Max Life Cancer Insurance Plan

Policy Benefits

Lump sum Benefit

• Diagnosis in pre-cancer stage, lump sum benefit of 20% of the indexed sum insured is payable.
• In early stage, lump sum benefit of 25% of the indexed sum insured is payable.
• In the last stage, lump sum benefit of 100% of indexed Sum Insured, less pre cancer/Early Stage claim paid.

(Note: There is a waiting period of 180 days and a survival period of 7 days from the date of diagnosis is required to get the claims.)

Waiver of Premium Benefit

Waiver of all future premiums in case insured being diagnosed at pre cancer or early stages of cancer.

Income Benefit

10% of Basic Sum Insured is payable for a tenure up to 5 years. 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.The benefit is applicable when the insured is diagnosed at a major stage of cancer.

Death Benefit

No benefit is payable in case of death of the life insured, but if death occurs within the waiting period, 100% of the premiums paid is payable.

Maturity Benefit

There is no maturity benefit payable under this plan.

Revival Benefit

The policy shall be revived within the Revival Period only on fulfillment of the specific conditions and on payment of all the overdue Regular Premiums.

Surrender Value

No surrender value can be acquired in this policy. Although, the policy can be surrendered upon written request.

How does this Plan work?

Let us understand the plan with the example of Mr. Bajaj.

Life Insured: Mr. Bajaj

Age: 35 years

Plan: Max Life Cancer Insurance Plan

Term: till age 70

Sum Insured: Rs 30 lakh

Annual Premium: Rs 10.890

Value Added Benefits

• Avail tax benefits u/s 80D as per IT Act, 1961 for premium paid for this plan.
• Quick Claim Settlement.
• Sum Insured increases at 10% for every claim free year up to the maximum of 150% Of the base Sum Insured.

Sub Limits

• No Co pay/cost sharing is applicable.

Waiting Period Clause

• Initial Waiting Period: No claim is admissible within a period of 90 days beginning on the Commencement Date or the Date of Reinstatement of the Policy.
• Survival Period Waiting Period:Survival time period of 7 days is required from the date of diagnosis of Cancer for the claims to be eligible.