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  • Max Life Cancer Insurance Plan

    In today’s times, cancer has become one of the most rapidly growing diseases in India. Not just the elderly, but also young men and women are falling prey to this fatal illness, the treatment for which is known to be prohibitively expensive. The disease is fast taking on the form of an epidemic, and its treatment can easily make a massive dent in your savings, not to mention, the acute financial distress it will bring for your family.

    You can, however, ensure that your family is safe from the financial damages which often accompany cancer with the help of the Max Life Cancer Insurance Plan. This is a non-linked, non-participating comprehensive insurance plan which offers cover against the various stages of cancer. Some of the unique benefits which this plan provides include payouts on diagnosis of any stage of cancer, 10% increase in sum insured for every claim-free year, waiver of future premiums on diagnosis of early-stage cancer, long-term coverage of up to 75 years, attractive tax benefits, and more.

    Eligibility For Max Life Cancer Insurance Plan

    Plan type This is a non-participating, non-linked insurance plan
    Coverage This plan provides coverage on an individual basis
    Entry age The minimum age to apply for this plan is 25 years, while the maximum age to purchase this plan is 65 years
    Maturity age At the time of plan maturity, the life insured must not be more than 75 years of age
    Premium payment term This plan features a regular premium payment term which will be equal to the policy term
    Policy term The minimum duration for which this policy can be taken is 10 years, while the maximum tenure offered is for 40 years
    Policy expiry age There are various options offered in terms of the policy expiry term wherein the plan provides coverage till the age of 55 years/60 years/65 years/70 years/75 years
    Premium payment mode Premiums for this plan can be paid on a yearly, half-yearly, quarterly, or monthly mode; policyholders can switch the premium payment mode during the policy tenure
    Min. premium For a 25-year old individual choosing a sum assured of Rs.10 lakh, the min. premium chargeable is Rs.1,700/year (online channel) and Rs.1,960/year (other offline channels)
    Max. premium For a 65-year old choosing a sum assured of Rs.50 lakh, the max. premium chargeable would be Rs.1,23,850/year (online channel) and Rs.1,49,750/year (other offline channels)
    Sum insured The min. sum assured offered under this plan is Rs.10 lakh, while the maximum sum assured offered is Rs.50 lakh

    Benefits Offered By Max Life Cancer Insurance Plan

    Death benefit

    In case the insured policyholder passes away during the policy waiting period, the benefit payable will be 100% of the premium paid since policy commencement/reinstatement minus the amount of taxes, levies, and cess applicable, shall be paid. This plan does not provide a death benefit as it is designed to provide cover for the expenses of cancer treatment.

    Indexation benefit

    Another valuable benefit offered in this policy is the indexation benefit, under which the sum insured will increase by 10% on every policy anniversary if no claim has been raised during the policy year. This increase in sum assured will be on a simple rate basis and can go up to a maximum of 150% of the sum assured offered at the time of policy commencement. If the insured policyholder raises a Early Stage Cancer or CiS claim, this indexation benefit would no longer be applicable.

    For example, Mr. A takes the Max Life Cancer Insurance Plan for a sum assured of Rs.10 lakh and does not make any claim on the policy for a period of 4 years. As per the indexation benefit, Mr. A’s sum assured at the end of policy year 4 will be Rs.14 lakh .i.e. the sum assured would have increased by 40% in 4 claim free years. However, if he makes a CiS claim before the end of the 5th policy year, he will no longer be eligible for the indexation benefit and his sum assured will remain at Rs.14 lakh.

    Product benefit

    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
    • 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.
    • This benefit shall be payable regardless of expiry of the policy, or demise of the insured policyholder.
    • 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

    Features of Max Life Cancer Insurance Plan

    Waiting period
    • 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
    • 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
    • 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
    • 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
    • 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.
    • 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.
    • 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
    • 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.
    • For policies with a monthly premium payment mode, a grace period of 15 days is permitted.
    • 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

    Policy exclusions – Max Life Cancer Insurance Plan

    Benefits and coverage under this policy will not be provided in case of any of the following events.

    1. Pre-existing condition

    No coverage will be offered if the policyholder (i) suffers from any primary or metastatic cancer condition; (ii)Have shown symptoms/signs of or have sought medical consultation/treatment for a pre-cancerous/cancer-related condition(s) at any time during 48 months before the date of policy cover commencement/reinstatement cover commencement. Coverage will be provided for pre-existing conditions unrelated to cancer.

    1. AIDS/HIV

    No cover will be provided for cancer or any cancer related condition caused, in any capacity, by venereal conditions like HIV or AIDS.

    1. NBC or intoxicants -

    No coverage will be provided or treatment of cancer that has been caused, in any capacity, by nuclear/biological/chemical contamination (NBC) or due to consumption of intoxicants like alcohol/drugs/narcotics that haven’t been recommended or approved by a registered and qualified medical treatment professional.

    About Max Life Insurance

    Max Life Insurance is among India’s biggest and most trusted names in the Indian life insurance space. The company was formed following a partnership between Mitsui Sumitomo Insurance Co. Ltd and Max Financial Services Ltd., which is a part of the Max Group. Catering to a large customer base across India, Max Life Insurance has, for long been the trusted name in insurance and provides a variety of insurance solutions like comprehensive life insurance plans, term insurance plans, retirement plans, protection and savings plans, etc.

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