Cancer Insurance
What is Cancer Insurance? Cancer insurance is a specialized policy designed to provide financial support in the event of a cancer diagnosis. Given the rising incidence of cancer and the significant costs associated with treatment, this insurance offers a lump sum payout to help cover medical expenses, loss of income, and other financial needs during a challenging time. The ABSLI Cancer Shield Plan is an example of such a policy, providing coverage for various stages of cancer.
Key Features of Cancer Insurance
- Coverage for All Stages: Protects against both early and major stages of cancer.
- Upfront Payout: Offers a lump sum benefit upon diagnosis, ensuring immediate financial support.
- Premium Waiver: Waives premiums for five years if diagnosed with early-stage cancer, reducing financial burden.
- Increasing Cover Option: Allows for the sum assured to increase by 10% per annum for up to ten years, provided no claims are made.
ABSLI Cancer Shield Plan
Benefits:
- Comprehensive Coverage: Covers all stages of cancer, including early and major stages.
- Lump Sum Payment: Provides a significant upfront payout for treatment and other expenses.
- Premium Waiver: Waives premiums for five years upon early-stage diagnosis.
- Income Benefit Option: Offers a monthly income equivalent to 1% of the sum assured for five years if a major stage is diagnosed.
Eligibility Criteria:
- Entry Age: 18-65 years
- Maturity Age: 85 years
- Policy Term: 5 to 50 years
- Premium Paying Mode: Flexible (monthly, quarterly, half-yearly, annually)
- Premium Paying Term: Regular pay
Importance of Cancer Insurance:
- Increasing Risk: 1 in every 9 Indians develops cancer in their lifetime.
- High Treatment Costs: Cancer treatment can be extremely expensive, often costing up to ₹20 lakhs.
- Financial Impact: Cancer can increase your expenses by 36-44%.
- Rising Risk: The risk of cancer in men is expected to be 19% by 2025.
How the ABSLI Cancer Shield Plan Works
Example:
Rahul, at 35, buys the ABSLI Cancer Shield Plan for 20 years with a sum assured of ₹50 lakhs, paying a yearly premium of ₹6,900 (excluding GST). After 13 years, he is diagnosed with early-stage cancer at 48. The policy pays ₹15 lakhs (30% of the sum assured) and waives premiums for the next five years.
Six years later, at 54, Rahul is diagnosed with major cancer. The policy pays the remaining ₹35 lakhs (70% of the sum assured) and provides a monthly income of ₹50,000 for the next five years. This coverage ensures Rahul can access the best treatment available.
Assistance to Buy a Cancer Insurance Policy
Ready to purchase Cancer Insurance? You can complete the process online in less than 10 minutes.
[BUY ONLINE]
What is Not Covered
The ABSLI Cancer Shield Plan excludes coverage for:
- Carcinoma in-situ of the skin and Melanoma in-situ
- Pre-existing conditions
- Intoxication by alcohol or narcotics, or use of non-prescription drugs
- Nuclear, biological, or chemical contamination
Note: For complete details, refer to the policy documentation and consult with an insurance advisor.