Birla Sun Life Insurance Cancer Shield Plan
It is a health insurance plan which will take care of medical expenses related to cancer during the need of the hour. This plan makes sure that a disease like cancer does not make a large dent in your savings. It is wise to take this Birls Sun Life insurance plan in today's age when the medical costs are rising at an alarming level. It covers all the stages of cancer ranging from the initial stage to the advanced stage.
Eligibility Conditions for the BSLI Cancer Shield Plan:
Minimum Entry Age | 18 years |
Maximum Entry Age | 65 years |
Maturity Age | 75 years |
Policy Terms for the BSLI Cancer Shield Plan:
Minimum Policy Term | 5 years |
Maximum Policy Term | 20 years |
Premium Payments Offered by the BSLI Cancer Shield Plan:
Premium Paying Term | Regular Pay |
Premium Paying Mode | Annual,Semi-Annual,Quarterly and Monthly |
Minimum Sum Assured | Rs.10 Lakhs |
Maximum Sum Assured | Rs.50 Lakhs |
Key Features of the BSLI Cancer Shield Plan:
Type of Plan | It is a non-participating health insurance plan. |
Premium Payment options | The different premium modes are Annual, Semi-Annual, Quarterly and Monthly. |
Covers all stages | This plan covers all stages of cancer from early stage of cancer to advanced stage of cancer. |
Two options for cancer cover | The individual has the option to choose either level or increasing cover. |
Option to receive monthly income | On diagnosis of advance stage of cancer, the individual has the option to receive monthly income for 5 policy years. |
Waiver of premium | On diagnosis of early stage of cancer, there is waiver of premium for 5 years. |
Tax Benefits | Tax Benefits are applicable as per Section 80D of the Income Tax Act, 1961. |
Loan Facility | Loan Facility is not available. |
Surrender Value | Surrender Value is not available. |
Payment Options for the Premiums offered by BSLI Cancer Shield Plan:
The policyholder can pay the premiums regularly using the following options :-
- Yearly
- Half - Yearly
- Quarterly
- Monthly intervals throughout the term of the policy
Advantages and Benefits of BSLI Cancer Shield Plan:
The BSLI Cancer Shield Plan provides the following key benefits:
Policy Benefit
- During early stage of cancer, 30% of the sum assured will be paid.
- During advanced stage of cancer, 100% of the sum assured will be paid.
Premium Waiver Benefit
Once the diagnosis of early stage of cancer is confirmed, all future premiums will be waived for lower of 5 years or remaining of the policy term. The coverage for advanced stage of cancer will continue unless the policy is terminated.
Income Benefit Option
Once the diagnosis of advanced stage cancer is confirmed, the individual is eligible for the income benefit option. Under this option, a monthly income which is equal to 1% of the sum assured on the illness would be paid. In case of death of the policyholder, the nominee will be paid the income benefit.
Death Benefit
There is no death benefit under this plan.
Surrender Benefit
There is no surrender benefit available under this plan.
Loan
There is no loan facility available under this plan.
Free-Look Period
If the policyholder is not satisfied with the terms and conditions of the policy, he/she can choose to return the policy within 15 days from the date of receipt of the policy. The individual will have to send a written notice regarding this.
Reinstatement
The policy can be reinstated within two years since the date of the last unpaid premium. All the outstanding premiums along with interest has to be paid.
Grace Period
Under this policy, a grace period of 30 days is given to the policyholder who were not able to pay the premiums by due date. He/she can pay the amount during the grace period also. All the benefits under this plan will still be applicable during the grace period.
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