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.
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:
|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|
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.
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.
The plan coverage is as mentioned below:
The coverage offered under this plan is as follows:
|Policy benefit||The following benefits would be paid in case of the following:
|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.|
There are no riders attached to the BSLI Cancer Shield Plan.
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:
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 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:
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.
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.