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  • BSLI Cancer Shield Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Birla Sun Life Insurance Cancer Shield Plan offered by Birla Sun Life Insurance (BSLI) is a traditional non-participating health insurance plan that offers policyholders with coverage in the event of the policyholder contracting cancer by covering medical expenses related to treatment. The plan covers all stages of cancer and also provides policyholders with the option of receiving a monthly income for 5 policy years in the case of a cancer diagnosis. Policyholders who are diagnosed with cancer will also have their premiums for 5 years waived, resulting in significant savings.

    The Cancer Care policy is a regular pay policy and one individual can be insured under the policy for the entirety of the policy term. Policyholders can choose a policy term ranging between 5 to 20 years based on their requirements.

    Eligibility- Who is the BSLI Cancer Shield Plan for?

    The BSLI Cancer Shield Plan is a health insurance plan that provides cover in the event of the policyholder contracting cancer. The policy is an ideal policy those looking to protect themselves from the high costs associated with cancer treatment. The eligibility criteria for this plan is provided in the table below:

    Parameter Eligibility
    Age at entry 18-65 years
    Maturity age 75 years
    Policy term 5-20 years
    Premium paying term Regular pay
    Premium payment mode Monthly/quarterly/semi-annual/annual

    Sum Assured and Premium Range- What you get and what it costs?

    Sum Assured:

    The sum assured is the amount payable by the insurer excluding any add-ons or bonuses. The minimum sum assured under this plan is Rs.10 lakhs while the maximum sum assured payable is Rs.50 lakhs. The BLSI Cancer Shield Plan offers policyholders a choice of two sum assured options based on their requirements. The two options offered are as follows:

    Level Sum Assured- Under this option, the sum assured remains the same, with the effective sum assured amount being 100% of the initial sum assured throughout the policy term.

    Increasing Sum Assured- Under this option, the effective sum assured in the first year of the policy would be 100% and would increase by 10% each year provided no claim is made. The sum assured would increase till the 10th policy year.

    Premium:

    The premium is the amount payable by the policyholder. The premium amount payable under the policy would depend on factors such as the sum assured amount selected, the policy term, premium paying mode, age and gender of the policyholder etc.

    The plan is a regular premium paying plan and the policy allows for either annual, semi-annual, quarterly or monthly premium payment modes.

    Plan Coverage- What the BSLI Cancer Shield Plan covers?

    The plan coverage is as mentioned below:

    • The policyholder chooses the sum assured amount he/she wishes to receive as well as the type of sum assured (level or increasing).
    • The policyholder then chooses the policy term and premium paying mode (annual, semi-annual, quarterly or monthly).
    • The premium amount would be calculated based on the above variables.
    • The policyholder can choose to receive a monthly income in the event of contracting cancer, in which case the monthly income payments would commence the month following the diagnosis.

    The coverage offered under this plan is as follows:

    Policy benefit The following benefits would be paid in case of the following:
    • Early stage cancer- 30% of the sum assured would be paid
    • Major stage cancer- 100% of the sum assured would be paid.
    Income benefit At policy inception, the policyholder can choose this option, which would pay a monthly income (1% of the sum assured amount) for 5 years from the date of diagnosis if the policyholder contracts major stage cancer. The nominee would receive this benefit in the event of the death of the policyholder during the payout period.
    Premium waiver On approval of a claim under the early stage of cancer benefit, all future premiums would be waived off for 5 policy years.
    Death benefit There is no death benefit payable under the plan.
    Maturity benefit There is no maturity benefit payable under the plan.

    Riders/Add-on Plans:

    There are no riders attached to the BSLI Cancer Shield Plan.

    Exclusions - What the BSLI Cancer Shield Plan doesn’t cover?

    The BSLI Cancer Shield Plan provides coverage in the event of the policyholder contracting certain types of cancer at either an early or late stage. However there are certain exceptions, as listed below:

    • Pre-existing disease: If the policyholder has any symptoms, condition or ailment for which the policyholder has received treatment or was diagnosed within a span of 48 months before buying the policy, these conditions would be excluded under the policy and no benefit would be paid out.
    • If the cancer diagnosis occurred during the waiting period or thee were symptoms that indicated a diagnosis of cancer.
    • Any medical conditions that the policyholder had or was a result of Acquired Immunodeficiency Syndrome (AIDS), AIDS related complications or Human Immunodeficiency Virus (HIV).
    • Any medical condition due to the policyholder donating his/her organs.
    • Any medical condition due to nuclear contamination or from radioactive material or nuclear fuel or property.
    • Any medical conditions that was a result, either directly or indirectly, of drug, alcohol or substance abuse.

    Other Key Features- Freelook Period, Surrender Value, Grace Period etc.

    Additional features and benefits are listed below:

    Free look period If the policyholder is not satisfied with any of the policy terms, the policyholder can choose to return the policy during the free look period along with a reason behind the policy return without incurring any charges. The free look period is 15 days from the date of receipt of the policy (30 days in the case of distance marketing).
    Grace period If the policyholder is unable to pay a scheduled premium during the given deadline, a grace period of 30 days is provided per premium instalment payment. No charges or penalties are levied during this period.
    Assignment and nomination The policy allows for nomination and assignment subject to the law.
    Loans The policy does not make provision for any loans.
    Lapse of policy If the premium amount is not paid within the grace period, the policy lapses and all benefits provided cease.
    Reinstatement of policy The policy can be re-instated by making all pending premium payments and other charges within a period of 2 years since the date of the last unpaid premium.
    Waiting period The policyholder is required to wait a period of 180 days from the date of policy inception before a claim can be made. In the case of lapsed policies revived within 60 days, only the remainder of the waiting period would be applied.
    Termination of policy The policy would be terminated at the earliest of the following occurring:
    • The policy’s expiry date
    • The cancellation of the policy
    • The date of the intimation of the policyholder’s death
    • After a major stage of cancer claim has been settled (if the income benefit option has not be selected)
    • The date when the last instalment of the income benefit option has been paid
    • The end of the reinstatement policy period in case of lapsed policies.

    Tax Benefits- How You Can Save With the BSLI Cancer Shield Plan?

    The BSLI Cancer Shield plan provides policyholders with a number of benefits and advantages. In addition to these, policyholders can also save on tax by investing in this policy. The tax benefits that policyholders can avail are mentioned below:

    • Under Section 80C of the Income Tax Act of 1961, policyholders stand to receive tax benefits on amounts paid towards a life insurance premium.
    • Under Section 10 (10D) of the Income Tax Act of 1961, policyholders can receive tax breaks on the benefits received under a life insurance policy.

    Other Benefits- How You Can Save With BSLI Cancer Shield Plan?

    Policyholders stand to receive benefits if they are diagnosed with cancer during the policy term, providing them with financial assistance. In addition to the policy’s tax benefits and policy benefits, policyholders can also enjoy the following:

    Birla Sun Life provides policyholders with a hassle-free claims processing procedure with a quick turnaround time along with a step-by-step guide to filing a claim and tracking it. Policyholders will be able to map their claim request on the company’s website and receive updates on the status of a claim filed.

    To make it easier for individuals and policyholders to access policy documents and brochures, the company has made all its policies and information pertaining to them available online. Policyholders can also log in to their account on the website and track claims, premium payments and other documents pertaining to their policy.

    Policyholders can also make premium payments from the comfort of their home by paying through credit or debit card, netbanking, NEFT or through standing orders. This is in addition to offline modes of payment such as cheque or cash.

    Why you should buy the BSLI Cancer Shield Plan from Birla Sun Life?

    Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., one of the world’s leading insurance companies. The company was founded in the year 2000 and has provided life insurance products to both individuals as well as groups, catering to a diverse customer base. The company provides a range of options and has received a number of accolades, being consistently ranked among the top 3 insurance providers in the country. With over 550 branches across the country and over 1 lakh advisors, the company has a wide network, making it accessible across all corners of the country.

    The company also provides specialised insurance plans that cater to specific needs, such as the Cancer Shield policy, providing protection and coverage to individuals at an affordable cost.

    BSLI Cancer Shield Plan Reviews

    • Birla Sun Life Insurance
      "BEST"
      0.5 4.0/5 "Great!"
      Frankly telling about my overall experience is that it is a best service provided by the BIRLA. The documentation what i have done is easy and very good. The follow ups are very good like they will call for the renewal of the policy, and also they respond quickly. I pay yearly once through on line for my policy.
      Was this review helpful? 0
      , salem
      Reviewed on May 15, 2018
    • Birla Sun Life Insurance
      "Need scope of improvement service"
      0.5 2.5/5 "Just OK"
      Yearly I make the premium around Rs. 18,000 for the term of 15 years. After the maturity period I get the premium + three times of amount with life cover, accidental cover. But Birla Sun Life, service is average, there is no office in my location. Even I am not getting any reminder on premium.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Mar 05, 2018
    • Birla Sun Life Insurance
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      I make life insurance payment around Rs. 8500 through online for Birla Sunlife. It has total tenure of 30 years, I won't get any maturity benefits because its a term plan. After me, my nominees will get Rs. 50 lakhs lump sum amount, its a good protection for my family.
      Was this review helpful? 0
      , bathinda
      Reviewed on Mar 05, 2018
    • Birla Sun Life Insurance
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      I have life insurance for the tenure period of 20 years, after the maturity period I get good assured. I make the premium around 5000 to 6000 yearly basis. The policy has tax benefits, financial security against unforeseen events , I make auto debit payment on yearly basis.
      Was this review helpful? 0
      , solapur
      Reviewed on Mar 02, 2018
    • Birla Sun Life Insurance
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      I also hold a life insurance with Birla Sun life and the customer services are good. They follow up and there are reminders also done for the premium payments. The sum assured and the benefits are satisfactory. I prefer the services as I get good support.
      Was this review helpful? 0
      , patna
      Reviewed on Jan 19, 2018
    • Birla Sun Life Insurance
      "Good and beneficial"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance from Birla Sun Life. The customer services are good. They send me alert messages about the premiums and also the other details for about the policy. The sum assured is for one crore. The tenure is till the age of 80. The only drawback is the premium but it is very much costly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 13, 2018
    • Birla Sun Life Insurance
      "Satisfactory"
      0.5 4.5/5 "Excellent!"
      I have taken my life insurance from Birla Sun life. The process was good and the policy is a normal plan. The tenure is for 20 years. After the maturity term I would get the benefits. The premium is paid on a annual basis. There are facilities online to make my payments.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 11, 2018
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