Max life Insurance plans

Max Life Cancer Insurance Plan

Cancer is amongst the fastest growing critical disease in India, with over 10 lakh new cases being added every year. This number is expected to cross 15 lakhs by 2030. Our lifestyle and stress related issues make us prone to many critical diseases, sometimes even at an early age. Cancer is one such disease which has increasingly become an epidemic. More often than not, the cost of cancer treatment is very expensive and can become a huge financial burden on the family causing a big dent in their savings pool.
Max Life Cancer Insurance plan provides comprehensive protection against all stages of Cancer. If detected at an early stage, 20% of the cover paid upfront and all future premiums are waived. If detected at a major stage, full cover amount is paid with additional 10% as income for next 5 years. The plan offers cover till age 75 years and covers top 20 most common cancers incidence in India - Breast; Cervix Uteri; Lip, oral cavity; Lung; Colorectum; Stomach; Oesophagus; Other pharynx; Leukaemia; Liver; Ovary; Larynx; Non-Hodgkin Lymphoma; Prostrate; Gallbladder; Brain, Nervous System; Bladder; Thyroid; Corpus uteri and Pancreas.
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Max Life insurance review

Max life Insurance plans
Distribution - Number of branches pan India (March 2019)
239
Entry Age Minimum/Maximum (Years) - Term Plans
18/70
Sum Assured Minimum / Maximum - Term Plans
10 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
10/50
Solvency Ratio (FY 2018-19) *
2.42
Number of Policies Sold (Ind+Group) *
527,601
Number of Lives Covered (Ind+Group) **
6,438,358
Claims Settlement Ratio (Ind+Group) ***
98.95%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Max Life Cancer Insurance Plan Overview

  • Key Features
  • Eligibility
  • Benefit Descriptions

Key features of Max Life Cancer Insurance Plan

The key features include:
  • A Comprehensive cancer insurance plan covering all stages of cancer with following benefits:
    • Diagnosis of Carcinoma in Situ (CiS) – 20% of indexed sum insured + Waiver of all future premiums till end of policy term
    • Diagnosis of Early stage cancer – 20% of indexed sum insured + Waiver of all future premiums till end of policy term
    • Diagnosis of Major stage cancer – 100% of indexed sum insured less CiS/Early stage cancer claim paid + income benefit equals to 10% of basic sum insured is payable for a period of up to 5 years from next policy anniversary.
  • Indexation of Sum Insured The product offers an inbuilt-indexation benefit; where in the Sum Insured under the product increases by 10% (simple rate) on each policy anniversary till the time no claim has been admitted in the past; up to a maximum of 150% of the Basic Sum Insured at the start of the Policy.
  • Tax Benefit Tax benefits apply to the premiums paid and benefits received by the insured as per the prevailing tax laws.

Eligibility of Max Life Cancer Insurance Plan

Eligibility Criteria
Age of the Life Insured at Entry (age as on last birthday) Minimum : 25 years
Maximum : 65 years
Maximum Maturity Age of the Life Insured (age as on last birthday) 75 years
Premium Payment Term (PPT) Regular, Premium Payment Term will be equal to Policy Term
Policy Term Minimum – 10 Years
Maximum – 40 Year
Policy Expiry Age (Maturity Age) You have option to choose from following options with respect to policy expiry term subject to minimum and maximum policy term as stated above at start of policy:- Coverage till age:- 55 Years; 60 Years; 65 Years; 70 Years; 75 Years .
Policy term = opted policy expiry age less Entry Age.
Premium Paying Modes The product allows annual, semi-annual, quarterly and monthly premium paying modes.
Minimum Annual Premium Minimum Annual Premium exclusive of modal extra, extra premium and taxes, cesses and levies as imposed by the government from time to time are as follows (for 25 year old and 10 lakhs sum insured):

Online Channel – ₹1,700/- per annum
Other Offline Channels – ₹1,960/- per annum
Maximum Annual Premium Maximum Annual Premium exclusive of modal extra, extra premium and taxes, cesses and levies as imposed by the government from time to time are as follows (for 65 year old and 50 lakhs sum insured):

Online Channel – ₹1,23,850/- per annum
Other Offline Channels – ₹1,49,750/- per annum
Sum Insured Minimum: ₹10 Lakhs
Maximum: ₹50 Lakhs

Please note that the Sum Insured can be chosen only in intervals of ` 5 Lakhs. You have option to select Sum Insured of ₹10 Lakhs, ₹15 Lakhs, ₹20 Lakhs, 25 Lakhs, ₹30 Lakhs, ₹35 Lakhs, ₹40 Lakhs, ₹45 Lakhs and ₹50 Lakhs.

The product offers an inbuilt-indexation benefit; where in the Sum Insured under the product increases by 10% (simple rate) on each policy anniversary till the time no claim has been admitted in the past; up to a maximum of 150% of the Basic Sum Insured at the start of the Policy.

Maximum Sum Insured under this plan will be ₹75 Lakhs after allowing in-built indexation benefit (subject to no claim during indexation period).

Benefit Description of Max Life Cancer Insurance Plan

Benefit Description
Product Benefit Subject to the waiting period, survival period & exclusions under the plan, the product offers following benefits depending on stage of Cancer:
  • Lump sum benefit
  • Waiver of all future premiums
  • Income Benefit
Events Early Stage Cancer or Carcinoma-inSitu (CiS) Major Stage Cancer
Lump Sum Benefit 20% of Basic or Indexed Sum Insured (whichever is applicable) 100% of Basic or Indexed Sum Insured (whichever is applicable) less prior cumulative lump sum payments on the event(s) of Early Stage Cancer or Carcinoma-in-Situ (CiS).
Waiver of Premium Benefit All the future premiums payable under the policy are waived off and the policy continues. Not applicable
Income Benefit Not applicable 10% of Basic Sum Insured is payable for a period of up to 5 years, payable annually on next five policy anniversaries following or coinciding with the date of diagnosis of major stage cancer. The income benefit will be paid as and when due irrespective of the expiry of the policy term or in case of death of Policyholder. In case of death of Policyholder during income benefit payout period, the benefit will be paid to the Nominee/Legal heir.
Please note that coverage under the policy will continue even after payment of Early Stage Cancer or CiS claim. This means that if diagnosed with Major stage cancer or another Early Stage Cancer or CiS in future, then benefit as mentioned above will be payable.

The insured can claim multiple instances of CiS or Early Stage Cancer claim till the total lump sum payment made on CiS or Early Stage Cancer claims made in the past does not exceed 100% of Indexed Sum Insured.
Waiting Period 180 Days waiting period is applicable from the date of commencement or reinstatement of cover whichever is later. For reinstatement cases, waiting period is only applicable if reinstatement happens post 90 days of date of last unpaid premium i.e. if the policy is revived within 90 days from date of last unpaid premium than no waiting period is applicable.

If Life Insured is diagnosed with CiS or Early stage cancer or Major stage cancer or dies during the waiting period, then no benefit is payable apart from refund of 100% of the premium paid since the date of commencement or reinstatement of policy (as the case may be) excluding all applicable taxes, cesses and levies as imposed by the government from time to time and late fee and/or interest payment paid on reinstatement.
Survival Period Survival time period of 7 days is required from the date of diagnosis of Cancer for the claims to be eligible. A confirmed diagnosis or test leading to histo-pathological diagnosis of cancer must be performed when Life Insured is still alive for the eligibility of claim.
Death Benefit No benefit is payable in the event of death of the Life Insured but if life insured dies within waiting period then 100% of the premium paid since the date of commencement or reinstatement of policy (as the case may be) excluding all applicable taxes, cesses and levies as imposed by the government from time to time is payable.
Maturity Benefit No Maturity Benefit under this plan
Survival Benefit There is no surrender benefit under this plan. The policy can be surrendered on your written request to us from the subsequent premium due date.
Indexation Benefit The product offers an inbuilt-indexation benefit; where in the Sum Insured under the product increases by 10% (simple rate) on each policy anniversary till the time no claim has been admitted in the past; up to a maximum of 150% of the Basic Sum Insured at the start of the Policy. For avoidance of doubt, once a CiS or Early Stage Cancer claim has been made, You would not be entitled to indexation benefits in the future.

Brochure

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Policy wordings

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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2022