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Max Life Cancer Insurance Plan

The Cancer Insurance Plan offered by Max Life to provide coverage against different types of cancer. This fixed-benefit plan provides lump sum benefit to the insured person following the first diagnosis of most types of cancer.
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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.

Max Life Cancer Insurance Plan Reviews

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  • ICICI Prudential Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my term insurance with ICICI bank,the agent had clearly explain me about the policy and benefit coverage, and i use to pay premium amount on monthly basis.they have charged me premium nominal,they have charged me up to 712 on monthly.and my premium amount use to get auto debited from my account.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been taken my Life insurance with Life insurance corporation of India, the agent had clearly explain me about the policy coverage and benefits,i have been holding two policy one is on monthly basis and one is for yearly basis,there premium amount they have charged me was nominal.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    Purchased my life insurance policy in the year of 2001. Since my brother in law working as a agent, i have selected the Life Insurance Corporation of India for my insurance policy. I paid the premium amount of Rs. 2500 for half yearly. I make the premium through online.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Not recommendable policy"
    0.5 4.0/5 "Great!"
    I have taken the life insurance policy from Life insurance corporation of India. I'm making the premium through online. Most of the policy got matured and I'm not satisfied with the returns. I have purchased policy in 1995. I have selected the quarterly payment mode.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Very Good Service"
    0.5 5.0/5 "Blown Away!"
    I had taken this Jeevan Anand insurance policy almost seven years back and i am paying the premium half yearly. The premium amount was around 8944 which was not too high. The payment method has been simple and has been done easily. It is a good policy and suggestible to others.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    My Life insurance with Life insurance corporation of India had got completed, for 15 years, i was been paying this premium amount, the premium amount was on half yearly basis, and now i am waiting for the money to get, there service was good, they have charged me nominal premium amount.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have applied my life insurance with HDFC LIFE, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • Tata AIA Life Insurance
    "Go for term insurance for the family future safety"
    0.5 4.0/5 "Great!"
    I have taken my term insurance policy from TATA AIG. This a a terms with returns policy. TATA AIG is providing a less premium with the sum assured amount of Rs. 1 Crore. I used to make the premium amount of Rs. 18000 per annum. I took the policy 1 month before. I have done the documentation process by online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good to have"
    0.5 4.0/5 "Great!"
    My endowment policy was taken from LIC because of the trust and secure. In 2000, i have purchased this policy. I used to make the payment through online. One of my friend has recommended me about this policy. I have visited the branch many times and they are providing average service to the customer.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good to have"
    0.5 4.0/5 "Great!"
    I have purchased a endowment plan from LIC. Bought my endowment plan in 2003. I have been paying the premium amount of Rs. 4000 per annum. I will get a sum assured amount of Rs. 1 lakhs. Total tenure period of the policy is 15 years. This is a tax benefit policy.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Good to have"
    0.5 3.0/5 "Satisfactory"
    I have invested a money back policy from Life insurance Corporation of India. I took this policy in the year of 2003. Total tenure period of the policy is 20 years. I have been paying the premium amount of Rs. 100000 per annum. Three times i have received a money back in my account. I have not faced any issue in this policy.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • ICICI Prudential Life Insurance
    "Best Policy"
    0.5 3.0/5 "Satisfactory"
    My life insurance policy was bought from ICICI Prudential. The plan name is money growth. I have been paying the premium amount of Rs. 250000 per annum. I have selected the annual mode. I used to make the premium through online. I will get a sum assured amount of Rs. 25 lakhs. Total tenure period the policy is 10 years.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    My life insurance i have dealing with Life insurance corporation of India,the agent clearly explain about the policy , coverage ,they have send me hard copy, i pay premium on quarterly basis,they have charged me up to 2500-2400 approx, which was nominal, i pay off line via cheque.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 20, 2019
  • Tata AIA Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have purchased a term insurance policy from TATA AIA. I opened this policy before 4 months. The claim ratio was 97% hence i have selected them. The premium amount is very less. I've chosen the coverage value of Rs. 50 lakhs. I make the premium by cheque.
    Was this review helpful? 0
    , vapi
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Bad return value in this policy"
    0.5 1.0/5 "Really Bad"
    I hold a investment policy from HDFC LIFE. Friend has told me about this policy. They are not providing a good service to the customer. I took this policy in 2016. I have been paying the premium amount of Rs. 25000 per annum and the sum assured amount is Rs. 2.40 lakhs. This is a tax benefitable policy.
    Was this review helpful? 0
    , vapi
    Reviewed on Jan 19, 2019
  • Kotak Life Life Insurance
    "Good benefits"
    0.5 4.0/5 "Great!"
    I took my life insurance policy from Kotak Mahindra before 6years. It is a long term policy. I pay the premium through online, approx 20K per annum. I am happy with the benefits and their service. I got insurance paper. I need to pay for 15 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 19, 2019
  • LIC Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    I am having a personal life insurance policy for the myself and my wife. All services are good and am fine mostly doing online payment. The tenure period is 15 years. I got an agent, he helps me out. It has good benefits. The premium was paid yearly through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 19, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using life insurance with Life insurance corporation of India,the agent had clearly explain the policy and the benefit coverage ,and the premium i pay is according to my convenient,like it is flexible option available,like whenever i want i can pay ,but i pay in monthly basis every time,the premium amount i use to pay up to 2000 in an monthly basis,it is nominal.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Good for investment"
    0.5 5.0/5 "Blown Away!"
    HDFC Life is best as per my experience, their claim ratio is good. They are providing terminal premium for the critical illness, disability cover. I took the policy cover for Rs. 10 lakhs, I make the premium of Rs. 30,000 on quarterly basis it has term of 10 years. They do have life cover for certain demise.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 19, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using life insurance with Life insurance corporation of India, i have been holding three policy , the agent had clearly explain me account the policy benefit,and there coverage,the premium amount i use to pay on yearly basis,which they have charged me was nominal,and i use to get deducted from my account.
    Was this review helpful? 0
    , thane
    Reviewed on Jan 19, 2019
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