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Birla Sun Life Cancer Shield Plan

What is the Plan all About?

The major life threatening illness Cancer, can create a panic and stress in anybody’s life due to its occurrence. The risk of cancer is rapidly growing in India. Birla Sun Life Cancer Shield plan is a traditional non participating health plan which  helps you to fight cancer at every stage during the policy term.

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What are the Key Features?

  • Provides protection against all stages of cancer
  • Level or Increasing Cover Sum Insured Option available
  • Option to get Monthly income for 5 years
  • On diagnose of Early stage Cancer Waiver of Premium for 5 years
  • Get Tax Benefits under section 80D

What are the Plan Benefits?

Policy Benefits

    Lump Sum Benefit

    • On diagnosis of an early stage of cancer, the insured will receive 30% of the sum assured on illness.
    • On diagnosis of a cancer at a major stage, 100% of the sum assured is paid to the nominee less any payout which is paid on diagnosis of an early stage of cancer.

    Income Benefit

    Option to choose for the income benefit option at the time of inception of the policy under which you receive a monthly income equivalent to 1% of the Sum Assured for 5 policy years on diagnosis of Major Stage of Cancer.

    Waiver of Premium Benefit

    Waiver of premium for 5 years on diagnosis of Early Stage of Cancer during the policy term.

    Level or Increasing Sum Assured

    • Level Sum Assured: The sum assured chosen remains equal to 100% of the initial sum assured throughout the policy term.
    • Increasing Sum Assured: The effective sum assured is 100% of the initial sum assured during the first year and it increases by 10% on each policy anniversary starting from the 1st policy anniversary till the 10th policy anniversary.

    Death Benefit

    There is no death benefit payable under this plan.

    Maturity Benefit

    There is no maturity benefit payable under this plan.

    How the Plan Works?

    Raman, aged 30 years chooses BSLI Cancer Shield Plan (increasing sum assured option). The original sum assured is Rs. 30 lacs. Every year the sum assured will increase as shown in the table below:

    Scenario-1-Early Stage of Cancer: On diagnosis of an early stage of cancer, the insured will receive 30% of the sum assured on illness.

    Scenario-2-Major Stage of Cancer: On diagnosis of a cancer at a major stage, 100% of the sum assured is paid to the nominee less any payout which is paid on diagnosis of an early stage of cancer.

Value Added Benefits

    • Avail tax benefits u/s 80D as per IT Act, 1961 for premium paid for this plan.
    • Option to choose the policy term,as per your requirement.
    • The premium rates are guaranteed for the period of five years from the commencement of the policy.

Sub Limits

    • On diagnose of an early stage of cancer 30% of the sum assured is paid out to the insured.
    • Monthly Income is restricted to 1% of the Sum assured or the period of 5 fixed years, if opted for.

Waiting Period Clause

    • Initial Waiting Period: A waiting period of 180 days from the inception date for all claims to be admissible, under this policy.
    • Survival Period Waiting Period: No survival period clause is applicable.
    • Pre Existing Waiting Period: 48 months waiting period applicable with respect to Pre Existing Diseases.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 Years 65 Years
Sum Assured 10 Lacs 50 Lacs
Cover Type Individual -
Policy Tenure 5 Years 20 Years
Grace Period 30 Days & 15 Days For Monthly Mode -
Freelook Period 15 Days & 30 Days If Policy Sourced Via Distance Marketing Channels -
Riders Nil -
Plan Type Offline -

Exclusions

  • Pre-Existing Disease
  • Diagnosis of Cancer occurred during the waiting period,
  • For any medical conditions caused directly or indirectly by Acquired Immunodeficiency Syndrome (AIDS), AIDS related complex or infection by Human Immunodeficiency Virus (HIV).
  • For any medical condition arising from the donation of any of the Life Insured’s organs.
  • For any medical conditions was caused directly or indirectly by alcohol or drug abuse.
  • For any medical condition or any medical procedure arising from nuclear contamination, etc.