ABSLI Cancer Shield Plan

Yes, owning an ABSLI Cancer Shield Plan along with a health cover is important. A cancer insurance policy covers the insured for cancer only. On the other hand, a health insurance policy covers other diseases as well. A health insurance policy pays the policyholder in case of hospitalization due to illness or accident. The policy will reimburse or provide cashless service if the insured is hospitalized for 24 hours minimum( in most of the cases). The health insurance policy will cover you for pre and post-hospitalization expenses.

On the other hand, ABSLI Cancer Shield Plan will pay you a lump sum amount on the diagnosis of cancer. The idea of the policy is to enable the policyholder to not compromise on the quality of the treatment. The policy covers all stages of cancer and protects your savings. Ultimately, this policy prevents the family from any financial burden on the family which otherwise will be made for the treatment. The lump sum amount will also save you from loss of income with monthly income benefit which brings peace to your mind.

Both the policies provide you income tax benefits under Section 80D of the Income Tax Act, 1961.

Read more: Importance of Cancer Insurance

Stage 2 Cancer refers to large cancer or tumors that have grown but haven't spread.

A cancer insurance policy covers the expenses that the life insured will incur at the time of diagnosis. The policy will cover the cost of hospitalization, treatment procedure, and medications. The amount payable will be made in a lump sum, the percentage of this payment will be made depending on the plan and the stage of cancer. The cancer insurance policy will cover cancer detected at the minor as well as the major stage.

When the minor stage of cancer is diagnosed first, the lump sum amount will be released at the time of diagnosis. The future premiums will be waived off for a specified time. Now, if the cancer is detected again, the remaining portion of the sum assured will be made available to the insured. In some cases, the insurance company will also provide a regular income to the insured after the treatment for a certain period.

A health insurance policy covers almost all diseases including critical illnesses like cancer. But a health policy will pay for inpatient hospitalization and for treatment at hospitals in India. They do not cover the entire cost of treatment. This is why you will need a cancer insurance policy as it will pay you a lump sum after the diagnosis of the illness. Other than this, you get monthly payouts to align monthly expenses because you have a loss of income.

No, a cancer insurance policy can be purchased for a dedicated person.

Yes, a cancer insurance policy can be purchased between 18 years to 65 years.

• Covers all stages of Cancer i.e. Early Stage of Cancer and Major Stage of Cancer
• Option to choose level or increasing cover
• Option to receive monthly income for 5 policy years on diagnosis of Major Stage of Cancer
• Waiver of premium for 5 years on diagnosis of Early Stage of Cancer
• Tax Benefits² as per Section 80D of the Income Tax Act, 1961 as per current tax laws.

Eligibility:

Entry Age	18 to 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: ₹10,00,000 Max: ₹50,00,000

A.Affordable cancer insurance cover

Get Rs. 10 lacs cancer insurance cover at just Rs. 120 per month¹

B.Payout on diagnosis

You can claim 30% of the sum assured on diagnosis of the early stage of cancer and the remaining 70% can be claimed on further diagnosis of the major stage.

If a major stage is diagnosed in the first test, you can claim 100% of the Sum Assured.

C.Premium waiver benefit

Once a claim under the Early Stage of Cancer Benefit is approved, all future premium payments for the policy will be waived for 5 years or remaining policy term, whichever shorter, starting from the next premium due date following the date of diagnosis. The coverage for Major Stage of Cancer under the policy will continue until the policy terminates.

D.Income benefit option

Get 1% of sum assured as monthly income for 5 years on claim of major stage of cancer. In case of death of the policyholder, the nominee will continue to receive the income benefits.

E.Increasing cover benefit

Select this option to get a 10% increase in cover for every no claim policy year⁵.

It only takes few simple steps to get the plan:
Step 1: Enter your basic details such as name, gender, date of birth and mobile no.
Step 2: Choose your sum assured, income benefit, policy term, pay frequency, whom are you insuring for, plan option, Sum Assured etc. to get your premium details.
Step 3: Fill basic personal details and upload required documents
That’s it! Enjoy the benefits of your ABSLI Cancer Shield Plan.

A health insurance with cancer cover may not be able to cover the high financial burden of cancer treatment. Cancer-dedicated plans can be a substitute for the loss of income if you need to take a break from your work because of the illness. A cancer insurance policy in India is a step ahead and provides higher cover for a relatively low premium. With the ABSLI Cancer Shield Plan, you are financially covered at every stage of cancer and can protect your savings against the disease. You have the option to choose level or increasing cover, and also monthly income on diagnosis of major stage.

With rapidly changing lifestyles, the risk of cancer is growing at an alarming rate in India and the treatment-related expenses could cause a huge dent in your savings.

Keep these few important things in mind while choosing the best cancer plan for you:
a. The benefits, including payouts, at all stages.
b. What kind of benefit applies at each stage and the total benefits under the plan.
c. Does the Cancer plan offer a fixed sum insured throughout the term or does the sum insured increase by a certain percentage every year up to a certain fixed limit? (The increased sum insured is called the indexed sum insured as the annual increase is indexed to the initial sum insured.) Though the premium could be higher for such a plan, it does ensure taking care of the escalating medical costs.
d. Is there a waiver for all future premiums upon diagnosis? Check what stage the plan offers it at.
e. Will there be a regular income benefit as a fixed percentage of the sum insured upon diagnosis?

Yes, there are tax benefits with ABSLI Cancer Shield Plan. You get tax benefits as per Section 80D of the Income Tax Act, 1961 as per current tax laws.

Tax benefits are subject to changes in the tax laws. You are advised to consult your tax advisor for the same.

The process is fast, smooth and simple, ensuring your claims are settled quickly, hassle-free.

There are 4 premium paying modes unders this policy- Annual | Semi-annual | Quarterly | Monthly.

This is a Regular Pay Plan. The premiums will be guaranteed for the first five policy years. Thereafter, premium rates are subject to change. Any change in the premium rates will take place subject to prior approval from the Insurance Regulatory and Development Authority of India (IRDAI) and after giving you adequate notice in advance. Your premium can be paid annually, semi-annually, quarterly or monthly (automated mode of payment). Your annualized premium will be multiplied by:

• 1.000 for annual installments
• 0.519 for semi-annual installments
• 0.265 for quarterly installments
• 0.090 for monthly installments

₹10 lakhs

The diagnosis of any of the below listed conditions must be established by histological evidence and be confirmed by an independent medical practitioner who is also an oncologist in the relevant field.

a) "Carcinoma in - situ" Carcinoma in – situ means the presence of malignant cancer cells that remain within the cell group from which they arose. It must involve the full thickness of the epithelium but does not cross basement membranes and it does not invade the surrounding tissue or organ. The diagnosis of which must be positively established by microscopic examination of fixed tissues.

b) "Prostate Cancer – early stage" Early Prostate Cancer that is histologically described using the TNM classification as T1N0M0 with a Gleason Score 2 (two) to 6 (six).

c) "Thyroid Cancer – early stage" All thyroid cancers that are less than 2.0 cm and histologically classified as T1N0M0 according to TNM classification.

d) "Bladder Cancer – early stage" All tumors of the urina_ bladder are histologically classified as TaNoMo according to TNM classification.

e) "Chronic Lymphocytic Leukemia – early stage" Chronic Lymphocytic Leukemia categorized as stage 0 (zero) to 2 (two) as per the RAI classification.

f) "Cervical Intraepithelial Neoplasia" Severe Cervical Dysplasia reported as Cervical Intraepithelial Neoplasia 3 (CIN3) on cone biopsy.

The stage in which a malignant tumor is characterised by the uncontrolled growth and spread of malignant cells with invasion and destruction of normal tissues. The diagnosis must be supported by histological evidence of malignancy and confirmed by a pathologist. The term cancer includes, but is not limited to, leukemia, lymphoma and sarcoma.

It is any condition, ailment or injury or related condition(s) for which you had signs or symptoms and/or were diagnosed and/or received medical advice or treatment within 48 months prior to the first policy issued by the Company.

• Premium rates are guaranteed for a period of five years from the commencement of the policy.
• Upon the completion of five policy years, or anytime thereafter, the premium rates may be revised subject to prior IRDAI approval.
• Any revision in the premium rates shall be intimated to you at least 3 months prior to the due date of the next premium after such revision.
• If premium rates are revised, they shall be guaranteed for the next five years from the renewal date.
• Renewal date for application of revised premium rates shall be due every 5th year.
• You will be given 30 days from the due date of next premium payment to pay the revised premium failing which, all coverage under the policy will cease immediately and the policy will lapse.

No benefit shall be payable under the policy in respect of any Major Cancer, Carcinoma-in-situ or Early Stage Cancer resulting directly or indirectly from or caused or contributed by (in whole or in part) :

• Carcinoma in-situ of skin and Melanoma in-situ
• Any pre-existing condition
• Intoxication by alcohol or narcotics or voluntarily taking or using any drug, medication or sedative unless it is an "over the counter" drug, medication or sedative taken according to package directions
• Nuclear, biological or chemical contamination (NBC)

Please refer to the product brochure for detailed exclusions.