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 19782 users
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Max Life Cancer Insurance Plan Reviews

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  • LIC Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in LIC on five years before. The policy is for 20 years. I am paying premium in the quarterly package the amount which is nominal for me. While getting a policy the agent has given an information about the policy details.
    Was this review helpful? 0
    , ranchi
    Reviewed on Dec 13, 2019
  • LIC
    LIC Life Insurance
    "Good "
    0.5 5.0/5 "Blown Away!"
    On 10 years before, I took life insurance policy for my spouse in LIC with tenure period of 15 years. Since its money back policy, 5 years once I got amount of 5K which I have received for twice . I use to pay premium on quarterly basis of the amount of 3087 rupees which is nominal. The agent has given an information about the policy details and provided hard copy of documents on time.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 13, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 9 years before. Tenure period of 15 years. I am paying premium on half yearly package the amount of 6490 rupees which is nominal. The agent has given an information about the policy details. It covers myself and the policy name is Jeevan Anand.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 13, 2019
  • LIC Life Insurance
    "Moderate service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy directly through LIC agent .This was a maturity benefit policy for the tenure of 21 years.I am paying the premium on monthly basis .I am paying the premium through online .This policy is still alive and all the details about the policy was clearly explained by the agent.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 13, 2019
  • HDFC Life Life Insurance
    "Worst Life Insurance Company Ever"
    0.5 0.5/5 "Unacceptable"
    HDFC Life is one of the worst companies you would want to take your life insurance from. I am writing this review with my personal experience + experiences of some other users who purchased the policy. They are running a scam where about 1 yr after issuing your policy, they automatically cancel it, citing "non disclosure of pre-existing illness" as the reason. The same thing happend with me and many others. I have no such reported illness of any kind. And even if I had, why was the policy issued in the first place? Upon my request to provide an explanation or more detail about this 'illness', no respone was given to me, neither by HDFCLife nor by Policybazaar, through which I had purchased this policy. I was cheated of my one-year premium amount and my policy was lapsed. If you are at all serious about preserving your mental and financial well-being, do not go anywhere near any of these two companies. They are the biggest fraud in the life insurance market.
    Was this review helpful? 0
    , jaipur
    Reviewed on Dec 13, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy directly through LIC agent .This was a maturity benefit policy for the tenure of 15 years .This policy is still alive and got all the relevant details about the policy through the agent .The policy documents was shared on time .I am comfortable with the service.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 12, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy which was taken through LIC agent.This was an endowement policy and paying the premium on yearly basis .The policy tenure is for 15 years and paying the premium through the agent .This policy is still active and i am comfortable with the service .
    Was this review helpful? 0
    , pune
    Reviewed on Dec 12, 2019
  • Bajaj Allianz Life Life Insurance
    "budget Plans"
    0.5 5.0/5 "Blown Away!"
    Bajaj Allianz life insurance is very flexible. I have taken a policy. The Premium was given as per my budget. Plans and benefits are great, If anyone wants to go a life insurance my first suggestion will be Bajaj Allianz life insurance. Thanks
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 12, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I took my life insurance policy from LIC around 5 years back and this policy is going to matured in the year of 2026. It was for the safety and protection for the family. I have selected the payment option as very half year and i pay the premium amount of Rs. 2000. I will give the cash to my agent and he will pay in the LIC office.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 11, 2019
  • LIC Life Insurance
    "Safe and secure policy"
    0.5 5.0/5 "Blown Away!"
    LIC policy is safe and if you have a long term policy, it will be useful. If i go to their office, the response is fine. They have a good portal to know about the payment premium amount and existing policy details. I make the premium through online. I took the money back policy and it got matured already.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 11, 2019
  • LIC Life Insurance
    "Good security policy"
    0.5 3.5/5 "Pretty good"
    In LIC website, they are updating the policy details on a timely basis. I took my retirement plan in life insurance corporation of India. For the safety purpose, i have selected this company. I am investing the money of Rs. 10K every month. I get the returns after my age of 56. This is a tax benefitable policy.
    Was this review helpful? 1
    , haridwar
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Service should be improved"
    0.5 3.5/5 "Pretty good"
    I have taken money back policy from LIC its because of the safety reason. I have been investing the money of Rs. 10K every month. I purchased the policy 4 years ago. They are providing the sum assured amount of Rs. 1.2 lakhs. This is a tax beneficial policy. I make the premium amount through online.
    Was this review helpful? 1
    , haridwar
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I didn't use the customer care service till now in LIC where i have taken my life insurance policy. I'm not sure about the plan name but i pay the premium every year once. I have been paying the premium amount of Rs. 17699 and total term period of the plan is 16 years. For the savings purpose, i have chosen LIC.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Best service "
    0.5 3.0/5 "Satisfactory"
    I have taken Life Insurance policy directly through LIC agent .This policy tenure is 10 years .I am paying the premium through Half yearly basis and paying the premium through Online .The agent gave a clear picture about the policy and not yet faced any difficulties .I am satisfied with the service so far .
    Was this review helpful? 1
    , mumbai
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC since 1990. This policy term is 20 years. I am paying premium on monthly package and the amount which is nominal. I am paying premium in a cheque mode. While getting a policy my agent has given an information about the policy details and this is a money back policy.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 2.0/5 "Expected more"
    I have taken Life Insurance policy taken through LIC agent.This was a Maturiy benefit policy and each and every details was shared by the agent .This policy is still active and there was no difficulties faced as well. Overall am happy with it.
    Was this review helpful? 0
    , surat
    Reviewed on Dec 09, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 9 years before. Tenure period of policy is 20 years. I am paying premium on quarterly package the amount of 3K which is nominal. Agent is my neighborhood so he has given an information about this policy. It covers my whole family.
    Was this review helpful? 0
    , pune
    Reviewed on Dec 09, 2019
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 3 years before. The policy is for 16 years. I am paying premium on monthly package the amount of Rs. 17k which is nominal. I am paying premium manually. While getting a policy my agent has given an information about the policy details. It covers myself. It is a jeevan anadha policy
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 09, 2019
  • LIC Life Insurance
    "Good Investment plan"
    0.5 5.0/5 "Blown Away!"
    LIC plan is a savings cum income plan and i get the good returns in future. Its covers for life. I took the policy through agent who is my relative recommended me about this policy. My father is taking care of the premium part hence I'm not sure about the coverage value.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 08, 2019
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance policy from LIC more than 5 years.The agent is very supportive and providing proper guidance and this is a JEEVAN ANAND policy. Policy is valid for life long and the tenure is 20 years after some years. I am paying annual premium is Rs.24k, this is a death benefit plan after that my wife will be getting some returns.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 07, 2019
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