What is the AXA Affin SmartCancer Care all about then?
It is essentially a fall back plan that provides you with financial stability, assurance and maybe a bit of hope in the face of cancer. More specifically gender specific cancers that affect both men and women. This critical illness protection plan, offers lump sum cash payouts to help ease your financial burdens, where cancer is involved along with a 30% payout if you are in the early stages of cancer.
How does the coverage work?
First off there are four protection plans to choose from, each with varying premiums, and range of protection. They range from a coverage of RM50,000 to RM125,000. However, all plans follow the same principals, depending on the specific types of cancer you have.
If you are diagnosed with a generic type cancer, then AXA Affin will issue you 100% of your Sum Assured in a lump sum payment, upon diagnosis. However, if you are diagnosed with one of the following gender specific type cancers;
- Breast Cancer
- Fallopian Tubes Cancer
- Ovarian Cancer
- Cervical Cancer
- Uterus Cancer
- Vagina/Vulva Cancer
- Testicular Cancer
- Penile Cancer
- Prostate Cancer
Then you will receive a 200% payout of your Sum Assured based on the plan you choose.
Similarly, you will also get a lump sum cash payout from AXA Affin if you have detected your cancer in the early stages. Both Generic and Gender Specific type cancer will have equal payout of 30% of your sum assured.
Well you might want to take note that some of the payout options or benefits come with a restriction. For example, if you were to receive a 30% payout for early stage cancer, that later spreads. The payable amount for Generic or Gender Specific Cancers drop to 70%.
How much are my premiums?
Premiums for this protection plan is charged monthly, however they are not completely fixed and are subject to change within reason of the Insurer. On that note, they can range from RM130 to as high as RM3000 depending on the plan you choose.
Can I cancel the policy and be refunded?
Unfortunately, this depends entirely on when you decided to cancel your plan. There is a 15-day cooling period from the time you either purchase the plan or renew the plan, in which you can choose to cancel your policy. If you choose so to do, then you are guaranteed at least a 90% refund of your premiums paid. After that the percentage drops every month. So choose carefully when deciding to cancel your policy.