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Max Life Cancer Insurance Plan

 4.0 / 5.0   by 517 users
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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

Max Financial Services Ltd and Mitsui Sumitomo Insurance Co. Ltd joined hands together and launched their new insurance scheme called Max Life Cancer Insurance Plan. This Insurance plan protects people fighting cancer and offers financial support across all stages of cancer. The features of this comprehensive insurance plan 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:

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

Max Life Cancer Insurance Plan Reviews

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  • Max Life Insurance
    "Good for tax saving"
    0.5 4.0/5 "Great!"
    AXIS bank suggested Max life its good for the income tax benefits under 80c section, the premium amount is around Rs. 50,000 for 6 years term. On time I got the policy copy, the payment option is good, I need to wait for 20 years but pre closure option is available.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 18, 2019
  • Max Life Insurance
    "Okay Policy"
    0.5 4.0/5 "Great!"
    I have purchased a term insurance policy from MAX LIFE. I have selected the MAX company because they have higher rating on their claim ratio. I'm really happy about the sum assured amount. Total tenure period is fine. In 2015, i have purchased this policy. I'm really satisfied with the services.
    Was this review helpful? 1
    , new delhi
    Reviewed on Jan 03, 2019
  • Max Life Insurance
    "Too Good policy"
    0.5 5.0/5 "Blown Away!"
    Just recently 5 months back, i have purchased this life insurance policy. I bought the money back policy from Max Life. Total tenure period of the policy is 11 years. There is no particular reason for choosing this policy. I pay the premium amount of Rs. 50000 in a year. I am making the premium through online.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 02, 2019
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my Term insurance with Max life insurance, there service is good, there agent had clearly explain me about the policy, and benefit coverage , and there premium amount they have charged me was nominal, the premium amount is for half yearly basis, i use to pay through off line mode
    Was this review helpful? 1
    , surat
    Reviewed on Dec 30, 2018
  • Max Life Insurance
    "They are good in market"
    0.5 2.0/5 "Expected more"
    I have purchased a life insurance policy in 2012 from Max life. Because of my boss recommendation and reputation of the company, i find the claim ratio was very good hence i chosen same. Max life premium is slight costlier than other. The customers are completely satisfied with their services. They have class set of policies according the premium amount.
    Was this review helpful? 1
    , mumbai
    Reviewed on Dec 29, 2018
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    MAX LIFE INSURANCE It is a good policy to access. The maturity period of this policy is for 15 years as it is very good added on that it is the user friendly policy to access. The premium i pay for yearly once with this policy. Also they provide coverage for self.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 26, 2018
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    The process is very good with the MAX LIFE INSURANCE as i have purchased the life insurance policy with this and also at the beginning the documentation is very good. The maturity period is for 30 years as the premium i pay for monthly once. This give the policy coverage for self.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 22, 2018
  • Max Life Insurance
    "Good Policy"
    0.5 3.5/5 "Pretty good"
    I had taken this insurance policy almost five years back and the premium amount has been nominal as well. I have been paying the premium half yearly and the payment method has been simple as well. Their customer care services has also been helpful at times.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 17, 2018
  • Max Life Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have taken my life insurance policy with Max life insurance, there service is not up to the mark,there is so many confusing ,because of changing of multiple person, there is frequently changing on agent, and there is delay in process, and there is confusing in premium amount.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 16, 2018
  • Max Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken my money policy 2 years ago. I have selected the MAX because of the agent who explained me about the policy details. I pay the premium amount of Rs. 50000 per annum. I don't remember about the sum assured amount. This is the tax benefit policy. I pay the premium through cash in their branch office.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 03, 2018
  • Max Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance with Max Life and it was taken through an agent. This is a necessary for me and it was taken for tax benefits. The customer service is good. The policy coverage and plan benefits are fine, it could have been better. I make annual premium of around 30K.
    Was this review helpful? 0
    , chennai
    Reviewed on Nov 30, 2018
  • Max Life Insurance
    "Dissatisfied"
    0.5 1.0/5 "Really Bad"
    Its a fix guaranteed, I Have invested but I could take the capital amount if I cancel that policy. MY bank forced me but its not recommend from my end. The policy which I took its very disappointed, the customer service is good in one call they updated my KYC details. But the policy terms is not good I get my amount on retired age.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 30, 2018
  • Max Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have 2 life insurance policies with Max Life Insurance and am using the service for last 10 months. My friend is working in the company so I have taken the policy with them. I am paying the premium yearly 53K plus 24K through online. The policy is good.
    Was this review helpful? 0
    , chandigarh
    Reviewed on Nov 29, 2018
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with Max life insurance, it has been a month only, and they have charged me premium amount up to 50,000 it was nominal for me and it was based on yearly basis , there agent had explain me policy related norms clearly, overall service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 21, 2018
  • Max Life Insurance
    "GOOD SERVICE"
    0.5 5.0/5 "Blown Away!"
    I have taken the life insurance policy with the MAX LIFE INSURANCE since from past 2010 where the tenuity period of this policy is for 20 years also the policy coverage is for self as well as the nominee. The customer service is very good and supportive.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 19, 2018
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    My experience with the MAX LIFE INSURANCE is very good and i am using it from past ten years the maturity period is for 15 years where the premium i pay on monthly basis through the offline. This gives the coverage is for self and i am satisfied with this policy.
    Was this review helpful? 1
    , new delhi
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my Term insurance with Max life insurance, there service they are given me is good, i use to pay premium on yearly bases, and they have charged me up to 21,000 which was nominal for me and the agent had clearly explain about the policy coverage in this insurance, i use to pay premium through off line mode.
    Was this review helpful? 1
    , new delhi
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Necessary policy for any human being"
    0.5 4.0/5 "Great!"
    I have taken my term insurance with Max Life Insurance. I have opened this life insurance policy 2 months before and chosen the monthly payment mode. I pay the premium of 1190. They are providing the coverage value of Rs. 75 lakhs. They are covering the accidental benefits of 10 lakhs and partial disability benefits. I can able to utilize the policy upto 75 years.
    Was this review helpful? 1
    , faridabad
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my Life insurance with Max life insurance , they have many service center near and the process was smooth and there premium they have charge is nominal , i do payment through on line or off line and there agent are very friendly in nature.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my term insurance with Max life insurance from last 3 month only, i use to pay premium on monthly bases and they have charge premium up to 1500 approximately and i do payment through on line and there overall service is good.
    Was this review helpful? 0
    , mumbai
    Reviewed on Nov 14, 2018
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