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Health Insurance 1633 views April 29, 2020
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.
Table of Contents
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.
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.
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.
The Sum paid to the individual will be the highest of the three amounts given below:-
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.
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.
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.
Particulars | Details |
---|---|
Age of Entry | 18 Years to 65 Years |
Cover Ceasing Age or Maturity Age | 85 Years |
Minimum Policy Term | 5 Years |
Maximum Policy Term | 50 Years |
Premium Paying Term | Regular Pay |
Mode for Paying Premium | Monthly, Quarterly, Half-Yearly, and Yearly |
Minimum Sum Assured | INR 10 Lacs |
Maximum Sum Assured | INR 50 Lacs |
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.
You Cancer Shield Policy will expire if any of the following things happens:-