Tata AIA targets cancer income gap with new cover

The product includes a diagnostic benefit for early stage medical screening costs.

Tata AIA Life Insurance has announced the launch of two new products, ‘Sampoorna Care - Cancer’ and ‘Sampoorna Care – Cancer Fund’, aiming to address both the medical costs and income loss associated with a cancer diagnosis.

According to data from the WHO’s International Agency for Research on Cancer, over 1.57 million people are diagnosed with cancer in India annually. 

In developing the products, consumer research conducted by Tata AIA revealed that 48% of respondents preferred receiving critical illness payouts as a regular income stream rather than a single lump sum. 

Within that group, 47% preferred monthly instalments, whilst 4% preferred annual payouts. 

Furthermore, 76% of those surveyed wanted the financial support to last for years, with 42% opting for a two-year duration and 34% choosing a five-year period.

The primary policy, Sampoorna Care - Cancer, offers coverage of up to $53,000 (INR50 Lakh). Policyholders can choose to receive this benefit as a 100% lump sum, a regular monthly income, or a combination of an upfront payout followed by an income stream extending up to five years.

The plan features a 30-year premium rate guarantee, a diagnostic benefit to cover early-stage medical screening costs, and an overseas treatment booster providing an additional 10% of the sum assured for international care.