Star Health and Allied Insurance on Tuesday launched a health insurance policy for persons diagnosed with cancer, which will work as a routine medi-claim cover, as well as provide a lump sum payment upon diagnosis of recurrence, metastasis or second malignancy. The policy covers anyone between the age of 5 months and 65 years, who have already had stage I and II of the disease, and has two options — for ₹3 lakh and ₹5 lakh.
Speaking at the launch event, chairman and managing director of Star Health V. Jagannathan said that no one has brought out such a policy in India so far. Chief operating officer S. Prakash said there were many challenges in bringing out this policy as it was exploring the unknown, and because the country has no standardisation of care. He explained that no medical check-up was required and that customers could submit their medical records with details of treatment to avail of the policy.
V. Shanta, chairperson, Cancer Institute, Adyar, said this was an important and innovative initiative. Speaking about the growing burden of cancer in the country, she said the incidence was increasing by 1% annually. However, she said we have come into the era of curability, and 50-60% of cancers were within the scope of curability and preventability. She spoke of precision and personalised medicine and the importance given to quality of life, and highlighted the challenge of accessibility and affordability. .
The insurance premium will be based on age band and will be between ₹17,000 and ₹30,000.
As this a testing of the waters, the policy may be increased to ₹10 and ₹15 lakh in the future and the premium may be brought down, the company said.
D.R. Karthikeyan, who is on the board of Star Health, also participated.
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