How does the plan work
STEP 1: Choose your Sum Assured and Plan Option (Level Sum Assured | Increasing Sum Assured*)
STEP 2: Choose Your Policy Term
STEP 3: Choose the Income Benefit Option
* The effective sum assured in the first year will be equal to 100% of the initial sum assured. Thereafter, as long as no claim event has occurred, the effective sum assured will increase by 10% of the initial sum assured on each policy anniversary starting from the first policy anniversary till the tenth policy anniversary.
Key Features
- Covers all stages of Cancer i.e. Early Stage of Cancer and Major Stage of Cancer
- Option to choose level or increasing cover
- Option to receive monthly income for 5 policy years on diagnosis of Major Stage of Cancer
- Waiver of premium for 5 years on diagnosis of Early Stage of Cancer
- Tax Benefits as per Section 80D of the Income Tax Act, 1961 as per current tax laws(1)
(1)Tax benefits are subject to changes in tax laws. Please consult your tax advisor for more details.
Policy Benefit
Early Stage of Cancer – On diagnosis of Early Stage of Cancer, 30% of the Sum Assured on Illness will be paid.
Major Stage of Cancer – At the Major Stage of Cancer, 100% of the Sum Assured on Illness less any previously paid claim for Early Stage of Cancer under the policy will be paid.
Sum Assured on Illness is the highest of
- 10 times the annual premium; or
- 105% of all the premiums paid till the date of a valid claim; or
- Minimum guaranteed sum assured on maturity; or
- Effective Sum Assured
The only illness covered under this plan is Cancer.
Annual Premium is the premium payable in a year chosen by the policyholder, excluding the underwriting extra premiums, GST and loadings for modal premiums, if any.
The minimum guaranteed sum assured on maturity is nil.
Income Benefit Option
You will have an option to choose this benefit at policy inception only and once chosen cannot be opted out. Under the Income Benefit Option, a monthly income equivalent to 1% of the Sum Assured on Illness would be paid out once a claim for Major Stage Cancer has been admitted. This monthly income benefit will be payable for a fixed period of next 5 years even beyond the policy expiry date. In case of death of the policyholder, nominee will continue to receive the income benefit.
Eligibility
Entry Age 18 – 65 Years
Maturity Age or 75 years Cover Ceasing Age
Policy Term Minimum – 5 Years / Maximum – 20 Years
Premium Paying Term Regular Pay
Premium Paying Mode Annual | Semi-Annual | Quarterly | Monthly
Sum Assured Minimum – Rs.10 Lakhs / Maximum – Rs.50 Lakhs
For Cancer definition and exclusions please refer to the product brochure.
