Indians is likely to develop cancer during their lifetime3
by which Cancer increases your expenses4
males and ~7.2 Lakh females were diagnosed with cancer in 20204
Higher survival rate in case of early detection4
The medical expenses related to complicated diseases like cancer can have a big impact on your life and greatly reduce your savings. This can significantly limit your ability to achieve your various goals and dreams. ABSLI Cancer Shield Plan covers you financially through every stage of cancer and protects your savings against the expenses related to this disease. ABSLI Cancer Shield Plan is your partner in the journey of beating this disease and living your life to its fullest.
Covers all stages of cancer
Option to choose level or increasing cover
5 years premium waiver on early stage diagnosis
Option to receive monthly income for 5 policy years on major stage diagnosis
Of course. Getting a specialized cancer insurance cover over and above your health insurance plan is the right thing to do. Treating a deadly disease such as cancer can get quite expensive, and although your health insurance plan may cover cancer treatment costs, it may not always be enough to cover all of the expenses.
Also, regular health insurance plans payouts are based on hospitalization bills, whereas in the case of a specialized cancer insurance cover, the payout is made as soon as you’re diagnosed with the disease.
Though you may be inclined to believe that cancer insurance is something that you don’t need right now, the fact is that the disease can affect anyone at any point in their lives. So, it is important to protect yourself from the financial impact that cancer treatment can have on your hard-earned savings, especially since cancer treatment can be quite high.
That’s not all. Cancer insurance is also very comprehensive and covers various stages of different types of cancers. And you also get the payout from your cancer insurance plan as soon as the disease is diagnosed. This gives you the necessary financial assistance needed to undergo treatment.
Unfortunately, this is not possible. Since the sum assured under cancer insurance is only paid out to the individuals upon first diagnosis of the disease, patients who are already afflicted with the disease cannot opt for a cancer insurance plan.
This is precisely why you should opt for cancer insurance while you’re young and healthy. Although people in their 20s and 30s do get diagnosed, the risk of developing cancer is still low in these age groups. This not only leads to lower premiums, but also helps you stay protected against future eventualities.
A cancer insurance plan is essentially a health insurance plan. So, by purchasing a cancer insurance plan, you get to claim tax benefits under section 80D of the Income Tax Act, 1961. The premiums that you pay towards such a plan can be claimed as deductions from your total taxable income. This eventually has the effect of reducing the amount of tax that you need to pay.
Here’s a quick look at the various tax benefits under section 80D of the Income Tax Act, 1961.
Unfortunately, no. You cannot opt for coverage for your entire family under the same cancer insurance policy. Cancer insurance is an individual insurance plan that’s designed to provide coverage for only a single individual. However, if you wish to cover your entire family, you could always choose to opt for independent cancer plans for each member you wish to protect.
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)
2As per annual audited figures submitted to IRDAI for the period FY 20-21 for individual death claims paid
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
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. UIN: 109N103V03
ADV/11/21-22/1505