The Life Insurance Corporation of India (LIC) has found that four states accounted for around 59 per cent of all cancer care policies sold by the organisation. Of the 88,750 policies sold till date, 51,950 policies were sold to members belonging to the states of Kerala, Tamil Nadu, Gujarat, and Maharashtra.
While Gujarat and Maharashtra which fall under the west zone accounted for 26,280 policies, Kerala and Tamil Nadu which fall under the south zone accounted for 25,670 policies.
The plan, which was launched six months ago offers a sum assured upto Rs.50 lakh. LIC has collected a total premium of Rs.42.68 crore through the sale of this plan.
India ranks third globally when it comes to the number of cancer cases detected each year. A total of 3.9 million cases of cancer were detected in 2016, with this number growing at around 5 per cent each year.
Uttar Pradesh, Maharashtra, and Bihar recorded the most number of cancer cases in the country, with Tamil Nadu registering the highest number of cases in the South. Experts are of the opinion that over 40 per cent of all cancer cases can be prevented by following certain healthy practices.
The Cancer Cover plan from LIC comes with two options for sum assured, one being level and the other increasing. While the sum assured remains constant under the level option, it increases by a specific percentage under the increasing option. The plan has a 180 day waiting period, with the minimum premium being Rs.2,400.
LIC, which is the most popular life insurer in the country has had a good year, with it registering a gain of Rs.20,000 crore during the first three quarters of FY’17-18. Other insurers which offer cancer plans include HDFC Life, Future Generali, ICICI PruLife, Aegon Life, etc.