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Aditya Birla Sun Life Insurance Company Limited
Aditya Birla Sun Life Insurance Company Limited
ABSLI Cancer Shield Plan
Protect your Savings from Cancer.
Covers all cancer stages
5% discount online
Get ₹10 lakhs Cancer Insurance for just
₹120/month
What is Cancer Shield Plan?
Covers all stages of cancer – This cancer insurance policy covers both early and major stages of cancer
Upfront payout – If diagnosed with cancer during the policy term, the policyholder can get the applicable claim amount just by submitting the diagnosis report.
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.
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.
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.
Policy Benefit
On diagnosis of Early Stage of Cancer, 30% of the Sum Assured on Illness will be paid...
Premium Waiver Benefit
Once a claim under the Early Stage of Cancer Benefit is approved, all future premium payments...
How Does ABSLI Cancer Shield Plan work?
Use Case 1
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 Rs. 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.
Eligibility Criteria
| Entry Age | 18 – 65 Years |
| 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 | Minimum – Rs.10 Lakhs, Maximum – Rs.50 Lakhs |
Sure of buying Cancer Insurance Plan?
Do it in less than 10 minutes.
How to Claim?
3 quick steps, everything online.
FAQs
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.
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.
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1 Scenario 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)
2 Tax benefits are subject to changes in the tax laws. You are advised to consult your tax advisor for the same.
3 Source: https://ascopubs.org/doi/full/10.1200/GO.20.00122
4 Source: 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
5 If 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.
6 Please refer to the brochure to know the details about exclusions.
7 Source : https://www.theweek.in/news/health/2020/02/26/what-is-the-cost-of-cancer-care-in-india.html
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. 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. UIN: 109N103V03
ADV/1/24-25/2697
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