Max Life Cancer Insurance Plan

Max Financial Services Ltd and Mitsui Sumitomo Insurance Co. Ltd joined hands together and launched their new insurance scheme called Cancer Insurance Plan. This Insurance plan protects people fighting cancer and offers financial support across all stages of cancer. The features of this comprehensive include but is not limited to coverage of medical expenses across all stages of cancer and income benefits upto 5 years if diagnosed with major stage of cancer.

Eligibility Conditions for the Max Life Cancer Insurance Plan:

Minimum Entry Age After completing 25 years of age
Maximum Entry Age 65 years (age closer to birthday)
Maximum Maturity Age 75 years (age closer to birthday)

Policy Terms for the Max Life Cancer Insurance Plan:

Minimum 10 years
Maximum 40 years

Premium Payments Offered by the Max Life Cancer Insurance Plan:

Premium Payment Mode Max Life Cancer Insurance Plan allows semi-annual, annual, quarterly and monthly premium modes. The modal factors followed in the Max Life Cancer Insurance Plan are as follows:
Premium mode Factor
Annual 1,000
Semi-annual 0.520
Quarterly 0.265
Monthly 0.090
Minimum annual premium Apart from the modal extra, service tax and extra premium, the minimum annual premium are as follows:
  • For online channels for 25 year old with sum insured amount of Rs.10 lakh the premium is Rs.1,700 p.a.
  • For other offline channels for 25 year old with sum insured amount of Rs.10 lakh the premium is Rs.1,960 p.a.
Maximum annual premium Excluding the modal extra, service tax and extra premium, the maximum annual premium are as follows:
  • For online channels for 65 year old with sum insured amount of Rs.50 lakh the premium is Rs.1,23,850 p.a.
  • For other offline channels for 65 year old with sum insured amount of Rs.50 lakh the premium is Rs.1,49,750 p.a.
Minimum Sum Assured Rs.10 lakh
Maximum Sum Assured Rs.50 lakh Please note that sum insured can be selected only in multiples of 5 and Max Life Cancer Insurance Plan offers inbuilt-indexation benefit, where, the sum insured increases by 10% every year if no claim is made in the past. This can increase upto 150% of the basic sum amount insured at the start of the policy. This way, the maximum sum insured by go upto Rs.75 lakhs.

Key Features of Max Life cancer Insurance Plan:

Type of Plan ULIP plan for people diagnosed with cancer under a single premium
Premium Payment options Yearly, Half – Yearly, Quarterly, and Monthly.
Top – Up / Additional Premium Multiples of Rs. 5 lakhs
Option to continue the cover after the lapse of the policy If the policy is lapsed, it can be revived within 2 years from the due date of first unpaid premium.This option is available if the applicant gives a written request and clear all outstanding dues with interest.
Grace period 30 days from the due date for payment of each premium.
Reinstatement A surrendered policy cannot be reinstated
Maturity benefit No maturity benefit available under this plan.
Survival benefit No survival benefit available under this plan.
Surrender option There is no surrender benefits available under this plan. However is the insured wishes to surrender the life insurance policy, it can be done by submitting a written request.
Waiting period 180 days from the start of the policy or from the date of reinstatement.

Late charges under Max Life cancer Insurance Plan:

Days between the revival date and date of lapse of the policy Late payment charges (in Rs)
30-60 Rs.100
61-180 Rs.250
Above 180 days Rs.250 plus 8% p.a interest on premium due. The interest on overdue premiums is calculated annually.

Advantages and Benefits of Max Life Cancer Insurance Plan:

comes with the following features

Comprehensive cancer insurance

Max Life Insurance Cancer Insurance Plan protects and supports cancer patients irrespective of the stage of cancer. It comes with the below features:

For diagnosis of Carcinoma in Situ(CiS)- Waiver of all future premiums till end of policy and 20% of indexed sum insured is allowed.

For diagnosis of major stage cancer, 100% of the indexed sum insured minus the early stage cancer claim paid plus income benefit up to 10% of basic sum insured is paid upto 5 years from the next policy anniversary date.

For diagnosis of early stage cancer, future premiums till the end of the policy is waived and and 20% of indexed sum insured.

Tax benefit

As per the laws pertaining to tax in India, tax benefit is given to the premiums paid and benefits received thereof.

Flexible maturity age

The insured person can choose the policy expiry term within the minimum and maximum policy period. The formula used to calculate the policy term is opted policy expiry age minus the entry age.

Death benefit

If the insured dies within the waiting period, 100% of the premium paid from the start of the policy or from the reinstatement date excluding the service tax is payable.

Restriction on travel and occupation

Please note that there is no restrictions on travelling abroad or taking up any future occupation as per the policy terms and conditions.

Free look up period

A policyholder gets upto 15 days to or upto 30 days if the policy id obtained through distance marketing modes to read the terms and conditions of the policy document. If the policyholder does not agree to any point mentioned, he/she can return the policy stating the reason. The policyholder will get a refund of any premium paid after deducting risk premium for the period of cover and expenses undertaken by the company on medical examination of the insured party.

Other things you should know about Max Life cancer Insurance Plan:

  • Please note that coverage will be active even after payment of early stage cancer or CiS claim.
  • You are allowed to make multiple claims or early stage cancer claim till the total claims amount does not exceed 100% of the indexed sum insured.
  • The diagnosis should be done by a registered independent medical practitioner.
  • No benefits will be payable if the policy is lapsed.
  • The insurer can cancel the policy on grounds of misrepresentation, fraud or non disclosure.
  • One can also choose to pay a Single Premium
  • The insured person can pay the premiums regularly using the following options –
    • Annually
    • Half – Yearly
    • Quarterly
    • Monthly

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

 4.0 / 5.0   by 598 users
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Plan Benefits

Payment Options

Policy Coverage

Customer Service

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Max Life Cancer Insurance Plan Reviews

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  • Max Life Insurance
    "Very bad Service Max Life insurance"
    0.5 0.5/5 "Unacceptable"
    I am very bad experience Maxlife insurance , very poor service , Fake information Information hide ,,................................,................................,..................................................
    Was this review helpful? 0
    , gurgaon
    Reviewed on Jan 09, 2020
  • Max
    Max Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance policy from MAX LIFE and i have chosen this policy, because which covers for my life. Recently i have taken this policy and i used to make the premium through online in ECS mode monthly i am paying Rs. 890. This insurance cover Rs. 25 lakhs for accident cover and Rs. 15 lakhs for critical illness and also normally it covers for 50 lakhs.
    Was this review helpful? 0
    , surat
    Reviewed on Jan 06, 2020
  • Max Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance policy from MAX LIFE to ensure my life. Recently i have taken this policy and i used to make the premium through online in ECS mode monthly i am paying Rs. 890. This insurance cover 25 lakhs for accident cover and 15 lakhs for critical illness and also normally it covers for 50 lakhs.
    Was this review helpful? 1
    , surat
    Reviewed on Jan 06, 2020
  • Max Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My life was insured with Max Life Insurance but there is no special reason for choosing this company. Based on the agent's explanation about the policy, i have taken it. I have been paying the premium amount of Rs. 18000 per annum. This is a tax benefitable policy. I pay the premium through online.
    Was this review helpful? 0
    , guwahati
    Reviewed on Dec 16, 2019
  • Max Life Insurance
    "Not a correct policy at a current situation"
    0.5 3.0/5 "Satisfactory"
    I had chosen Max Life Insurance policy without any reason. When I want to avail the life insurance policy, they have respond me properly. I bought the policy on 13 years before. They are providing the sum assured amount of Rs. 4.30 lakhs. I have been paying the premium on a monthly basis.
    Was this review helpful? 1
    , coimbatore
    Reviewed on Dec 04, 2019
  • Max Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Laxmi Vilas Bank has offered a life insurance policy from Max Life since they have tied up. I am paying the premium amount of Rs. 15,000 every year. Automatically they deduct the premium amount from my account. They said sum assured amount will be 2.50 L. Total term period of the policy is 8 years.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Nov 05, 2019
  • Max Life Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I have chosen a life insurance policy from Max life which was referred my agent. This policy is going to mature in next year and the tenure is 15years. The benefits are okay but at the period it was good. Sometimes, the executive will call me to check if any issues are there because they have started the payment through the application before 2 to 3years ago.
    Was this review helpful? 0
    , kochi
    Reviewed on Oct 19, 2019
  • Max Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in MAX LIFE INSURANCE on 6 years before. The policy is for 50 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. It covers up to myself.
    Was this review helpful? 3
    , jaipur
    Reviewed on Oct 03, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    The reason for selecting Max life is I felt, the benefits are good and convenient for me. The customer service is better. I have taken a 5years policy and the premium was 50K per year. In the 10th year, I will be getting sum assured of 6L which is double the amount what I have paid.
    Was this review helpful? 0
    , kakinada
    Reviewed on Sep 27, 2019
  • Max Life Insurance
    "Good policy for future"
    0.5 4.0/5 "Great!"
    I had chosen my term insurance from Max Life. Since my friend has recommended about the policy i have taken it. I am paying the premium amount of Rs. 6000 every year. They have given me a coverage value of Rs. 50 lakhs. They do provide cover for partial disability cover also.
    Was this review helpful? 0
    , tirunelveli
    Reviewed on Sep 24, 2019
  • Max Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in MAX LIFE INSURANCE on 1 year before. The policy is for life term. I am paying premium in the yearly package for 50 thousands. While getting a policy my agent has given an information about the policy details. I visit to office directly to pay the premium amount.
    Was this review helpful? 0
    , anantapur
    Reviewed on Sep 22, 2019
  • Max Life Insurance
    "Good claim settlement ratio and very good service"
    0.5 4.0/5 "Great!"
    I have life insurance with MAX because of the claim settlement ratio around 98.9% . Yearly I make Rs. 52,000 it has the maturity period of 25 years, its a traditional plan, I get around Rs. 22 lakhs overall and it has life coverage if there is no any demise my nominee get the life cover. I do have flexi pay option.
    Was this review helpful? 0
    , sonipat
    Reviewed on Sep 19, 2019
  • Max Life Insurance
    "Need improvement on the benefits"
    0.5 4.0/5 "Great!"
    AXIS bank have recommended Max life insurance comes along with ULIP. I need to invest upto 7 years but the ULIP has the locking period of 12 years, the premium is economical as per the policy. They do have good life cover for the financial security for unforeseen events. It has tax saving under 80c section, I have online credential for max life to check my insurance details and every day I get sms as well. I make the premium on yearly basis through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 19, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    The payment mode is online and making the premium through debit card or credit card. I have taken short term life policy with MAX LIFE. The benefits are good. They have provided me a life cover of 12L with the locking period of 5 years. I have not gone through the documents so cannot tell about this policy much. Their claim settlement rate is good and giving 98.8%.
    Was this review helpful? 0
    , new delhi
    Reviewed on Sep 16, 2019
  • Max Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through Max Life agent .This policy tenure is for 20 years.I am paying the premium through citi bank credit card .The agent gave all the information about the insurance policy .I have received the policy documents on time .This policy is really useful and it is still active .
    Was this review helpful? 0
    , mumbai
    Reviewed on Sep 05, 2019
  • Max Life Insurance
    "Moderate"
    0.5 3.0/5 "Satisfactory"
    I have taken a term plan from MAX LIFE because am employee of Axis Bank and that time have take a term plan of 75L. There is no benefits, just am paying the premium. If any demise happens the family will be getting the benefit. The customer service is average. I am doing online payment and its 7K per year.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Sep 03, 2019
  • Max Life Insurance
    "Good "
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance with MAX LIFE INSURANCE on 2 years before. The policy is for 15 years and it is gain plan policy. I am paying premium on monthly package. While getting a policy my agent has given an information about the policy details. I use to pay for 2500 rupees.
    Was this review helpful? 0
    , new delhi
    Reviewed on Aug 28, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have chosen MAX LIFE for a life insurance. It is for future savings and life insured cover. I am doing yearly premium of Rs.52,000, it will be automatically debited from my account. I receive a statements from them. The sum assured is 5Lakhs.
    Was this review helpful? 0
    , kolkata
    Reviewed on Aug 26, 2019
  • Max Life Insurance
    "Good for the family protection"
    0.5 4.0/5 "Great!"
    I have one term plan with Max life for the sum assured of Rs. 70 lakhs, yearly I paid Rs. 22,000 for the term of 16 years and the life cover upto 70 years of age. I have option to add only nominee however the claim settlement is good for this insurance company.
    Was this review helpful? 0
    , mumbai
    Reviewed on Aug 24, 2019
  • Max Life Insurance
    "Good Investment"
    0.5 4.0/5 "Great!"
    I am having MAX LIFE which was suggested by their staff, the premium is economical. I used to pay Rs. 50,000 per annum it has the term of 19 years, after the maturity I get the lump sum amount along with the monthly bonus. I got the policy bond from the insurance company.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 23, 2019
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