Aditya Birla Sun Life Insurance Cancer Shield Plan

Formerly known as Birla Sun Life Insurance Company Limited, Aditya Birla Sun Life Insurance Company Limited is (ABSLI) is a subsidiary of Aditya Birla Capital Ltd (ABCL). It is one of the leading private sector life insurance companies in India. The insurer offers a wide range of products such as children future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans and Unit Linked Insurance Plans.

Note:All information has been sourced from the official website of Aditya Birla Sun Life Insurance Company Limited.

Aditya Birla Sun Life Insurance Cancer Shield Plan is a traditional non - participatinghealth insurance planwhich offers coverage against all stages of cancer with an option to receive monthly income for 5 policy years on the diagnosis of a major stage of cancer.

Features and Benefits of Aditya Birla Sun Life Insurance Cancer Shield Plan

The Key Features and Benefits of This Plan Are:

Tax BenefitsAs per Section 80D of the Income Tax Act, 1961
ReimbursementThis is a fixed benefit payout plan
Pre-existing DiseaseNone, this plan is a cancer-specific plan
Flexibility
  • Option to select level cover or increasing cover
  • Option to receive monthly income for 5 policy years
  • Sum Insured
  • Minimum - Rs. 10 Lakhs
  • Maximum - Rs. 50 Lakhs
  • The sum assured on illness is the highest of:
  • 10 times the annual premium; or
  • 105% of all the premiums paid till the date of a valid claim; or
  • Effective Sum Assured
  • CoverageAll stages of cancer
    Premium Charges
  • This is a Regular Pay Plan. The premiums will be guaranteed for the first five policy years
  • The annual premium is the premium payable in a year chosen by the policyholder, excluding the underwriting extra premiums, GST and loadings for modal premiums, if any
  • Plan Payouts
  • Early Stage of Cancer - On diagnosis of an early stage of cancer, 30% of the sum assured on Illness will be paid
  • Major Stage of Cancer - At the major stage of cancer, 100% of the sum assured on illness less any previously paid claim for an early stage of cancer will be paid
  • Waiting PeriodA waiting period of 180 days from the policy commencement date or from the date of reinstatement of the policy is applicable for all benefits payable under this coverage
    Survival PeriodThere is no restriction of survival period after the date of diagnosis of cancer for the benefit to be paid
    Maturity BenefitThere is no maturity benefit payable under this plan
    Death BenefitThere is no death benefit payable under this plan
    Surrender BenefitThere is no surrender benefit available under this plan

    Additional Benefits of Aditya Birla Sun Life Insurance Cancer Shield Plan

    Premium Waiver Benefit- In case of a claim upon detection of an early stage of cancer, all future premium payments for the policy will be waived for lower of 5 years or remaining policy term, starting from the next premium due date following the date of diagnosis of an early-stage cancer.

    Income Benefit Option- under this option, monthly income equivalent to 1% of the Sum Assured on Illness would be paid out once a claim for Major Stage Cancer has been admitted. This monthly income benefit will be payable for a fixed period of next 5 years, the payout will continue even after the completion of the policy term. In case of death of the policyholder, the nominee will receive the payout.

    Premium Guarantee- Under this option, the premium rates are guaranteed for the period of five years from the commencement of the policy.

    Inclusion of Aditya Birla Sun Life Insurance Cancer Shield Plan

    The inclusions under this plan are all stages of cancer.

    Exclusion of Aditya Birla Sun Life Insurance Cancer Shield Plan

    The exclusions under this plan are:

    • Pre-Existing Disease
    • Cancer occurred during the waiting period, or there were signs or symptoms during the waiting period that led to the subsequent diagnosis of Cancer
    • Acquired Immunodeficiency Syndrome (AIDS), AIDS-related complex or infection by Human Immunodeficiency Virus (HIV)
    • Any medical condition/any medical procedure arising from the donation of any of the life insured’s organ
    • Damage caused directly or indirectly by alcohol or drug abuse
    • Any medical condition/any medical procedure arising from nuclear contamination, radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accidents arising from such nature

    Eligibility Criteria for Aditya Birla Sun Life Insurance Cancer Shield Plan

    • Entry Age 18 - 65 Years
    • Maturity Age or Cover 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 Min - Rs.10 Lakhs / Max - Rs.50 Lakhs
    Policy Termination

    The plan will terminate at the earliest of the following:

    • The date when a claim for Major Stage of Cancer is paid provided Income Benefit Option has not been opted; or
    • The policy expiry date; or
    • The date when the last instalment is paid if Income Benefit Option is opted; or
    • The date on which the reinstatement period ends after your policy has lapsed; or
    • On cancellation of the policy by the policyholder; or
    • On the date of intimation of death of the Life Insured
    What is the Claim Procedure for Aditya Birla Sun Life Insurance Cancer Shield Plan?

    In case of a claim, you need to intimate ABSLI immediately via online or email (claims.lifeinsurance@adityabirlacapital.com) or phone (1800 270 7000). You can also visit the branch physically. Post intimation, you need to submit the claim form and the relevant documents. The claims team will scrutinize each claim document in detail. Post verification, the payment is directly made to the policyholder or beneficiary.

    Documents Required to claim Aditya Birla Sun Life Insurance Cancer Shield Plan

    The standard list of documents required for submission are:

    • Policy number;
    • Duly certified photocopy/duplicate of Hospital Discharge Card/ Summary
    • Duly completed claim forms in our prescribed format; and
    • Medical evidence in the form of diagnostic reports, bills, prescriptions, any other document to support Hospital Admission / Surgery Claimant Statement Form
    • KYC Document of Claimant/ Beneficiary/ Nominee (ID Proof, Address Proof, Photograph and Relationship Proof)
    • Original Policy Document or Indemnity Bond in case Policy document is Lost
    • Cancelled Cheque/Copy of Passbook detailing Account Information for Electronic payment
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