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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.

 4.5 / 5.0   by 19169 users
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Max Life Cancer Insurance Plan Reviews

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  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have used for 12 years, i have used the MONEY BACK i have received the amount for 4 years once. The maturity period is for 12 years and it gives the policy coverage is for self. The sum assured given with the policy was good. The customer support is good.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 19, 2019
  • LIC
    LIC Life Insurance
    "Life secure policy"
    0.5 3.5/5 "Pretty good"
    Since its long time term policy. If anything happens the policy covers for life and family will get secured. Last 6 years before, I took this policy. LIC is a government company and they are trustable hence I have purchased the policy with them. I have been paying the premium amount of Rs. 26026 for every six months. Iâ??m satisfied with the sum assured amount.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 19, 2019
  • HDFC Life Life Insurance
    "Good for family protection"
    0.5 5.0/5 "Blown Away!"
    I have term plan with HDFC life, I have chosen the sum assured of Rs. 75 lakhs it has the duration of 50 years, life cover is upto 75 years. I make the premium around Rs. 800 per month, it has tax cover, critical illness, waiver on premium at disability. Cancer and Heart attack cover is also there.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 19, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    The reason for getting the policy is because it has provided with the good service. I am using the plan from last more than 20 years. The maturity period is for 30 years and the coverage is for self. The premium paying for yearly once as 12K with the policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 19, 2019
  • DHFL Pramerica Life Insurance
    "AVERAGE"
    0.5 3.0/5 "Satisfactory"
    I have got the policy along with the home loan taken the DHFL. The maturity period is for 15 years where 10 years i have to pay for yearly once of 25K. It is a TERM PLAN, the documentation process was done and i have received the hard copy too of the policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 19, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am holding the JEEVAN ANAND plan with LIC where i am using from last 11 years, the reason for taking the policy is it is good. The maturity period of the policy is for 25 years, the premium paying for monthly once. The coverage is for self with the policy.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 10 years before. The policy is for 20 years. I am paying premium in the quarterly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents on time. I use to do payment by providing a cheque to an agent.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 18, 2019
  • SBI Life Life Insurance
    "Need to improive their service"
    0.5 1.0/5 "Really Bad"
    I have taken a term insurance in SBI LIFE on 3 years before.The policy is money back for 10 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and delay to provide the documents. At an initial they have told to pay only for 3 times but later it for 7 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 3.0/5 "Satisfactory"
    I have taken a life insurance in LIC before 4 years ago. The policy is for 20 years. 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 on time. I use to pay the amount to an agent.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I have multiple policy with LIC and am just paying the policy, not availed the benefits. I pay online and never contacted the customer support. I am paying yearly 1.5L and the payment mode is easy. I took this policies for future savings and tax benefits.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 2 years before. The policy is for 15 years.I am paying premium in the quarterly package. While getting a policy my agent has given an information about the policy details and received a hard copy documents on time. Use to do payments by visiting directly to office.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Trust Worthy"
    0.5 5.0/5 "Blown Away!"
    I pay Rs. 50,000 per annum for multiple policies and it has different tenure period and all has tax saving coverage. Even the sum assured is get vary according to the payment which we pay. The agents are professional, I would like to recommended these policies to all.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    At the time of my invest, LIC was a best company. I have chosen the policy 10 years back. I am paying the premium amount of Rs. 10,718 for the term period of 20 years. I select the annual payment mode. I will get a sum assured amount of Rs. 2 lakhs.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Life Insurance Corporation of India have given me a good amount money when it is paid back. I have invested a money of Rs. 1 lakhs and i have received Rs. 1.73 lakhs after 16 years with a maturity. I make the premium through my account as a Standing instructions.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jul 18, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the accidental policy where using from last 8months with HDFC LIFE. The premium paying was monthly once with the insurance policy. The benefits with the policy is good but i have not received the hard copy, coverage is for 20L.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the JEEVAN ANAND plan since from last 12 years with LIFE INSURANCE CORPORATION OF INDIA the maturity period is for 20 years with the insurance policy. The premium paying was yearly once, it gives the policy coverage for self.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • SBI Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a Pradan Mantri Plan from SBI Life when it was launched. I am paying 300 rupees annually for myself and my wife. I think, if accidental death is happened then the benefits can be claimed. I have enabled auto debit option for the payment.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • Bajaj Allianz Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I took a money back policy with Bajaj Allianz and the policy period is 16 years. It was recommended by one of my colleague. I have received the insurance copy and the payment mode is easy. It was taken for future savings because I am blessed with 2 daughters.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken 3policies with LIC, all are endowment policies. LIC is a trusted company and they are reliable in India so have interested to take a policy. I am happy with the benefits. I need to pay the premium for 21 years. Previously I made cash payment and now its convenient to pay online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • HDFC Life Life Insurance
    "Okay Policy"
    0.5 3.0/5 "Satisfactory"
    No reason for choosing my insurance policy from HDFC. For income tax returns i bought the policy. I'm paying the premium upto 7 years and after 10 years i will get the returns to my account. I have been paying the premium amount of Rs. 12148 which is a annual payment. The premium is auto deducted from my account
    Was this review helpful? 0
    , thane
    Reviewed on Jul 18, 2019
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