All About Birla Sun Life Cancer Shield Plan

Written by Vidya Kumar

September 6, 2016

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Executive Summary – The Birla Sun Life Cancer Shield Plan provides financial protection against the dreaded disease- cancer. There are different options for sum assured, policy term and income benefit that one can select from. It is cost effective from a premium perspective and provides a high limit on the sum assured.

Cancer is a life threatening disease. It affects not only one’s body but also mind if one is not strong to face it and personal finances. There are check ups, medicines, procedures that have to be followed regularly and are exorbitant. Unfortunately it is spreading quite fast and wide in India. Birla Sun Life has introduced an insurance plan called BLSI Cancer Shield Plan to protect one from the financial strain of the disease. Let us look at its key features –
Policy Details
BSLI Cancer Shield is a policy introduced to cover early and major stages of cancer to help the policyholder meet the expenses of medical treatment.
Features
Entry Age – 18 yrs to 65 years.
The policy term can be from 5 years to 20 years. The sum assured range is from Rs. 10,00,000 to Rs. 50,00,000.
​There are 2 plan options –
1) Level Sum Assured – Sum Assured is fixed.
2) Increasing Sum Assured – Sum assured increases by 10% for every non-claim year for 10 years of continuous coverage.
The policy holder has the option to avail the income benefit option. If availed, he will get an amount of 1% of sum assured if major stage of cancer has been claimed for. This will be paid for 5 years irrespective of the policy term.
As a policyholder, you can choose the sum assured, plan option, policy term and income benefit.
Benefits
It covers early stage of cancer and major stages of cancer.
​If there is an approved claim for Early Stage of Cancer, future premiums for the policy are waived for 5 years or remaining policy term whichever is lower. This is applicable from the premium payable date following the date of diagnosis of the Early Stage Cancer.
If there has been no claim, the sum assured is increased by 10% of sum assured for every year the policy is in place.
It provides for tax deduction under Section 80 of the Income tax law.
Limitations
The policy covers only cancer and no other disease. The policy will pay for only one cancer if more than 1 is diagnosed. If it is discovered, that cancer has been caused due to a pre-existing disease, then the claim will be rejected.
Premium
For an Indian male aged 35 years, sum assured of Rs. 25,00,000 and term of 10 years –
1) Premium for Level Sum Assured Option – Rs. 1,950.
2) Premium for Increasing Sum Assured Option – Rs. 2,700.
3) Premium for Level Sum Assured and Income Benefit Options – Rs. 2,900.
4) Premium for Increasing Sum Assured and Income Benefit Options – Rs. 4,000.

Our Outlook
The maximum limit on sum assured is high compared to other cancer insurance plans. The premium is quite cost effective. But it does not cover diagnostic procedures. Some cancer plans cover that. Here is a comparison of other cancer plans available.
If you have a lifestyle or work or place of stay such that you have a risk of developing cancer, you can consider this policy.

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