Aegon Life iCancer Insurance Plan

Premium Payments Offered by the Aegon Life iCancer Insurance Plan:

Key Features of Aegon Life iCancer Insurance Plan:

What should you know about Aegon Life iCancer Insurance Plan:

1. This is a Non-linked and non-participating insurance plan.
2. This plan covers even the initial stage of cancer.
3. As impairment grows to more severe stages, the accumulated payout increases.
4. There is a simple online buying process for this plan.
5. Waiver of premium benefit is available.

Advantages and Benefits of Aegon Life iCancer Insurance Plan:

Aegon Life iCancer Insurance Plan comes with the following features:

Payout Benefit

If the life assured is diagnosed with a cancer of defined severity, a percentage of the sum assured which is set at the commencement of the policy will be paid in full. This lump sum amount is subject to applicable limits. Under Aegon Life iCancer Insurance Plan, the payout amount depends on the severity of cancer. The cancer benefit has three stages of severity and the payout depends on these stages and claims admitted previously under this policy. The three stages are:

1. Minor Stage: If a policyholder is diagnosed with minor stage of cancer, then for each claim the payout benefit will be 25% of sum assured minus any previously submitted claims under the same policy. The maximum limit for each claim is Rs.5,00,000. Please note that the total sum of all benefits paid in the minor stage of cancer will not exceed 25% of the sum assured.
2. Major Stage: If the policyholder is suffering with major stage of cancer, then 100% of the sum assured is paid out minus any previously paid claims submitted under the policy.
3. Critical Stage: If the policyholder is suffering from critical stage of cancer, then the benefit payable is 150% of the sum assured minus any previously submitted paid claims.

Premium Waiver Benefit:

Once the life insurance policyholder makes a claim under the major stage of cancer and if the claim is approved, all future premium payouts for the policy will be waived for the rest of the policy term. This will be effective from the next premium due date following the date of diagnosis of the medical condition.

Tax Benefits:

All the premiums paid towards Aegon Life iCancer Insurance Plan and the benefits obtained thereof is exempted from tax as per Section 80D of the Income Tax Act, 1961.

Please note that all the above benefits will be payable only if all the premiums are paid and the policy is in active status.