Max Life Insurance
Max Life Cancer Insurance Policy

Max Life Cancer Insurance Plan

In today’s world, the expenses related to healthcare are one of the major factors contributing to financial hardship. Serious medical illnesses like cancer can not only be time-consuming but also quite expensive. In such cases, the Max Life Cancer Insurance coverage can greatly lessen the effects of such unforeseen circumstances.

The plan covers all phases of cancer, to make sure that the insured and his/her family are financially covered against this disease. The plan is a non-linked, individual, non-participating, pure-risk premium health insurance plan.

This post will highlight some of the most important aspects, such as features, benefits, eligibility details, and various other things.

Eligibility Criteria

ParametersDetails
Minimum Entry Age25 Years
Maximum Entry Age65 Years
Maximum Maturity Age75 Years
Policy Term10 To 40 Years
Minimum Annualized Premium

Online Channel: Rs. 2,130/- Per Annum

Other Offline Channels: Rs. 2,450/- Per Annum

Maximum Annualized Premium

Online Channel: Rs. 1,54,850/- Per Annum

Other Offline Channels: Rs. 1,87,200/- Per Annum

Sum InsuredRs. 10 To 50 Lakhs

Benefits & Features Offered By Max Life Cancer Insurance Plan

Some of the major benefits and features offered by the plan are as follows:

  • Dual Benefits Of Income & Lumpsum: If significant stage cancer turns out to exist, a lump sum payment and income benefits totaling 10% of the initial value insured are both payable annually for a period of five years.
  • Increased Sum Insured For 5 Years: For the first five years, the coverage increases at a 10% simple rate, bringing the overall coverage at no additional expense to 150% of the original coverage.
  • Tax Benefits: The insured can also save tax deductions for the premiums paid for the plan, as per Section 80 D of the Income Tax Act. These tax benefits are subject to change as per prevailing tax laws, therefore, kindly go through the latest tax laws in terms of such policies.
  • Waiver Of All Future Premiums: The policy remains in effect and all upcoming premium payments are canceled under the early-stage cancer.
  • Waiting Period: The 180-day waiting period begins from the dates of beginning or restoration of coverage. When a policy is reinstated, the waiting period only applies if it occurs more than 90 days after the date of the last unpaid premium, i.e., there is no waiting period if the policy is revived within 90 days of the date of the last unpaid premium.
  • Survival Period: For claims to be eligible, a survival time period of seven days must have passed after the date of the cancer diagnosis. Moreover, a verified cancer diagnosis or test that results in a histopathological diagnosis of cancer must be completed while the life insured is still alive.
  • Free Look Period: After receiving their insurance, the policyholder has 15 days to evaluate the terms and conditions. He or she may decide to return the policy with a statement of objections if they don’t agree with any of those clauses. For policies purchased through electronic devices and distance marketing, this window is extended to 30 days.
  • Grace Period: Additionally, the plan provides a 15-day grace period for monthly premium payments and a 30-day grace period for annual, semi-annual, and quarterly modes of payment.

Basic Functioning Of Max Life Cancer Insurance Plan

Max Life Cancer Insurance Plan generally operates in the following ways:
  1. Firstly, an individual purchases the plan by paying the premium online or in person.
  1. Now the insured may be eligible for a lump sum payment if he is diagnosed with early-stage cancer. Additionally, while the policy is in effect, the cancer coverage’s entire future premium is typically waived.
  1. The remaining sum assured is payable if the condition worsens to major-stage cancer.
  1. The policy will also offer income benefits in the event of the insured’s demise or in accordance with the terms of their contract.

Case Study Of Max Life Cancer Insurance Plan

Let’s understand the plan with the help of an example!

Mr. Pankaj, a 35 years old male, purchased the Max Life Cancer Insurance plan. The base sum insured by the policy is Rs. 30 lakhs and the policy’s cover is till the age of 70 years. The annualized premium amount paid by Mr. Pankaj is Rs. 13,500 for online sales and Rs. 13,620 for other channels.

Now, let’s look at the benefits offered by the plan!

Scenario 1: If Mr. Pankaj survives the policy term without being diagnosed with cancer

The sum insured will increase by 10% for 5 years and reach from Rs. 30 lakhs to Rs. 45 lakhs. From the 5th year onwards, the sum insured will be Rs. 45 lakhs. As Mr. Pankaj completes the policy’s term without receiving a cancer diagnosis, no benefits will be payable to him.

Scenario 2: If Mr. Pankaj is diagnosed with early-stage cancer in the 8th policy year and survives the remaining policy term without being diagnosed with any major-stage cancer.

Similar to the above case, the sum insured will rise by 10% for 5 years and will reach from Rs. 30 lakhs to Rs. 45 lakhs. On the 8th policy year, when Mr. Pankaj got diagnosed with early-stage cancer, 20% of the sum insured at that time, which is Rs. 9 lakhs will be payable to him as early-stage cancer benefit. Moreover, the sum insured is decreased by the early-stage claim payment amount, and the policy is extended for the remainder of its term with no further premiums required.

Scenario 3: Mr. Pankaj is diagnosed with major-stage cancer in 5th policy year.

The sum insured is increased to Rs. 42 lakhs till the 4th policy year. Since in the 5th policy year, Mr. Pankaj is diagnosed with major-stage cancer, his policy will be terminated and he will receive a major-stage cancer benefit, which is Rs. 42 lakhs. 

Moreover, he will also receive the income benefit of Rs. 15 lakhs paid for 5 years (Rs. 3 lakhs for every year).

Sample Premium Table Of Max Life Cancer Insurance Plan

Let’s take a look at a sample premium illustration of a healthy IT software engineer, named Mr. Sahil Arora.

For A Healthy Male, Sum Insured = Rs. 20 Lakhs, Premium Amount In Rupees
AgeMaturity Till Age 65Maturity Till Age 70Maturity Till Age 75
 Direct Sales

Other

Channels

Direct

Sales

Other

Channels

Direct

Sales

Other

Channels

305,9606,2407,2007,360NANA
357,6407,9809,3609,48011,06010,860
4010,14010,58012,46012,60014,76014,500
4513,74014,54016,86017,26019,94019,780
5018,68020,46022,84023,96026,90027,280

Coverage Details Of Max Life Cancer Insurance Plan

The plan covers the following types of cancers:

  • Pre-Cancer: Pre-Cancer Stage, also known as Carcinoma in Situ (CIS), is characterized by aberrant cell proliferation but is not considered to be cancer by medical professionals. However, CIS has a tendency to develop into full-blown malignancy, thus medical professionals occasionally advise surgical intervention.
  • Early-Stage Cancer: At this stage, malignant tissue or tumors are growing rapidly but have not yet migrated to the lymph nodes or other parts of the body.
  • Major Stage Cancer: In this stage, cancer is in its advanced stages, or stages III and IV, and spreads to lymph nodes and other organs through metastasis.

Buying Process Of Max Life Cancer Insurance Plan

One can go to the nearby branch office to purchase the plan. The customer care agent present in the branch office will help the prospective policyholder to purchase the plan in a smooth manner. He/she will ask for a few details about the individual and will request him to submit some supporting documents.

Moreover, the customers can also make a call on the company’s helpline number, 1860 120 5577, which is available for customers from Monday to Saturday, 9:00 AM to 6:00 PM. The customer care executive will guide the client in purchasing the plan from the company.

In case an individual still faces any kind of issue or problem while purchasing the Max Life Cancer Insurance plan, he/she can reach Probus Insurance right away. The company will not only solve its customer’s queries but also helps them in purchasing the plan with utmost ease. 

Exclusions Of Max Life Cancer Insurance Plan

The company shall not provide any coverage or benefits under this policy for any cancer caused, directly or indirectly, by, or related to, any of the following:

  • Malignant pre-existing illnesses, including primary and metastatic, for which the life insured obtained a diagnosis, medical guidance, or treatment within 48 months before the start of the policy period are not covered under the plan. Pre-existing conditions other than cancer are not, however, prohibited.
  • Exposure to illegal substances like alcohol or medications that haven’t been prescribed by a doctor.
  • Contamination by nuclear, chemical, or biological agents.
  • There will be “no benefit payable in case of suicide and no refund of premiums will be made” because the policy has no death benefit.

Frequently Asked Questions

No. The plan does not offer any kind of death and maturity benefit.

Under this plan, there is no surrender benefit. On your written request to us before the subsequent premium due date, the policy may be surrendered. Death benefits are typically not included in cancer insurance plans. It is recommended that you thoroughly study the insurance documentation to comprehend the inclusions and exclusions.

Because of the high expenses of cancer treatment and the risks involved, cancer insurance must be purchased either online or offline. Therefore, for everyone, purchasing cancer insurance is preferable to purchasing basic health coverage.

You are not required to receive cancer treatment at network hospitals under the plan. You can see the doctor and hospital of your choice and receive the necessary care using the payout amount.

The Max Life Cancer Insurance policy’s claims procedure is quite simple. The policyholder is not required to provide a medical bill. For the insurer to offer coverage, an illness diagnosis report from a licensed medical professional is sufficient.

Life Insurers

Max Life FAQs