduce the financial burden, income benefit option to cushion any drop in income at an additional premium and tax benefits under section 80 D.
The age for entering the policy is a minimum of 18 years and a maximum of 65 years, and provides cover up the till age of 70 years. The plan offers the option to choose from three variants, which are Heart Care, Cancer Care and Heart & Cancer Care. The minimum sum assured for two variants - Heart Care and Cancer Care is INR 10 lac and the maximum is Rs30 lac for each variant. If someone opts for the third variant - Heart & Cancer Care the minimum sum assured will be INR 20 lac* and max Rs60 lac*. The policy term can be a minimum of 5 years to a maximum of 20 years with a yearly premium pay frequency.
On the diagnosis of any of the listed illnesses covered either under Minor stage or Major stage categories, the health benefit will be paid out subject to the policy being in force. The health benefit will be paid in the form of a Lump sum amount and shall depend on the stage of the illness.
Commenting on the launch, Karthik Raman, CMO and Head – Products, IDBI Federal Life Insurance said, “We at IDBI Federal believe that fitness is not just about physical fitness, but also financial fitness. We promote physical fitness through our four popular marathon properties encouraging people to stay fit and lead a healthy lifestyle. As a step towards financial fitness, we are happy to introduce our first health insurance plan – the IDBI Federal Life Insurance Heart and Cancer Shield Plan. Heart and Cancer ailments are on the rise in India and the medical expenses for such illnesses can result in undue financial strain that can result in one missing life’s goals. Through this product, we aim to ensure financial requirements during such critical times are taken care of.”
Raman further added, “We have seen that while the cost of treatment is largely covered by mediclaim plans, the cost of post treatment care and lifestyle changes can dig into an individual’s life savings. Investing in this plan can help one cope with these costs.”