Aegon iTerm Plus Insurance plans

iCancer Health Insurance Plan

Life is unpredictable and one should be ready for everything including challenges to one’s health and well being. While it is important to take care of one’s health through regular exercise and diet, having a comprehensive health insurance policy can protect one’s family and it’s finances by bearing your medical costs in case of an unforeseen medical emergency.
Health insurance is designed to cover the insured person’s medical costs in the case of hospitalization as a result of a sickness or accident and/or critical illnesses. With escalating medical costs and a high rate of medical inflation @15%, health insurance is a necessity for everyone in India. A comprehensive health insurance plan gives an insured access to top-quality healthcare at network hospitals across India and mist importantly, takes care of all medical bills when one is hospitalised. Moreover, you enjoy financial security as well as tax benefits. Many health insurance policies even give added benefits and also include free doctors’ consultations, free preventive health check-ups etc
Request a Call Back
Name is required
Email is required
Contact is required
Thank you for contacting us

Aegon Life insurance review

Aegon iTerm Plus Insurance plans
Distribution - Number of branches pan India (March 2019)
82
Entry Age Minimum/Maximum (Years) - Term Plans
18/65
Sum Assured Minimum / Maximum - Term Plans
25 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
5/62
Solvency Ratio (FY 2018-19) *
2.59
Number of Policies Sold (Ind+Group) *
37,487
Number of Lives Covered (Ind+Group) **
285,524
Claims Settlement Ratio (Ind+Group) ***
96.90%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

There are two types of medical insurance policies: indemnity and benefit.

Indemnity health insurance: Indemnity plans coverhospitalization costs. These plans reimburse your hospitalization costs up to the sum-insured amount you choose when one takesa policy. If the insured is admitted to a hospital that is part of the insurer’s network, they will have to pay nothing out of your pocket, except the deductible under the policy, if any. They can enjoy cashless hospitalization.

Benefit health insurance: A benefit health insurance plan covers expenses that the indemnity health plan does not. Benefit health insurance policies pay the insured individual a lump sum if they are diagnosed with a disease covered under the plan. A common type is the critical illness plan. Aegon Life, for instance, has a critical illness plan called the iCancer Plan.

iCancer Health Insurance Plan overview

  • Benefits
  • Eligibility
  • Benefit Description
  • Exclusions

Key Benefits of iCancer Health Insurance Plan

  • Coverage for different types of cancer: This plan covers a wide array of cancers. So, the insured may be covered even if your cancer is not a very common type.
  • Flexibility in premium payment: The insured can pay the premiums on a monthly or annual basis, according to their convenience.
  • Premium waiver: Once the insurer approves a claim for a major stage of cancer, the insured doesn’t have to pay future premium.
  • Multiple unrelated cancers can be claimed
  • Increasing accumulated payout as impairment grows to more severe stages
  • Lump-sum payout at any stage of cancer: The insurer will pay the insured a lump sum depending on the stage of cancer. The benefit increases to match the rising expenses when the severity goes up. Here are the details:
    • Receive 25% of sum assured if diagnosed with minor-stage cancer
    • Receive 100% of sum assured if diagnosed with major-stage cancer
    • Receive 150% of sum assured if diagnosed with critical-stage cancer
    • Tax benefit: The insured can claim tax benefits on the premiums under Section 80D of the Income Tax Act.

Eligibility Criteria of iCancer Health Plan

Entry Age
  • Minimum: 18 years completed
  • Maximum: 65 years completed
Maturity Age 70 years completed
Policy Term
  • Minimum: 5 years
  • Maximum: 70 years minus entry age
Premium Payment Term(PPT) Equal to the Policy Term
Premium Payment Frequency Annual or Monthly
Sum Assured
  • Minimum: ₹10,00,000
  • Maximum: ₹50,00,000

Benefit Description of iCancer Health Insurance Plan

Benefit Description
Cancer Benefit If the life assured is diagnosed to be suffering from a Cancer of defined severity, a percentage of the policy Sum Assured, subject to applicable limits, will be paid in lump sum. The Cancer Benefit has three stages of severity and the payout depends on the stage of the Cancer and claims previously admitted under the policy:
  • Minor Stage: At the Minor Stage of Cancer, for each claim the benefit will be 25% of Sum Assured minus any previously paid claims under the Policy, up to a maximum limit of ₹5,00,000 per claim. The sum of all benefits paid in the Minor Stage will not exceed 25% of the Sum Assured.
  • Major Stage: At the Major Stage of Cancer, the benefit will pay 100% of the Sum Assured minus any previously paid claims under the policy.
  • Critical Stage: At the Critical Stage of Cancer, the benefit will pay 150% of the Sum Assured minus any previously paid claims.
Premium Waiver Benefit Once a claim under the Major Stage Cancer Benefit is approved, all future premium payments for the policy will be waived for the rest of the policy term starting from the next premium due date following the date of diagnosis of the medical condition. All the above benefits will be payable only if all due premiums have been paid and the policy is in force.
Death Benefit There is no Death Benefit payable under this plan.
Maturity Benefit There is no Maturity Benefit payable under this plan.
Surrender Benefit There is no Surrender Benefit payable under this plan.
Grace Period / Free Look Period/td> 15 days / 30 days

Exclusions of iCancer Health Insurance Plan

Some of the key exclusions under the plan are below, please refer to the policy Terms and Conditions: The life assured will not be entitled to any benefits under any stage of cancer:
  • Pre-Existing Disease is defined as Any condition, ailment or injury or related condition(s) for which the insured had signs or symptoms, and / or were diagnosed, and / or received medical advice / treatment within 48 months to prior to the first policy issued by the insurer.
  • For any medical condition or medical procedure resulting directly or indirectly from self inflicted injuries, attempted suicide, whether the Life Assured is sane or insane
  • For any medical conditions suffered by the Life Assured or any medical procedure undergone by the Life Assured if that medical condition or that medical procedure was caused directly or indirectly by Acquired Immunodeficiency Syndrome (AIDS), AIDS related complex or infection by Human Immunodeficiency Virus (HIV)
  • For any medical conditions suffered by the Life Assured or any medical procedure undergone by the Life Assured, if that medical condition or that medical procedure was caused directly or indirectly by any congenital anomaly or defect
  • For any medical condition or any medical procedure arising from the donation of any of the Life Assured’s organs
  • For any medical conditions suffered by the Life Assured or any medical procedure undergone by the Life Assured, if that medical condition or that medical procedure was caused directly or indirectly by alcohol or drug abuse.
  • For any medical condition or any medical procedure arising from nuclear contamination; the radioactive, explosive or hazardous nature of nuclear fuel materialsor property contaminated by nuclear fuel materials or accident arising from such nature.
  • In order to be valid claim under any stage, the incidence of cancer after policy issuance must be the first incidence in the lifetime of the policyholder.
  • Once a Minor Stage Cancer claim is paid, no payment for any future claims under the Minor Stage of the same Cancer would be admissible. Same cancer means cancer of the same organ and same histological type. Where the organs are in a pair such as breasts, lungs, kidneys, testes, ovaries etc., the entire pair is considered as one organ.

Brochure

Review Aegon Life iCancer Health Insurance Plan brochure to understand coverage details.

Know more »

Policy wordings

Review Aegon Life iCancer Health Insurance Plan Premium policy wordings which explains the terms and conditions.

Know more »
-

ONLINE CHAT

Keep in touch

  • Address

    InstantCover Insurance Web Aggregator Private limited
    710, 6th B Cross, 16th Main Road, Koramangala 3rd Block, Bangalore - 560 034.

  • +91-(80)-41744345
  • Send an email
CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2022