New Delhi, Dec. 29 -- All health insurance policies today cover cancer. Thankfully, the days of ambiguity, about which cancers or treatments were included, are behind us. Modern policies are generally comprehensive.

Yet, cancer coverage deserves special attention. It is common, expensive to treat, often involves emerging therapies, and can recur. This year, five friends of mine, all in their 50s and 60s, were diagnosed with late-stage cancer. What shocked me was that they were all fit and health-conscious; genetics ruled their fate. Each spent over Rs.30 lakh on treatment, and one will end up paying Rs.60 lakh.

Costs of this magnitude, concentrated over a year or two, can financially cripple a family. In my own company's review of healt...