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  • Max Life Cancer Insurance Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Max Life Cancer Insurance Plan is a non-linked non-participating insurance plan offered by Max Life Insurance. It is a single life insurance policy that provides comprehensive coverage for all stages of cancer with benefits such as:

    • Diagnosis of Carcinoma in Situ.
    • Diagnosis of Early Stage Cancer.
    • Diagnosis of Major Stage Cancer.

    Apart from this, the policy offers an inbuilt-indexation benefit to the policyholders. It also offers tax benefit on the premiums paid and benefits received by the customers. Premium for this policy starts from Rs.1,960* per year for offline channels and Rs.1,700* per year for online channel.

    *Premiums vary based on age, location, plan term and other factors.

    Eligibility - Who is the Max Life Cancer Insurance Plan for?

    Max Life Cancer Insurance Plan can be availed only by people who fulfil the eligibility requirements. The eligibility criteria for this policy is mentioned below:

    Type Individual, non-linked non-participating insurance plan
    Minimum Age at Entry (age as on last birthday) 25 years
    Maximum Age at Maturity (age as on last birthday) 75 years
    Maximum Age at Entry (age as on last birthday) 65 years

    Sum Insured and Premium Range – What you Get and What it Costs?

    Max Life Cancer Insurance Plan provides Basic and Indexed Sum Insured to the policyholders. Basic Sum Insured is the Sum Insured at the start of the policy and Indexed Sum Insured is the increased Sum Insured given at the time of claim. This amount can be selected only in intervals of Rs.5 Lakhs, which means policyholders can select Sum Insured of Rs.10 Lakhs, Rs.15 Lakhs, Rs.20 Lakhs, Rs.25 lakhs, Rs.30 Lakhs, Rs.35 Lakhs, Rs.40 Lakhs, Rs.45 Lakhs and Rs.50 Lakhs. Because this policy offers an inbuilt-indexation benefit, the Sum Insured increases by 10% on every policy anniversary (maximum – 150% of the Basic Sum Insured), provided the policyholder has not made any claims. The minimum and maximum Sum Insured offered by the policy is mentioned in the table below:

    Minimum Sum Assured Rs.10 Lakhs
    Maximum Sum Assured Rs.50 Lakhs
    Maximum Sum Insured after calculating inbuilt-indexation benefit Rs.75 Lakhs

    Premium is the amount that policyholders have to pay by the premium due date to avail the benefits offered by this Max Life Term Insurance policy. Policyholders can pay the premium using annual, semi-annual, quarterly and monthly payment modes. They can choose to change this payment mode at any time during their policy term. The change will be effective only from the next policy anniversary.

    Minimum Annual Premium for 25 year old and someone with Rs.10 lakhs as sum insured Rs.1,700 per year for online channel. Rs.1,960 per year for offline channels.
    Maximum Annual Premium for 65 year old and someone with Rs.50 lakhs as sum insured Rs.1,23,850 per year for online channel. Rs.1,49,750 per year for offline channels.
    Policy Term Minimum – 10 years. Maximum – 40 years.
    Premium Payment Term Same as policy term

    *Premiums vary based on age, location, plan term and other factors.

    *Premium amount mentioned in the table above does not include extra premium, modal extra and service tax.

    Plan Coverage – What the Max Life Cancer Insurance Plan Covers?

    Max Life Cancer Insurance Plan covers all cancer stages. Depending on the plan’s survival period, waiting period and exclusions, this product offers the following:

    • Income Benefit.
    • Lump sum benefit.
    • Waiver of all future premiums.
    Benefits Early Stage Cancer or Carcinoma-in-Situ (CiS) Event Major Stage Cancer Event
    Lump Sum Here, 20% of the basic or indexed Sum Insured. 100% of the basic or indexed Sum Insured is paid after deducting the cumulative lump sum payments that have been paid in the event of Early Stage Cancer or CiS. For Example – If the policyholders is diagnosed with Early Stage Cancer thrice and then he/she suffers from major stage cancer, then he/she will receive 40% of the basic or indexed Sum Insured. It is only 40% because the rest 60% has already been paid as part of Early Stage Cancer or CiS.
    Waiver of Premium All future premiums under the policy are waived off, but the policy continues. Not Applicable.
    Income Not Applicable. 10% of Basic Sum Insured is paid as income for 5 years. Income payment is made on the due date irrespective of policy term expiry or death. If the policyholder dies during the income benefit payout period, then the same will be paid to his/her nominee or legal heir.

    Coverage will continue even after policyholders make an Early Stage Cancer or CiS claim. Policyholders can make multiple Early Stage Cancer or CiS claim as long as the total lump sum payment made on such claims is not more than 100% of the Indexed Sum Insured. If policyholders use 100% of the Indexed Sum Insured for claiming Early Stage Cancer or CiS, then they will receive only Income benefit in case they are diagnosed with Major Stage Cancer afterwards.

    Inbuilt-Indexation Benefit - As per this benefit, the Sum Insured of the product is increased by 10% (simple interest) on every anniversary of the policy, provided no claim has been made by the policyholder in the past. Indexation benefit can be a maximum of 150% of the Basic Sum Insured.

    Add-On Plans – Additional coverage under the Max Life Cancer Insurance Plan:

    Max life Cancer Insurance Plan does not have any Add-On Plans or Additional Coverage.

    Exclusions - What the Max Life Cancer Insurance Plan Doesn’t Cover?

    Max Life Cancer Insurance Plan does not provide coverage for Cancer caused directly or indirectly due to the following:

    • Pre-existing condition – If the insured had signs/symptoms or if he/she was diagnosed or received medical advice/treatment for any pre-cancerous or related condition within a period of 48 months before the date of inception or reinstatement of the policy (whoever was later), then he/she will not be covered under Max Life Cancer Insurance Plan.
    • Cancer caused in whole or part by STD (Sexually Transmitted Diseases) such as HIV or AIDS.
    • Cancer caused by:
      • NBC (Nuclear, biological or chemical contamination).
      • Consumption of narcotics, alcohol or drugs that have not been prescribed by a Registered Medical Practitioner.

    Suicide Exclusion – As the policy does not offer any death benefit, so the company will not pay any benefit in case of suicide. Premiums will not be refunded either.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    Max Life Cancer Insurance Plan policy has many other important features. Some of them are:

    Particulars Details
    Grace Period 30 days for all payment modes except for monthly payment mode. 15 days for monthly payment mode. Grace Period initiates from the due date of every premium payment.
    Nomination Policyholders can choose a nominee.
    Freelook Period 15 days, starting from the date of receipt of the policy document (30 days in case the policy has been sourced through any Distance Marketing Mode)
    Policy Revival Lapsed policies can be revived within 2 years. The 2 years start from the due date of 1st unpaid instalment and before the expiry of policy term.
    Waiting Period 180 days from the date of reinstatement or start of the cover (whichever is later). In case of reinstatement, waiting period is applicable only if the reinstatement happens after 90 days of date of last unpaid instalment
    Survival Period 7 days from the date of Cancer diagnosis for the claim to be eligible.

    Tax Benefits – How you can Save with the Max Life Cancer Insurance Plan?

    Owners of Max Life Cancer Insurance Plan can enjoy tax benefits under the Income Tax Act of 1961 in the form of Deductions and Exemptions. Deductions can be claimed under Sections 80C, 80CCC, 80D and 80DD of the IT Act and Exemptions can be claimed under Section 10 (10D) of the IT Act.

    • Deductions under Section 80C or 80CCC – Individuals and Hindu Undivided Families can avail benefits under this Section. The maximum amount that can be claimed is Rs.1,50,000.

    Section 80C or 80CCC says that:

    • If you pay 20% more premium than the actual capital Sum Assured in a year, then you can claim deductions only for premiums up to 20% of the sum assured.
    • If your policy was issued on or after 1st April, 2012, then you can claim deduction for only so much of the premiums payable as does not exceed 10% of the actual capital Sum Assured (15% if you have severe disability or specified ailment).

    If your policy is terminated within 2 years from inception, then the benefits under this Section will be reversed.

    • Deductions under Section 80D – Individuals and Hindu Undivided Families can avail benefits under this Section. The eligible amount for deduction is a maximum of Rs.25,000 for an individual, his/her spouse and children. An additional deduction of up to Rs.25,000 is allowed for parents. If parents are senior citizens, then deduction of up to Rs.30,000 can be claimed. Assessees are allowed to pay a maximum of Rs.5,000 for preventive health check-ups within the prescribed overall limit.
    • Deductions under Section 80DD – Under this Section, every year policyholders can claim up to Rs.75,000 worth premiums that they pay for their disabled dependent. A high deduction of Rs.1,25,000 will be permitted in case the dependent suffers from severe disability.
    • Exemptions under Section 10 (10D) – The amount policyholders receive from a life insurance policy (includes bonus) is exempted from tax. This rule is not applicable on the following:
      • Sum received under Section 80DD (3).
      • Sum received under a Keyman Insurance Policy.
      • Sum received other than as death benefit from a policy that was issued on or after 1st April, 2003 and if the premium payable during the term is not more than 20% of the sum assured. If the policy was issued on or after 1st April, 2012, exemption will be available only if the premium payable does not exceed 10% of the actual capital sum assured.

    *Tax Benefits are dependent on the tax laws and may change at any time. It is advisable to consult someone who is an expert in tax matters.

    Other Benefits – How you can Save with the Max Life Cancer Insurance Plan?

    Max Life Cancer Insurance Plan has many other benefits to offer other than the ones mentioned above. Some of these benefits are mentioned in the table below:

    Simple Application Process People can easily apply for Max Life Cancer Insurance Plan both online and offline.
    Customer Care Max Life Insurance offers 24x7 customer care service. Customers can contact the customer service department via SMS, call, email, letter, etc. at any time for any claim or policy related queries.
    Online Tools Customers can make use of the different online tools present on the website of Max Life Insurance. One of the popular tools is the online calculator tool, which customers can use to calculate the premium amount.

    Why you should Buy the Cancer Insurance Plan from Max Life Insurance?

    Max Life Insurance has over 2,000 branches across India and is known for offering long term protection, savings and retirement solutions. The company has an excellent customer care service team, which customers can approach 24x7 for any queries. Out of the 15 life insurance products offered by Max Life Insurance, Max Life Cancer Insurance Plan is the most popular. It is a comprehensive cancer insurance plan that financially protects policyholders and their families.

    FAQs about Max Life Cancer Insurance Plan:

    1. Does Max Life Cancer Insurance Plan provide Maturity Benefit and Death Benefit?

      A. No, Max Life Cancer Insurance Plan does not provide Maturity Benefit and Death Benefit.

    2. What happens if the life insured passes away during the waiting period?

      A. If the life insured passes away during the waiting period, then 100% of the paid premiums is paid.

    3. Does the policy provide survival and surrender benefits?

      A. No, the policy does not provide survival and surrender benefits.

    4. I have claimed for Early Stage Cancer once. Can I make the same Early Stage Cancer claim for the same organ again?

      A. No, you cannot make the same Early Stage Cancer claim for the same organ again.

    5. How can I surrender my Max Life Cancer Insurance Plan?

      A. You can surrender your Max Life Cancer Insurance Plan by submitting a written request to the company.

    6. How do I revive my Max Life Cancer Insurance Plan?

      A. You can revive your Max Life Cancer Insurance Plan policy placing a revival request with the company within a period of 2 years, starting from the due date of 1st unpaid instalment. The policy has to be revived before the policy term expires. For the policy to be revived, the company has to approve your request. Max Life Insurance will provide you with a written approval only if you submit a written request and provide the following:

      • Insurability proof of the insured and bear the cost of it.
      • The outstanding premiums.
      • The late payment fee/interest.
    7. What is the fee for late payment?

      A. The fee for late payment is mentioned in the table below.

      Number of days between policy revival date and policy lapse date Late Payment Charge
      30 to 60 Rs.100
      61 to 180 Rs.250
      More than 180 Rs.250 plus interest on due premiums at 8% p.a.

      *The fees and charges/rates may be changed at any time at the company’s discretion.

    8. Under what circumstances will Max Life Cancer Insurance Plan terminate?

      A. Max Life Cancer Insurance Plan terminate under the following circumstances:

      • On the date when the company receives the freelook cancellation request.
      • On death of the life insured.
      • On accepting major stage claim (benefit will still be paid by the due date).
      • On the date the company intimates the policyholder of its decision to repudiate his/her major cancer claim.
      • On expiry of the revival period.
      • On expiry of the policy term.
      • On the date of cancellation or termination of policy.
      • When the company receives a written policy cancellation request from the policyholder.
      • On cancellation of policy by Max Life Insurance on grounds of fraud, misrepresentation or nondisclosure subject to Section 45 of the Insurance Act of 1938.
      • On diagnosis of Early Stage Cancer or CiS or Major Stage Cancer within the waiting period.
    9. What are the Modal Factors?

      A. The Modal Factors are as follows:

      • For annual premium payment mode, the Modal factor is 1.000.
      • For semi-annual premium payment mode, the Modal factor is 0.520.
      • For quarterly premium payment mode, the Modal factor is 0.265.
      • For monthly premium payment mode, the Modal factor is 0.090.
    10. How do I make a claim?

      A. To make a claim, you have to submit a written request to Max Life Insurance within 90 days from the date of diagnosis. You will have to submit the following documents as well:

      • Claimant’s statement in the form given by the company. Policyholders can download the claim request documents from the website of the company.
      • Your original policy document.
      • Copy of recent hospitalization records or treatment.
      • Your medical practitioner’s statement.
      • Certificate from a medical practitioner confirming the cancer.
      • Claimant’s Identity proof.
      • Any other documents requested by the company.
    11. Does the policy have any restrictions on traveling outside India?

      A. No, the policy does not have any restrictions on traveling outside India.

    Max Life Cancer Insurance Plan Reviews

    • Max Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance with Max Life because of the low premium. They have explained me about the benefits and which am happy with it. I need to pay monthly 746rupees for the premium and done through online. I got the insurance papers and sum assured is 50L.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 15, 2018
    • Max Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I never contacted the customer service, there is no requirement and they have done it on time. I have received the call at the time of processing the policy and explained about the policy to me. I took a term insurance for myself with Max Life. The premium is reasonable and they are offering good benefits.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Dec 14, 2018
    • Max Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      The tenure period is 5 years, I have taken a term plan with Max Life through online before 1.5 years. I don't know about the premium since it was paid by my wife. The Sum assured value is 8L. They have explained about the policies and the payment mode is convenient. I pay the premium yearly.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 13, 2018
    • Max Life Insurance
      "Average"
      0.5 4.0/5 "Great!"
      I pay 50K per year for the premium by cash. I have life insurance which was taken through agent before 9 years with Max Life. The tenure period is 10 years, the customer service is average. Even plan benefits is also average, it has taken for the purpose of future investment. The sum assured value is 12L.
      Was this review helpful? 0
      , varanasi
      Reviewed on Dec 13, 2018
    • Max Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Max Life is good and they are providing good customer service. The plan benefits and coverage is also good. I am paying yearly 30K through online. It was taken before 3 years through agent and tenure period is 15 years. The sum assured value is 5L. Am getting updates whenever I pay the premium.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 13, 2018
    • Max Life Insurance
      "Better"
      0.5 4.5/5 "Excellent!"
      I do have a term insurance with Max along with Aegon. I don't have any problems with standing instructions and the customer service is good. I did not get any chance so far to connect with the customer support. Am happy with the policy coverage and plan benefits. The claim settlement ratio is much better.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 06, 2018
    • Max Life Insurance
      "Overall good features. "
      0.5 4.0/5 "Great!"
      The overall experience is good at Max life for the term insurance. The customer support and response is fine. The tenure is for 30 years. I have taken a Online Term Plan Plus - Basic Life Cover + Waiver Of Premium Plus- Monthly plan. The sum assured is of 50,00,000.
      Was this review helpful? 0
      , jaipur
      Reviewed on Nov 30, 2018
    • Max Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance with Max life. It is a Online Term Plan Plus - Pay Till 60- Monthly plan. I need to pay my premium till the age of 60. The tenure is of 45 years and the sum assured is of 1,00,00,000. The payment can be done online and no hassles.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 27, 2018
    • Max Life Insurance
      "Good benefits"
      0.5 4.0/5 "Great!"
      It has been a good experience with Max life. I was able to get my life insurance with ease. It is a normal insurance policy. The tenure is for ten years. The sum assured and the plan benefits are good. I pay a premium online of 10K on a yearly basis.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 11, 2018
    • Max Life Insurance
      "Satisfactory"
      0.5 4.0/5 "Great!"
      Max life insurance is good overall in the term insurance policy. The customer support and response is good. I have taken a Online Term Plan Plus - Pay Till 60. I need to pay a premium till the age of 60 years. The tenure is for 40 years. The sum assured is for 70 Lakhs. The premium is of 13K which is paid online.
      Was this review helpful? 0
      , vellore
      Reviewed on Nov 11, 2018
    • Max Life Insurance
      "Looking for better cover"
      0.5 5.0/5 "Blown Away!"
      There are many better term plans are available in other companies compared to Max life. because they are taking high premium for the low coverage. In the market we can see, the different vendors are providing same benefits. Everything is fine with Max, except the life coverage.
      Was this review helpful? 0
      , mohali
      Reviewed on Oct 29, 2018
    • Max Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I am working as a part time adverser of Max, the service is good. The premium is also similar like other company, I have taken a plan for 10 years, then I get the matured value total of 20 years. Its really good because I only need to pay for 10 years but I get double the benefits.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 25, 2018
    • Max Life Insurance
      "Affordable policy"
      0.5 4.0/5 "Great!"
      I have bought a term insurance policy with a Max Life. For applying for a claim, we need a original booklet to be given. I have selected the annual payment mode and i used to pay the premium amount of Rs. 4800 approximately. This is covered for the critical illness and death coverage. This is a tax exemption policy. The claim ratio is more and the premium amount is less.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Oct 24, 2018
    • Max Life Insurance
      "Great Policy"
      0.5 5.0/5 "Blown Away!"
      Because of the best service i have taken my term insurance policy with Max Life. They have offered me a sum assured amount of Rs. 25 lakhs and i have taken the tenure period of 35 years. I pay the premium amount of Rs. 9000. Accidental and death cover is applicable. I make the payment through online and chosen the annual payment mode.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 24, 2018
    • Max Life Insurance
      "Customer service needs to be improved"
      0.5 4.0/5 "Great!"
      Max life customer service needs to be improved, they have contacted me while taking the policy, then there was no response. I suggested them to give call back to the customer to get the feedback of the service. Anyway I taken Rs.1 crore term policy, but the premium amt is highest with the life cover of 81 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 24, 2018
    • Max Life Insurance
      "Its Best"
      0.5 4.0/5 "Great!"
      I have chosen the life cover upto 83 years, for the life cover around Rs. 50 lakhs + accidental cover. I have added only one nominee, the premium is also reasonable . I have not compared the others the benefits with other company. I have opt this because I believe its good for my family protection.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 24, 2018
    • Max Life Insurance
      "Its Good"
      0.5 4.0/5 "Great!"
      Earlier Max was kept my policy on hold, then I told them to do medical check up. Finally my policy got activated, but their claim settlement ratio is good. They have good payment option for the life cover upto 60 years, then we add the additional benefits in the policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 23, 2018
    • Max Life Insurance
      "Good private company policy"
      0.5 4.0/5 "Great!"
      I spoke with the call centre people in Max and it was good. I have selected the sum assured amount of Rs. 1 Crore. Since i have seen the settlement ratio and cost of the insurance is low based this two factor i have selected the Max Company. Total tenure of the policy is 35 years and i have chosen the monthly payment mode.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2018
    • Max Life Insurance
      "Nice Policy"
      0.5 4.0/5 "Great!"
      I have taken my term insurance policy with Max. I selected Max because the insurance premium was cheap and settlement ratio was higher and they have good brand value in the market. I have been paying the premium amount of Rs. 10000 and i have chosen the annual premium mode with a worth of Rs. 50 lakhs sum assured amount. Total tenure period of the policy upto 70 years of my age.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 15, 2018
    • Max Life Insurance
      "Its a good policy"
      0.5 4.0/5 "Great!"
      I just started Max life term insurance very recently, I am paying auto debit monthly premium around Rs.900 for the tenure of 12 years. Upto 65 years there will be life cover, I have selected the coverage Rs. 35 lakhs, Max life claim settle ratio is good more than 90%.
      Was this review helpful? 0
      , aligarh
      Reviewed on Oct 05, 2018
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