AIG Cancer Care Plan Review 2024

The AIG Cancer Care Plan is a cancer insurance plan that offers up to R500,000.00 in coverage. The primary member of the plan can obtain additional coverage by combining the benefit across multiple policies to receive a payout of up to R600,000.00.

Individuals between the ages of 18 and 70 can sign up for the AIG Cancer Care Plan. If the insured is diagnosed with cancer at any stage, the plan pays out a 100% lump sum of the cover.

The plan is immediately activated when the first premium is paid to AIG. However, after activation, there is a 90-day waiting period.

Except for skin cancer, the AIG Cancer Care plan covers all types of cancer. A different plan will be required for skin cancers other than melanoma.

The plan provides a tax-free lump sum payout regardless of one’s cancer stage. It should be noted that no payment will be made if the insured dies within 30 days of receiving a cancer diagnosis.

The AIG Cancer Care Plan offers comprehensive cancer coverage to members and has some of the best cancer benefits in South Africa. We will go over the plan in greater detail below.

AIG Cancer Care Plan Overview

The AIG Cancer Care Plan provides cover to individuals between the ages of 18 and 70. The cover is standalone, however, it doesn’t cover skin cancer except melanoma.

Cover on the AIG Cancer Care Plan ranges between R100,000.00 to R500,000.00. However, additional cover can be obtained by taking out another cancer care plan to get a combined cover of up to R600,000.00.

Individuals can select covers based on their preferences. When purchasing the AIG Cancer Care Plan, you can select from four different levels of coverage.

The first level of coverage is for R100,000 and covers a variety of cancers except skin cancer. If the policyholder is diagnosed with cancer at any stage, the R100,000.00 cover pays out.

The second level of coverage is R200,000.00, which is paid in full if the policyholder is diagnosed with a critical illness.

The third level of coverage costs R350,000.00 and only covers the policyholder, providing a tax-free lump sum payment in the event of a successful claim.

The fourth cover is for R500,000.00 and provides the same benefits as the first three but with a larger payout amount.

Regardless of the amount of coverage selected, the AIG Cancer Care Plan contains some exclusions that the policyholder should be aware of. These exclusions are discussed further below.

What the AIG Cancer Care Plan Doesn’t Cover

The AIG Cancer Care Plan is one of the most comprehensive cancer care plans in South Africa, but it is not all-inclusive. The policy contains a number of exclusions that prevent the insured from filing a valid claim.

The AIG Cancer Care Plan exclusions are mostly related to the policyholder’s medical history or demerit in nature. The following are the policy exclusions for the AIG Cancer Care Plan.

Medical Condition Exclusions

The AIG Cancer Care Plan excludes coverage for the following medical conditions:

• Skin cancer
• Any illness other than cancer
• Pre-existing cancers
• Cancers caused by HIV
• Non-invasive carcinoma-in-situ lesion(s) of any histology, grade, or classification
• Cervical Intraepithelial Neoplasia (CIN) lesion(s) (pre-cancers)

Medical Treatment Exclusions

The AIG Cancer Care Plan excludes coverage for diagnostic surgery.

Exclusion of Individuals

The AIG Cancer Care Plan does not cover individuals who are members of terrorist organizations, suppliers of nuclear, chemical, or biological weapons, or drug smugglers.

Activities Exclusions

The AIG Cancer Care Plan does not cover willful neglect or failure to seek professional medical advice or treatment in the event of an insured event.

The exclusions of the AIG Cancer Care Plan are critical to understand when purchasing the policy because they detail what the plan does not cover. It is crucial to become familiar with all of the exclusions since they may lead to an unsuccessful claim.

The exclusions are part of the policy and remain in effect for the duration of the policy. Therefore, it is in the policyholder’s best interest to refrain from these acts.

Advantages of AIG Cancer Care Plan

The AIG Cancer Care Plan offers several advantages, including:

• A tax-free payout amount, allowing the policyholder to keep the full amount of the payout.
• 100% coverage upon a first cancer diagnosis or a cancer diagnosis at any stage.
• Flexibility in using the payout amount as the beneficiary sees fit.
• The ability to source additional coverage of up to R600,000.00 through the AIG Cancer plan.
• Immediate activation of the plan upon receipt of the first premium.
• The ability to purchase the plan fully online.
• No medical checkups are required.
• Competitive premiums.
• The ability to cancel the policy at any time.

Disadvantages of AIG Cancer Care Plan

The AIG Cancer Care Plan also has several disadvantages, including:

• A 90-day waiting period before coverage begins.
• No payout if the insured party dies within 30 days of diagnosis.
• No coverage for skin cancer.
• The policy ceases on the 75th birthday of the insured.

AIG Cancer Care Plan Application

To apply for the AIG Cancer Care Plan, the applicant must:

• Be between the ages of 18 and 70 at the time of application.
• Be a permanent member of South Africa.
• Be employed at the time of application if responsible for premiums.
• Apply for coverage for one person only, the primary life insured.

Conclusion

The AIG Cancer Care Plan is an excellent way to protect yourself if you are diagnosed with cancer or hospitalized due to cancer. Since it pays out a lump sum, the plan can relieve your financial stress during your cancer treatment. Furthermore, the payout is tax-free, so you can put every penny towards recovery.

The most significant disadvantage of the AIG Cancer Care Plan is that it expires when the policyholder reaches the age of 75. Additionally, the policy does not provide a cashback bonus for being claim-free until the age of 75.