Life Insurance Corporation of India’s Western Zone has sold 60,182 ‘cancer cover’ policies since the launch of the product nine months back.

Vipin Anand, Zonal Manager, LIC, said the zone collected ₹29.16 crore as premium by selling the cancer cover policy. The average sum insured of the policies sold was ₹50 lakh.

The Western Zone comprises three States – Maharashtra, Gujarat and Goa, and two Union Territories – Dadra and Nagar Haveli and Daman and Diu.

Though India’s largest life insurer has a standalone health insurance policy ‘Jeevan Arogya’, it launched a separate cancer cover in November 2017 as a regular premium payment health insurance plan. It provides financial protection in case the policy holder is diagnosed with any of the specified early and / or major stage cancer during the policy term.

To take the cancer cover, the minimum and maximum entry age is 20 years and 65 years, respectively. The minimum and maximum policy terms are 10 years and 30 years, respectively. The minimum and maximum sum insured are ₹10 lakh and ₹50 lakh, respectively. The minimum premium is ₹2,400 for all modes.

Anand said: “In today’s environment, life expectancy is increasing, and also there is a huge increase in the number of new cancer cases. In view of the high expenses in the treatment of cancer, a cover is required for every member in the family.”

Since cancer treatment is costly, requiring a large financial back up, the corporation is trying to take care of this factor to ensure that policy holders have a fair chance of fighting and surviving the disease, he added.