Max Life Cancer Insurance Plan

Event

Early Stage Cancer

Major Stage Cancer

Lump sum benefit

20% of basic/indexed sum insured will be provided

100% of indexed/basic sum insured, minus the amount of any lump sum payments that have been made on diagnosis of early-stage cancer, will be provided

Waiver of premiums

If insured is diagnosed with early-stage cancer, all their future policy premiums will be waived and the policy will continue to provide cover

Benefit not applicable in case of diagnosis of major stage cancer

Income benefit

Benefit not applicable in case of diagnosis of early-stage cancer

1. In case the insured is diagnosed with a major stage cancer, 10% of the basic sum insured will be paid on a yearly basis for a term of up to 5 years i.e. 5 policy anniversaries either coinciding or following the date of cancer diagnosis.
2. This benefit shall be payable regardless of expiry of the policy, or demise of the insured policyholder.
3. If the policyholder dies before the income benefit payout period is over, the benefit amount due shall be paid to their nominee or legal heir

Waiting period

1. This policy features a waiting period of 180 days which will begin from the date the policy cover commences or the policy is reinstated, whichever takes place later
2. In case of policy reinstatement, the waiting period will only be applicable if the policy has been reinstated after a period of 90 days from the date of the first missed premium payment

Survival period

1. If the insured has been diagnosed with cancer (early or major stage), the policy will observe a survival period of 7 days starting from the date of diagnosis
2. In order to be eligible for a claim, it is required that the insured provide either evidence of a confirmed cancer diagnosis or a test which indicates a histo-pathological cancer diagnosis

Free look period

1. A 15-day free look period, starting from the date of policy receipt, is permitted to review the terms, conditions and coverage of the policy. In case of policies obtained via distance marketing, a 30-day free look period is permitted.
2. If the insured does not agree to the terms of the policy or cover as stated in the document, they can request for a cancellation, along with stating the reasons for cancellation.
3. After the policy has been cancelled, the policyholder shall get the refund of premiums paid by them, minus the amount of stamp duty charges + proportionate risk premiums + cost of medical examination of life insured borne by the insurer

Grace period

1. For payment of a missed premium, a grace period of 30 days, starting from date of unpaid premium, will be permitted for policies with the yearly, half-yearly, and quarterly premium payment mode.
2. For policies with a monthly premium payment mode, a grace period of 15 days is permitted.
3. Due premium payments made during the grace period will not attract any interest or late fee

Surrender benefit

This plan does not include a surrender benefit. Policyholder can surrender the policy by putting in a written request for the same to the insurer

Maturity benefit

There is no maturity benefit associated with this plan

Survival benefit

This plan does not offer any survival benefit

Policy lapse

If the due premiums have not been paid until the end of the provided grace period, the policy will lapse and cease to provide benefits

Policy revival

A lapsed policy can be revived during the revival period which is 2 years starting from the date of the first missed premium payment. Revival will be done on the condition that; (i) a written request for revival must be submitted to the insurer; and (ii) All remaining premiums must be paid, along with the late fee and interest chargeable

Tax benefits

Policyholders are entitled to attractive tax benefits under the provisions of the Income Tax Act

Policy cancellation by insurer

If there has been any non-disclosure, fraud, or misrepresentation on the part of the policyholder during application, the insurer is within its right to cancel the policy altogether as per Section 45 of Insurance Act 1938.

Overseas travel restrictions

This policy does not put any restrictions in terms of overseas travel

Restrictions on future occupations

There are no restrictions applicable in terms of future occupations