Santosh Sahu was just 25 years old when he was told that he had cancer. The news stunned him. Sahu, a resident of a small town in Odisha, was initially perplexed as he did not use either tobacco or alcohol. He was also fussy about his diet to the extent that he even avoided tea or coffee. Doctors then confirmed that he had blood cancer. It is caused by mutations in the DNA within one’s blood cells, which start behaving abnormally. The changes are not genetic faults that pass down to children.
After numerous visits to the doctors and months of medical tests and treatment, he was referred to the Tata Memorial Center (TMC) in Mumbai. By that time, he had drained out all his savings. To make matters worse, the doctors there were not optimistic about his survival chances. However, Sahu was determined to beat cancer. He borrowed heavily from relatives and friends and got himself admitted at the TMC. Despite exhausting all borrowing avenues, Sahu was optimistic. And then he had a stroke of luck. The Indian Cancer Society (ICS) came to his aid.
Sahu underwent six months of chemotherapy and returned home. Five years later, he became the proud father of a baby girl. And, he is immensely thankful to ICS for funding his treatment. ICS, founded in 1951 by Dr D.J. Jussawalla and Naval Tata, is India’s first non-profit cancer-related charity.
Since 2011, the ICS has received funding from a series of closed ended funds launched by HDFC Mutual Fund. These funds invested in AAA rated corporate bonds and featured only a dividend option (no growth). Investors were given the choice to donate 50% or 100% of their dividends to the ICS.
“I realized that an organisation like Indian Cancer Society needed steady, predictable funding. Donations tend to be high in some years and low in others and hence the society’s activities were vulnerable to these fluctuations and uncertainties, apart from the length of time spent in raising funds each year. The HDFC Charity Fund for Cancer Cure met precisely this need,” said Usha Thorat, honorary secretary and managing trustee of the ICS.
The first such fund was launched in 2011, the second in 2014 and the third in 2017. They were close ended and would mature in approximately three years, returning capital back to investors. The dividend is donated to ICS, which releases a sum of ₹5 lakh per eligible patient. This aid helps cancer patients with annual income below ₹4 lakh and particularly those at least a 50% chance of survival.
“We have 19 empanelled hospitals. They send us the applications for eligible patients. We screen the applications using an artificial intelligence software. This is further scrutinized by a panel of doctors that meets every week. Within 18 days of receiving the applications, we release up to ₹5 lakh to the hospital concerned to fund the patient’s treatment,” said Ann Rawat, director, cancer care, Indian Cancer Society. Over the course of the past decade, the proceeds from the fund have helped around 13,000 patients with a cumulative funding of ₹226 crore.
Cancer fund revival
HDFC AMC is now launching a fresh edition of its Cancer Cure Fund in collaboration with ICS. The fund is structured as a fixed maturity plan (FMP), a close ended income scheme with a 1,196-day tenure. Investors can donate the income generated using the income distribution cum capital withdrawal (IDCW) option to ICS for the treatment of underprivileged cancer patients. The new fund offer opens on 28 July and closes on 8 August.
Investors can choose to donate either 50% or 75% of their returns and HDFC AMC will match the donation with an equal amount (subject to a limit of ₹16 crore per financial year). The AMC has waived all investment management and advisory fees for this scheme, ensuring that the maximum benefit goes towards supporting cancer patients in need. Investors will get an 80G certificate for the money donated to the ICS through the IDCW option, according to Rawat.
“We are grateful to HDFC Mutual Fund for its philanthropic initiative in launching the HDFC Charity Fund for Cancer Cure. This scheme, a part of the series of Cancer Cure Funds, is making a significant difference in the lives of underprivileged cancer patients, empowering them with access to vital treatment and care. Through these initiatives, HDFC Mutual Fund is demonstrating its unwavering commitment to creating a positive social impact and fostering a better future for those affected by cancer,” said Thorat.
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Updated: 25 Jul 2023, 10:46 PM IST