The Aegon Life iCancer Insurance Plan from Aegon Life is a non-linked, non-participating insurance policy that offers financial security to the customer as well as his/her family in case the policyholder is diagnosed with cancer. Apart from skin cancer, the plan covers all forms of the disease and payouts are guaranteed at all stages. The Aegon iCancer Insurance Plan can be purchased online and is ideal for those who are the major or sole earning members in their family, and for those who wish to safeguard their savings and assets that would otherwise decrease in case they are diagnosed with cancer and require funds for treatment.
The iCancer Insurance Plan offers coverage for multiple unrelated cancers, such as carcinoma in-situ, prostate cancer, thyroid papillary microcarcinoma, bladder microcarcinoma, chronic lymphocytic leukemia, etc., and increasing accumulated payouts are provided to the insured individuals as impairment rises to more severe stages. Since there are over 100 types of cancer, the Aegon Life iCancer Insurance Plan is a policy well worth buying as it not only covers all types of the condition, but also offers tax benefits under Section 80D.
To be eligible to purchase this Aegon health plan, individuals must be of a certain age when purchasing the policy as well as at the time of maturity. Following are the criteria you must meet of you wish to purchase an iCancer Insurance Plan:
|Minimum Entry Age||18 years completed|
|Maximum Entry Age||65 years completed|
|Maximum Maturity Age||70 years completed|
The premium payments made towards your iCancer Insurance Plan will determine the benefits you will receive through the policy. Customers can make their premium payments on a monthly basis or an annual basis depending upon their preference. Following are some of the features of the iCancer Insurance Plan:
|Sum Assured||Minimum: Rs.10 lakhs Maximum: Rs.50 lakhs|
|Premium Payment Frequency||Monthly or Annual|
|Premium Payment Term||Equal to policy term|
|Policy Term||Minimum: 5 years Maximum: 70 years minus the age at entry|
*Premiums may vary based on age, location, plan term and other factors.
|Maturity Benefit||The iCancer Insurance Plan does not offer any maturity benefits.|
|Death Benefit||The iCancer Insurance Plan does not offer any death benefits.|
|Minor Stage Benefit||In case the life assured is diagnosed with cancer at the Minor Stage of the condition, each claim will offer a benefit equal to 25% of the Sum Assured minus any previously paid claims under the plan. The maximum amount that will be granted per claim cannot exceed Rs.5 lakhs. The total of all benefits claimed during the minor stage of cancer cannot be more than 25% of the sum assured.|
|Major Stage Benefit||During the Major Stage of cancer, the life assured will be eligible for a benefit equal to 100% of the sum assured minus any previously paid claims under the plan.|
|Critical Stage Benefit||During the Critical Stage of cancer, the life assured will be eligible for a benefit equal to 150% of the sum assured minus any previously paid claims.|
|Premium Waiver Benefit||Following the approval of a claim under the Major Stage of cancer, all future premium payments will be waived for the remainder of the policy term, commencing from the next premium due date after the date on which the individual was diagnosed.|
The iCancer Insurance plan will not offer any benefit to the life assured under certain circumstances which are as follow:
Any claim made under the iCancer Insurance Plan will be considered valid under any stage only if the incidence of cancer following the issuance of the policy is the first incidence in the life assured’s lifetime.
Following are some of the other key features of the iCancer Insurance Plan:
|Free Look Period||Customers who are not satisfied with any of the terms and conditions of the iCancer Insurance Plan have the option of returning the policy coupled with a letter stating the reason for cancelling the policy within 30 days of receiving the policy document. Once the policy is returned to the company, it will terminate and all interests, benefits and rights will stand extinguished. The customer will then be eligible to receive the premium paid after stamp duty charges, pro rata adjustment for the period of risk cover, and medical examination charges, if any, are deducted.|
|Grace Period||In case you have not made your premium payment on time, you will receive a grace period of 15 days to do so if you have chosen your premium payment frequency on a monthly basis. In case the premium payment frequency is annual, the grace period will be 30 days. In case a policyholder fails to make the premium payment during the grace period, the policy will lapse and the customer will not be eligible for any benefits.|
|Discontinuance of Premium||In case the customer fails to pay the premium within the grace period, the policy will lapse and the policyholder will not be eligible for any benefits.|
|Reinstatement||In case your policy has lapsed, you can apply for reinstatement within two years from the date on which the first unpaid premium was due. The unpaid premiums will have to be paid along with an additional interest charge to reinstate the policy. However, the final decision regarding the reinstatement of a policy is at the discretion of the insurance company based on the provision of satisfactory evidence about the insurability of the life assured.|
|Surrender Value||The iCancer Insurance Plan does not offer any surrender benefits.|
The benefits received through the Guaranteed Growth Insurance plan and the premiums paid towards the policy are eligible for tax benefits under Section 80D of the Income Tax Act, 1961. Please note that the tax benefits offered by the iCancer Insurance Plan are subject to change based on changes in tax laws from time to time.
Aegon Life Insurance is one of India’s biggest and best insurance companies. Headquartered in Mumbai, the company boasts 59 branches across 46 cities in addition to employing around 9600 insurance agents. With more than 4 lakh customers in the country, Aegon Life continues to deliver quality products and services, and its steady growth over the years stands testimony to the same. An expansive portfolio together with quality customer service will ensure that purchasing the iCancer Insurance plan from Aegon Life will be worth your investment.
Who can purchase the iCancer Insurance Plan?
Any individual who wishes to protect his/her assets in case they are diagnosed with cancer can purchase the iCancer Insurance Plan. Since there are over 100 types of cancer and the incidence of the illness is increasing with each passing year, the iCancer Insurance Plan seems like a good investment for every individual in the country.
Is there are waiting period for the policy to commence?
Yes, an initial period of 180 days is applicable, starting from the date on which the policy commenced, for claims to be admissible under the iCancer Insurance Plan.
What kinds of cancer does the iCancer Insurance plan cover?
The iCancer Insurance Plan covers all kinds of cancer except skin cancer. The most common cancers covered by the plan include lung, liver, stomach, breast, cervical and colorectal.
How can I check the status of my iCancer Insurance plan?
You can check the status of your policy by either calling the company on the toll free number or emailing them.
How do I apply for a duplicate policy document?
An endorsement form or a duly signed requisition letter has to be submitted to the company along with a guaranteed bond on a Rs.200 stamp paper and a duplicate policy document will be sent to you.
Is there a service tax applicable to the iCancer Insurance Plan?
Yes, a service tax will be levied on benefits or premiums payable as per the prevailing tax laws.
Can the sum assured in my iCancer Insurance plan be changed at a later date?
You will have to submit a duly signed request to the company to request them to make changes to your sum assured.
How do I claim benefits under the iCancer Insurance Plan?
Aegon Life must be notified immediately in case of the death of the life assured and the filed up claims must be submitted to the company along with all the required documents as mentioned in the policy document. Aegon Life will then process the payment after it has verified your documents and confirmed the authenticity of the claim.
Can I avail a loan against the iCancer Insurance Plan?
No, the iCancer Insurance Plan has no facility for customers to take a loan against the policy.
What is the grace period for this policy?
Customers who fail to make their premium payments on time receive a 15-day period if their premium payment mode is monthly, while those with an annual premium payment mode will receive a 30-day grace period to pay their premiums.
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