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AEGON Life iCancer Insurance Plan

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Aegon Life iCancer Insurance Plan Review

The Aegon Life iCancer Insurance Plan is a traditional health insurance plan which is specifically designed to cover all types of cancer.


Highlights of the Aegon Life iCancer Insurance Plan

  • This is a traditional health insurance plan which can be bought online through some easy steps.
  • The plan covers all types of cancer ailments and the benefits paid depend on the stage of cancer the policyholder suffers from.
  • The payout increases as the cancer severity increases.
  • There is an inbuilt Waiver of Premium plan which waives future premiums when the policyholder suffers from a major stage of cancer.


Working of the Aegon Life iCancer Insurance Plan

  • The policyholder chooses the Sum Assured and the required plan tenure. Based on the insured’s age, tenure and Sum Assured chosen, the premium would be fixed.
  • The premiums are to be paid for the entire duration failing which the plan lapses and no benefits would be payable.
  • On diagnosis of a specified severity of cancer, provided the diagnosis is the first diagnosis in the insured’s life, the benefit depending on the severity of the cancer would be paid.
  • There is no death or maturity benefit under the plan.


Benefits and Features of Aegon Life iCancer Insurance Plan

  • Benefit Payout – When the policyholder is diagnosed with cancer, the benefit under the plan would be paid. The amount of benefit paid is expressed as a percentage of the chosen Sum Assured and this percentage depends on the stage of cancer the policyholder is diagnosed with. The applicable stages and the payouts of each stage are defined below:
    • Minor Stage – Every claim which is made for a minor stage of cancer would be 25% of the Sum Assured net of any claims which have been already paid. The maximum limit would be restricted to Rs.5 lakhs per claim and the aggregate claims made for a minor stage cancer should not exceed 25% of the actual Sum Assured.
    • Major Stage – If the cancer diagnosed is a major stage cancer or if a minor stage cancer progresses to a major stage cancer, 100% of the Sum Assured would be payable net of any claims previously paid. The future premiums would also be waived off and the plan would continue.
    • Critical Stage – For a critical stage cancer, either diagnosed or progressed, the benefit paid would be 150% of the Sum Assured net of claims already paid.
  • Death Benefit -The plan does not pay any death benefit.
  • Maturity benefit – There is no maturity benefit under the plan.
  • Bonus – This is a health plan and as such, bonuses are not declared. 
  • Loan –Loans are not available under the plan.
  • Tax benefit – Premiums paid under the plan would be exempt from tax under Section 80Dof the Income Tax Act.

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Eligibility Criteria of Aegon Life iCancer Insurance Plan

The plan can be bought only by Resident Indians. The other eligibility criteria of the plan includes:
 
  Minimum Maximum
Entry age (Last Birthday) 18 years 65 years
Maturity Age (Last Birthday) NA 70 years
Plan tenure 5 years (70-entry age) years
Premium payable Depends on age, Sum Assured and plan tenure.
Premium Paying Term Equal to plan term
Sum Assured Rs.10 lakhs Rs.50 lakhs
Premium payment mode Annually or monthly
 


Additional Benefits of Aegon Life iCancer Insurance Plan

  • Riders – There is an inbuilt premium waiver benefit rider where the future premiums are waived off if any major stage benefit is paid out in the plan.
  • Grace Period – A grace period of 30 days is allowed for payment of premium after the due date in case of annual mode and 15 days in case of monthly mode of premium payment. The cover under the policy would continue during the grace period.
  • Free Look Period –A cooling off period or a free look period of 30 days is granted to the policyholder after the policy issuance to review the policy terms and conditions. If found unsatisfactory, the plan can be cancelled within this period and the premium paid would be refunded after deducting the relevant mortality charge, service tax, cess and stamp duty paid.
  • Portability – The company allows plans of other companies to be ported to this plan or any other plan of the same company to be ported to this plan


Plan Details

The Aegon Life iCancer Insurance Plan offers many benefits that we want you to understand with ease. So we have explained them with the help of an example, which you can find illustrated below.

Let’s Understand The Plan With An Example:
Ramesh aged 30 years a Doctor by profession took an iCancer policy for a policy term of 40 years and sum assured of Rs.20,00,000 by paying an annual premium of Rs.5,300 (excluding taxes)Ramesh aged 30 years a Doctor by profession took an iCancer policy for a policy term of 40 years and sum assured of Rs.20,00,000 by paying an annual premium of Rs.5,300 (excluding taxes)



Total benefit paid = Rs.30 lakhs (150% of Sum Assured) = Rs.5 lakhs at Minor Stage + Rs.15 lakhs at Major Stage + Rs.10 lakhs at Critical Stage.



Total benefit paid = Rs.30 lakhs (150% of Sum Assured) = Rs.20 lakhs at Major Stage + Rs.10 lakhs at Critical Stage.


Exclusions in Aegon Life iCancer Insurance Plan

  • There is a waiting period of 180 days from policy commencement or revival for the coverage of any diagnosis of cancer and the corresponding payment of benefit.
  • Pre-existing conditions are not covered for the first 48 months from policy inception.
  • Medical conditions which are suffered due to self-inflicted injury, HIV/AIDS infection, congenital anomaly or defect, organ donation, alcohol or drug abuse, and radiation.


Key Features

  • All stages of the cancer are covered
  • Stage-based Benefit Payment
  • Multiple unrelated cancers can be claimed


Non-Payment of premium in Aegon Life iCancer Insurance Plan

Premiums have to be paid for the specified tenure failing which the policy lapses and no benefits are payable.

Making the policy Paid-up

The option of making the policy paid-up is not available under the plan.


Surrendering the policy

The plan does not acquire any Surrender Value.

Revival 

Revival is allowed within 2 years from the date of the first unpaid premium. The policyholder would be required to pay the outstanding premium and any interest charged by the insurer to revive his policy.



 
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