Alborz Insurance Company has launched lifelong cancer insurance for its customers for the first time.

The insurance service, known as Hope-Inspiring Alborz Insurance, seeks to mitigate the costs of cancer treatment and provides policyholders with lifelong financial support, Akhbar Bank reported Sunday, citing an insurer's announcement.

"After extended local and regional studies, we proceeded to launch lifelong cancer support for the first time in Iran and the world in keeping with our goals and responsibilities," the announcement reads.

In order to get coverage, there would be no need for costly medical procedures and the coverage includes medical treatment abroad, the report says.

All Iranian citizens below the age of 60 are eligible for the insurance. They are charged with a one-time premium cost, which could be paid in installments. The insurance covers cancer treatment costs for up to 1.5 billion rials ($45,500 at market exchange rate).

Cancer is a leading cause of death worldwide, accounting for 8.2 million deaths in 2012.

According to a report by World Health Organization, the number of new cases is expected to rise by about 70% over the next two decades, from 14 million in 2012 to 22 million.

Cancer death toll is also on the rise in Iran, where it is predicted that 500,000 new cases will be added by 2020.

By Financial Tribune