ABSLI Assured Savings Plan

ABSLI Cancer Shield Plan

Protect your Savings from Cancer.
Protect your Savings from Cancer.
Covers all cancer stages Covers all cancer stages
5% discount online 5% discount online

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Get ₹10 lac Cancer Insurance for ₹120/month1

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What is Cancer Insurance?

The risk of being diagnosed with cancer is rising every day at an alarming rate. Change in lifestyle and the environment are a few reasons among many. The cost of treating cancer brings an enormous financial strain on those with the disease and their families.

Cancer insurance can help ease this financial burden. Cancer insurance is a critical illness policy that pays enough to cover huge cancer treatment costs. ABSLI Cancer Shield Plan provides upfront money if the policyholder is diagnosed with cancer during the policy term, helping to avail suitable medical treatment.

Key Features

  • iconbullet Covers all stages of cancer – This cancer insurance policy covers both early and major stages of cancer
  • iconbullet Upfront payout – If diagnosed with cancer during the policy term, the policyholder can get the applicable claim amount just by submitting the diagnosis report
  • iconbullet Premium Waiver – If the policyholder is diagnosed with early-stage cancer, the premium will be waived off for five years to ease the financial strain
  • iconbullet Increasing Cover Option – This cancer insurance policy provides the option of increasing the initial sum assured by 10% per annum for ten years as long as no claim is filed.
Buy cancer insurance online

Benefits of ABSLI Cancer Shield Plan

Cancer is growing at an alarming rate in India. Cancer insurance covers you for all stages of cancer. It helps you to get the required treatment with lump-sum payouts

Death Benefit
Early-stage Cancer Policy Benefit
The policy will pay 30% of the sum assured in the case of an early-stage cancer diagnosis followed by 5 years of premium waiver. The remaining 70% can be claimed upon the further diagnosis of the major stage.
Death Benefit
Major-stage Cancer Policy Benefit
If the policyholder is diagnosed with a major stage of cancer in the first test, the policy will pay 100% of the applicable sum assured.
Death Benefit
Monthly Income Option
In the case of major-stage cancer diagnosis, the policyholder will be eligible to receive monthly income worth 1% of the sum assured for the next five policy years. In case of subsequent death, the nominee will keep receiving the remaining monthly income benefits.
Death Benefit
Income Tax Benefit:
Cancer insurance makes you eligible to reduce your tax liability. You may save up to Rs.25,000 under section 80D of the Income Tax Act, 1961. Moreover, senior citizens may enjoy a higher tax benefit2 amount

Entry Age:

Anyone between 18-65 years of age can buy this cancer insurance. The earlier you buy the policy, the cheaper the premium amount.

Maturity Age: 85

Policy Term:

The minimum term of this policy is 5 years, and the maximum is 50 years. The longer the cover, the better!

Premium Paying Mode:

This plan is flexible with premium paying frequency. You can choose to pay the premium monthly, quarterly, half-yearly, or annually

Premium Paying Term: Regular pay

Importance of Cancer Insurance
You should buy cancer insurance. Here is why!
iconbullet
Increasing Cancer Possibilities:
1 in every 9 Indians develops cancer in their lifetime3
iconbullet
Cancer treatment is expensive:
In India, bearing the treatment cost of cancer is very challenging. Cancer treatment can cost Rs.20 Lakhs4
iconbullet
Cancer impacts your finances:
Cancer can increase your expenses by 36-44%4
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Increasing risk of cancer:
The risk of cancer in men will be 19% by the year 20254

How Does ABSLI Cancer Shield Plan work?

Learn with an example. Lead by an example.

Cancer insurance policy in India
  • Rahul insured himself with ABSLI Cancer Shield Plan at the age of 35. He took the policy for 20 years with the level income benefit option. For a sum assured of Rs.50 Lakhs, he had to pay a yearly premium of Rs.6,900 excluding GST.
  • After regularly paying the premium for 13 years, at the age of 48 unfortunately he was diagnosed with an early stage of cancer and he filed a claim
  • So this cancer insurance policy paid him Rs.15 Lakhs(30% of sum assured) and the premium payment for 5 years (14th-18th policy year) was waived off.
  • After six more years, in the 19th policy year, the doctors diagnosed him with the major cancer stage at 54.
  • So the cancer policy paid him the remaining of the sum assured worth Rs.35 Lakhs (70% of sum assured). In addition to that, he became eligible to receive a monthly income of ₹50,000(1% of sum assured) for the next five years.
  • With all these cancer insurance benefits, Rahul was eligible to avail the best treatments.
Assistance to buy a cancer insurance policy

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What is not covered?

ABSLI Cancer Shield Plan covers all stages of cancer. But there are a few conditions that are not covered. No benefit shall be payable under the policy in respect of any Major Cancer, Carcinoma-in-situ or Early Stage Cancer resulting directly or indirectly from or caused or contributed by (in whole or in part) :

notcovered
Carcinoma in-situ of skin and Melanoma in-situ
notcovered
Any pre-existing condition
notcovered
Intoxication by alcohol or narcotics or voluntarily taking or using any drug, medication or sedative unless it is an "over the counter" drug, medication or sedative taken according to package directions
notcovered
Nuclear, biological or chemical contamination (NBC)

How to initiate Claim?

3 quick steps, everything online.

  • Fill
    basic details
  • Claim
    intimation
  • Document submission

Other Critical Illness Insurance

ABSLI CritiShield Plan
ABSLI CritiShield Plan
Aditya Birla Sun Life Insurance CritiShield Plan offers financial protection to your savings by providing liquidity in case of any cardiac or renal conditions.
iconbullet Option to choose Level or Increasing Cover
iconbullet 5 years premium waiver on early stage diagnosis
iconbullet Covers all stages of cardiac and renal conditions

Frequently Asked Questions

Know more about ABSLI Cancer Shield Plan before you purchase it.

With rapidly changing lifestyles, the risk of cancer is growing at an alarming rate in India and the medical expenses can cause a huge dent in your savings. ABSLI Cancer Shield Plan is a health insurance plan which covers you financially through every stage of cancer and protects your savings against the disease.
Yes, owning an ABSLI Cancer Shield Plan along with a health cover is important. A cancer insurance policy covers the insured for cancer only. On the other hand, a health insurance policy covers other diseases as well. A health insurance policy pays the policyholder in case of hospitalization due to illness or accident. The policy will reimburse or provide cashless service if the insured is hospitalized for 24 hours minimum( in most of the cases). The health insurance policy will cover you for pre and post-hospitalization expenses.

On the other hand, ABSLI Cancer Shield Plan will pay you a lump sum amount on the diagnosis of cancer. The idea of the policy is to enable the policyholder to not compromise on the quality of the treatment. The policy covers all stages of cancer and protects your savings. Ultimately, this policy prevents the family from any financial burden on the family which otherwise will be made for the treatment. The lump sum amount will also save you from loss of income with monthly income benefit which brings peace to your mind.

Both the policies provide you income tax benefits under Section 80D of the Income Tax Act, 1961.

Read more: Importance of Cancer Insurance
Stage 2 Cancer refers to large cancer or tumors that have grown but haven't spread.
A cancer insurance policy covers the expenses that the life insured will incur at the time of diagnosis. The policy will cover the cost of hospitalization, treatment procedure, and medications. The amount payable will be made in a lump sum, the percentage of this payment will be made depending on the plan and the stage of cancer. The cancer insurance policy will cover cancer detected at the minor as well as the major stage.
When the minor stage of cancer is diagnosed first, the lump sum amount will be released at the time of diagnosis. The future premiums will be waived off for a specified time. Now, if the cancer is detected again, the remaining portion of the sum assured will be made available to the insured. In some cases, the insurance company will also provide a regular income to the insured after the treatment for a certain period.
A health insurance policy covers almost all diseases including critical illnesses like cancer. But a health policy will pay for inpatient hospitalization and for treatment at hospitals in India. They do not cover the entire cost of treatment. This is why you will need a cancer insurance policy as it will pay you a lump sum after the diagnosis of the illness. Other than this, you get monthly payouts to align monthly expenses because you have a loss of income.
No, a cancer insurance policy can be purchased for a dedicated person.
Yes, a cancer insurance policy can be purchased between 18 years to 65 years.
  • Covers all stages of Cancer i.e. Early Stage of Cancer and Major Stage of Cancer
  • Option to choose level or increasing cover
  • Option to receive monthly income for 5 policy years on diagnosis of Major Stage of Cancer
  • Waiver of premium for 5 years on diagnosis of Early Stage of Cancer
  • Tax Benefits² as per Section 80D of the Income Tax Act, 1961 as per current tax laws.

Eligibility:

Entry Age

18 to 65 years

Maturity age or Cover Ceasing Age

85 years

Policy Term

Minimum - 5 years

Maximum – 50 years

Premium Paying Term

Regular Pay

Premium Paying Mode

Annual | Semi-annual | Quarterly | Monthly

Sum Assured

Min: ₹10,00,000

Max: ₹50,00,000

A.Affordable cancer insurance cover

Get Rs. 10 lacs cancer insurance cover at just Rs. 120 per month1

B.Payout on diagnosis

You can claim 30% of the sum assured on diagnosis of the early stage of cancer and the remaining 70% can be claimed on further diagnosis of the major stage.

If a major stage is diagnosed in the first test, you can claim 100% of the Sum Assured.

C.Premium waiver benefit

Once a claim under the Early Stage of Cancer Benefit is approved, all future premium payments for the policy will be waived for 5 years or remaining policy term, whichever shorter, starting from the next premium due date following the date of diagnosis. The coverage for Major Stage of Cancer under the policy will continue until the policy terminates.

D.Income benefit option

Get 1% of sum assured as monthly income for 5 years on claim of major stage of cancer. In case of death of the policyholder, the nominee will continue to receive the income benefits.

E.Increasing cover benefit

Select this option to get a 10% increase in cover for every no claim policy year⁵.

It only takes few simple steps to get the plan:
Step 1: Enter your basic details such as name, gender, date of birth and mobile no.
Step 2: Choose your sum assured, income benefit, policy term, pay frequency, whom are you insuring for, plan option, Sum Assured etc. to get your premium details.
Step 3: Fill basic personal details and upload required documents
That’s it! Enjoy the benefits of your ABSLI Cancer Shield Plan.
A health insurance with cancer cover may not be able to cover the high financial burden of cancer treatment. Cancer-dedicated plans can be a substitute for the loss of income if you need to take a break from your work because of the illness. A cancer insurance policy in India is a step ahead and provides higher cover for a relatively low premium. With the ABSLI Cancer Shield Plan, you are financially covered at every stage of cancer and can protect your savings against the disease. You have the option to choose level or increasing cover, and also monthly income on diagnosis of major stage.
With rapidly changing lifestyles, the risk of cancer is growing at an alarming rate in India and the treatment-related expenses could cause a huge dent in your savings.
Keep these few important things in mind while choosing the best cancer plan for you:
a. The benefits, including payouts, at all stages.
b. What kind of benefit applies at each stage and the total benefits under the plan.
c. Does the Cancer plan offer a fixed sum insured throughout the term or does the sum insured increase by a certain percentage every year up to a certain fixed limit? (The increased sum insured is called the indexed sum insured as the annual increase is indexed to the initial sum insured.) Though the premium could be higher for such a plan, it does ensure taking care of the escalating medical costs.
d. Is there a waiver for all future premiums upon diagnosis? Check what stage the plan offers it at.
e. Will there be a regular income benefit as a fixed percentage of the sum insured upon diagnosis?
Yes, there are tax benefits with ABSLI Cancer Shield Plan. You get tax benefits as per Section 80D of the Income Tax Act, 1961 as per current tax laws.

Tax benefits are subject to changes in the tax laws. You are advised to consult your tax advisor for the same.
The process is fast, smooth and simple, ensuring your claims are settled quickly, hassle-free.
There are 4 premium paying modes unders this policy- Annual | Semi-annual | Quarterly | Monthly.

This is a Regular Pay Plan. The premiums will be guaranteed for the first five policy years. Thereafter, premium rates are subject to change. Any change in the premium rates will take place subject to prior approval from the Insurance Regulatory and Development Authority of India (IRDAI) and after giving you adequate notice in advance. Your premium can be paid annually, semi-annually, quarterly or monthly (automated mode of payment). Your annualized premium will be multiplied by:
  • 1.000 for annual installments
  • 0.519 for semi-annual installments
  • 0.265 for quarterly installments
  • 0.090 for monthly installments
The diagnosis of any of the below listed conditions must be established by histological evidence and be confirmed by an independent medical practitioner who is also an oncologist in the relevant field.

a) "Carcinoma in - situ" Carcinoma in – situ means the presence of malignant cancer cells that remain within the cell group from which they arose. It must involve the full thickness of the epithelium but does not cross basement membranes and it does not invade the surrounding tissue or organ. The diagnosis of which must be positively established by microscopic examination of fixed tissues.

b) "Prostate Cancer – early stage" Early Prostate Cancer that is histologically described using the TNM classification as T1N0M0 with a Gleason Score 2 (two) to 6 (six).

c) "Thyroid Cancer – early stage" All thyroid cancers that are less than 2.0 cm and histologically classified as T1N0M0 according to TNM classification.

d) "Bladder Cancer – early stage" All tumors of the urina_ bladder are histologically classified as TaNoMo according to TNM classification.

e) "Chronic Lymphocytic Leukemia – early stage" Chronic Lymphocytic Leukemia categorized as stage 0 (zero) to 2 (two) as per the RAI classification.

f) "Cervical Intraepithelial Neoplasia" Severe Cervical Dysplasia reported as Cervical Intraepithelial Neoplasia 3 (CIN3) on cone biopsy.
The stage in which a malignant tumor is characterised by the uncontrolled growth and spread of malignant cells with invasion and destruction of normal tissues. The diagnosis must be supported by histological evidence of malignancy and confirmed by a pathologist. The term cancer includes, but is not limited to, leukemia, lymphoma and sarcoma.
It is any condition, ailment or injury or related condition(s) for which you had signs or symptoms and/or were diagnosed and/or received medical advice or treatment within 48 months prior to the first policy issued by the Company.
  • Premium rates are guaranteed for a period of five years from the commencement of the policy.
  • Upon the completion of five policy years, or anytime thereafter, the premium rates may be revised subject to prior IRDAI approval.
  • Any revision in the premium rates shall be intimated to you at least 3 months prior to the due date of the next premium after such revision.
  • If premium rates are revised, they shall be guaranteed for the next five years from the renewal date.
  • Renewal date for application of revised premium rates shall be due every 5th year.
  • You will be given 30 days from the due date of next premium payment to pay the revised premium failing which, all coverage under the policy will cease immediately and the policy will lapse.
No benefit shall be payable under the policy in respect of any Major Cancer, Carcinoma-in-situ or Early Stage Cancer resulting directly or indirectly from or caused or contributed by (in whole or in part) :
  • Carcinoma in-situ of skin and Melanoma in-situ
  • Any pre-existing condition
  • Intoxication by alcohol or narcotics or voluntarily taking or using any drug, medication or sedative unless it is an "over the counter" drug, medication or sedative taken according to package directions
  • Nuclear, biological or chemical contamination (NBC)
Please refer to the product brochure for detailed exclusions.
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  • Disclaimer

    1Scenario for female Age: 21 years, level Sum Assured, Income Benefit: Yes, Premium paying Term: regular pay, pay frequency: monthly, policy term: 20 years, Premium: Rs. 119.70 monthly (excl GST)

    2Tax benefits are subject to changes in the tax laws. You are advised to consult your tax advisor for the same.

    3Source: https://ascopubs.org/doi/full/10.1200/GO.20.00122

    4Source: https://economictimes.indiatimes.com/wealth/insure/can-you-bear-the-cost-of-cancer-treatment-find-out-how-to-buy-the-best-cover/articleshow/47744432.cms

    5If you choose the increasing sum assured option, the effective sum assured in the first year will be equal to 100% of the initial sum assured. Thereafter, as long as no claim event has occurred, the effective sum assured will increase by 10% of the initial sum assured on each policy anniversary starting from the first policy anniversary till the tenth policy anniversary.

    6Please refer to the brochure to know the details about exclusions

    This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a traditional non participating health insurance plan. All terms & conditions are guaranteed throughout the policy term. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. This leaflet contains only the salient features of the plan. For more details on risk factors, terms & conditions, please refer to the sales brochure before concluding the sale. Tax benefits are subject to changes in the tax laws. For more details and clarification call your ABSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true. Aditya Birla Sun Life Insurance Company Limited (Formerly Birla Sun Life Insurance Company Limited). UIN: 109N103V03
    ADV/3/21-22/2421