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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 565 users
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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

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Max Life Cancer Insurance Plan Reviews

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  • Max Life Insurance
    "Excellent insurance"
    0.5 5.0/5 "Blown Away!"
    My relation and friend circle chosen the life insurance policy from Max thats the reason i have chosen them. I have been paying the premium amount of Rs. 1 lakh for the annual payment mode. Total term period of the policy is 12 years. Through cheque, i made the premium.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 16, 2019
  • Max
    Max Life Insurance
    "Excellent service"
    0.5 4.5/5 "Excellent!"
    I have taken my life insurance policy with ICICI bank,there service is quite good, their premium they have charged me was nominal, i pay premium on monthly basis, and their agent had properly explain about the plan benefits and policy ,so far i did not face any issue from them.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 09, 2019
  • Max Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in MAX LIFE INSURANCE few month before taken. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payment through an online.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 05, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in MAX INSURANCE before 11 years ago.The policy is for 20 years.I am paying premium in annual package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payments through an online.
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Jul 05, 2019
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the term plan since from last few months and the reason for getting the policy is because of good returns. It is a term plan of maturity is of 30 years, premium paying for monthly once also the coverage is for self. I got the hard copy on time.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jul 05, 2019
  • Max Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a term insurance in MAX LIFE INSURANCE. The policy is for 55 years. I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jun 28, 2019
  • Max Life Insurance
    "GOOD POLICY"
    0.5 4.0/5 "Great!"
    MAX LIFE INSURANCE is the institue where i have taken the life insurance policy on 2015 also the name of the policy is MAX LIFE GAIN it has the maturity period of 20 years as the policy premium paying for yearly once and it gives the policy coverage for self.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 27, 2019
  • Max Life Insurance
    "Good service and good returns"
    0.5 5.0/5 "Blown Away!"
    Max Life policy is my long term policy. Overall market rate is good in this company. I get a returns upto 15% at this time. I have been investing the money of Rs. 1500 every month. Total coverage value is Rs. 5 lakhs. This is a tax benefitable policy. I make the premium through online.
    Was this review helpful? 0
    , pune
    Reviewed on Jun 24, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a term insurance in MAX LIFE INSURANCE 2 years before. The policy is for 40 years. Now I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details. I use to do payments through an online. The policy coverage up to myself.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 14, 2019
  • Max Life Insurance
    "Pretty Good Policy"
    0.5 4.0/5 "Great!"
    I pay the premium amount of Rs. 50000 every year. Total term period is 12 years. I took the life insurance policy from Met LIFE. Once the maturity is over, i will get Rs. 6000 for every month for the next 10 years. This is a fixed value with guaranteed along with that 4% or 5% appreciation amount i will get which is an optional one. I make the premium through online.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 14, 2019
  • Max Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life Insurance through Max life it is a Maturity benefit policy is for the tenure of 15years .The premium is paid online ,The premium is amount is Rs. 36000.The premium is paid on yearly basis ,policy is still active and the agent gave all the relevant details about the policy .
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jun 07, 2019
  • Max Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy through Max Life directly This is a maturity policy is for the tenure of 10 years ,The premium is monthly basis,premium is very nominal ,The premium paid was yearly and then i have changed it as now monthly basis , Axis bank referred this Max life policy .I have received the policy documents on time.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 02, 2019
  • Max Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy through Max Life Insurance company directly.This is a maturity policy ,it is for the tenure 15years ,premium is very nominal ,policy documents got on time ,it will be closed after 15years.I have got all the required information about the policy .This policy is very useful .
    Was this review helpful? 1
    , bangalore
    Reviewed on Jun 02, 2019
  • Max Life Insurance
    "Good Service"
    0.5 2.0/5 "Expected more"
    I have taken Life insurance policy directly taken through Max Life Insurance company .The agent gave all information about the life insurance through the agent ,it is for the tenure of 8years ,The premium is paid through online ,premium is very nominal policy documents received on time ,The agent gave all the details .so far not faced any difficulties , I have closed this policy .
    Was this review helpful? 0
    , bangalore
    Reviewed on May 30, 2019
  • Max Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Max Life insurance year policy through Online ,it is valid till age 50 years and i need to pay till 60years ,policy documents got on time ,The agent gave all information about the policy .The payment is done through online and using credit card for making the payment.
    Was this review helpful? 0
    , mumbai
    Reviewed on May 29, 2019
  • Max Life Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I have been paying the premium recently with MAX LIFE for the term plan. The premium is good and they are providing better benefits than other insurer. The customer service is good. I make monthly premium of Rs.1900 through online. They have explained about the policy well.
    Was this review helpful? 0
    , jaipur
    Reviewed on May 29, 2019
  • Max Life Insurance
    "GOOD"
    0.5 3.0/5 "Satisfactory"
    I have purchased the life insurance policy with the MAX LIFE INSURANCE where using it since from last 3 years the policy has the coverage for self and i have purchased the pension plan with this policy. The customer support is good also it is a good policy to use.
    Was this review helpful? 0
    , mumbai
    Reviewed on May 28, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in MAX LIFE INSURANCE for the past 3 years ago. The policy is for 30 years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payments through an agent. The coverage up to myself.
    Was this review helpful? 0
    , jaipur
    Reviewed on May 26, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in MAX LIFE INSURANCE. The policy is for 20 years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. The coverage for my whole family members. Through an online I used to payments.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 24, 2019
  • Max Life Insurance
    "Best way to protect the family"
    0.5 5.0/5 "Blown Away!"
    I have term plan with Max life, per month I make Rs. 1900 it has term upto 50 years old, the sum assured for Rs. 1 crore to protect my family. I checked the claim settlement and grievance resolved ratio its good. They need improvement on support remain all fine, they do have waiver on the critical illness and disability.
    Was this review helpful? 0
    , pune
    Reviewed on May 21, 2019
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