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Max Life Cancer Insurance Plan

Cancer Insurance
  • Get Plans that cover early and later stages of cancer
  • Receive premium discounts with higher sum assured
  • Get tax benefit under Section80D

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.