Health Insurance 1633 views April 29, 2020

ABSLI Cancer Shield Plan

Cancer is one of the critical illness that is life-threatening and includes a lot of expenses for the treatment. Therefore it is better to take early insurance to compensate for the loss that might occur in the future. Individuals whose ancestors are diagnosed with cancer have a higher chance of becoming cancer patients. So you must protect yourself from a health insurance plan. But all the health insurance policy doesn’t cover the risk of critical illness that is cancer. ABSLI Cancer Shield plan is the most suitable plan for those who have it as a genetic disease in their family. So, you must go through all the benefits of this plan and see how it is helpful during your bad times.

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Key Features of Cancer Shield Policy

  1. This plan covers all the stages of Cancer including early-stage and major stages.
  2. This policy has the option to receive monthly income if you are diagnosed with a major stage of cancer for 5 policy anniversary years.
  3. The Company will waive off the amount of premium for 5 years if you are diagnosed with cancer at an early stage.
  4. You have the option to choose a specified sum Assured or an increasing sum assured after every year.
  5. Get Tax Benefits under Section 80D of the Income Tax Act 1961.

Benefits of the ABSLI Cancer Shield Policy

There are various benefits of this health insurance plan but this plan doesn’t have any maturity benefits, surrender benefits, or death benefits. So let’s see what other benefits this policy has.

Early Stage of Cancer Benefits

If you are diagnosed with cancer at an early stage then the company will give you 30% of the sum Assured. You can use that fund to meet the expenses that occur either for the therapy, treatment, or hospitalization.

Major Stage of Cancer Benefits

If in case you are diagnosed with Cancer at the major stage or the last stage then the company will give you 100% of the sum assured at the inception of the plan. You can use that sum for any purpose to get the best treatment for cancer.

Sum Assured

The Sum paid to the individual will be the highest of the three amounts given below:-

  1. 10 Times of the Annualized premium.
  2. 105% of the premium paid up to the date of the claim.
  3. Effective Sum Assured.

Waiver of Premium Benefits

All the premiums of the ABSLI Cancer Shield Plan will be waived off for 5 years or remaining policy term (whichever is less) if the insured is diagnosed with cancer at an early stage. On the other hand, the coverage for the major stage of cancer will continue until the plan terminates.

Income Benefit

You have to choose this benefit at the time of inception of the policy and you cannot take it later once the policy has started. In this benefit, you will receive 1% of the sum assured as monthly income once the claim for the Major Cancer staged has been approved. You will receive the monthly income for a fixed period of the next 5 years even beyond the expiry of the policy date.

Options Available in ABSLI Cancer Shield Plan

There are basically two options available in this Cancer Plan. You can choose any option depending upon your needs and the sum to be assured.

Option 1- Level Sum Assured

In this option, the amount of Sum Assured remains the same through the period of the policy that was decided at the beginning. You can change the amount of the sum assured once you have taken the policy. It would be the same Assured amount that was decided at the time of inception of the plan.

Option 2- Increasing Sum Assured

In the Increasing Sum Assured Option, the value of Sum Assured will increase by 10% after every policy anniversary starting from the first policy anniversary to the tenth policy anniversary if you don’t make any claim. In the first year, the sum assured will be 100% of the sum that was decided and after that, it will increase by 10% every year.

About the Cancer Shield Plan

Age of Entry18 Years to 65 Years
Cover Ceasing Age or Maturity Age85 Years
Minimum Policy Term5 Years
Maximum Policy Term50 Years
Premium Paying TermRegular Pay
Mode for Paying PremiumMonthly, Quarterly, Half-Yearly, and Yearly
Minimum Sum AssuredINR 10 Lacs
Maximum Sum AssuredINR 50 Lacs

Illustration of the Premium and Benefits

If your age of entry and gender is 35 years and male respectively and you take ABSLI Cancer Shield Plan for the sum of INR 25 Lacs for 20 years then your annual premium will be INR 2774.48. In this case, the option of the plan will be Level Sum Assured and not the Increasing Sum Assured.

Termination of the Plan

You Cancer Shield Policy will expire if any of the following things happens:-

  1. When the company has admitted your claim against the major stage of cancer and you haven’t opted for the income benefits.
  2. On the Date of the Policy Expiration.
  3. The date on which you pay the last premium if you opt for the income option.
  4. When you cancel the policy.
  5. On the date of death of the policy taker.
  6. When your policy lapse and the reinstatement period also ends.

Reasons for Choosing Aditya Birla Policies

  1. The company has a high claim settlement ratio.
  2. It gives you a free look period of 15 days.
  3. It also gives you a grace period for 30 days if you are unable to pay the premium on time.
  4. The premiums of the policies are also affordable.
  5. All the policies are available online.
  6. The claims are also settled digitally.

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