Health insurer Apollo Munich has unveiled a cancer-specific policy that, in addition to covering the hospitalisation cost, provides 60% of the sum insured as a lump-sum payment once the policy holder is diagnosed with the disease. The new product, iCan, is a lifelong plan that covers the policyholder irrespective of the health status or claims made, said chief marketing officer Nandini Ali. Besides covering hospitalisation cost, it also offers the policyholder 100% of the sum insured on diagnosis of advanced stages or recurrence of cancer. Such lump-sum payments, however, would be made only twice, Dr. Ali said told the media here on Monday.
Four variants of the policy are available. The premium collected, since the soft launch of iCan about a fortnight ago, was ₹1.5 crore, she said, adding the plan had been designed keeping in mind the economic burden of cancer.
