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Max Life Cancer Insurance Plan

What is the Plan all About?

Day-to-day hectic lifestyle makes us prone to several critical illnesses such as cancer. Treatment of cancer is quite expensive and a common people cannot afford its treatment. Max Life Cancer Insurance Plan ensures that your family is financially protected against cancer. Max Life Cancer Insurance is a non-linked & non-participating plan providing cover against all stages of cancer. This plan provides coverage for top 20 cancer incidence in India.

What are the Key Features?

Comprehensive Cancer Plan covering for all stages of cancer

Income Benefit & Lumpsum Payout for Cancer Major Stage

Waiver of Premium if diagnosed with early stage cancer

In-built Indexation of Sum Insured

Flexible policy tenure & sum insured options

What are the Plan Benefits?

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.

Benefit on Diagnosis of Cancer

  • 1. Lump Sum Benefit: 20% of basic/indexed sum insured is payable, in case of diagnosis of Carcinoma-in-Situ (Pre cancer) or Early Stage Cancer. 100% of basic/indexed sum insured is payable less cumulative payments on the diagnosis of Carcinoma-in-Situ (Pre cancer) or Early Stage Cancer.
  • 2. Waiver of Premium Benefit: All the future premiums are waived off and the policy continues. This benefit is applicable for Carcinoma-in-Situ (Pre cancer) or Early Stage Cancer.
  • 3. Income Benefit: 10% of the basic sum insured as income is payable annually for 5 years. This benefit is paid irrespective to death or expiry of policy term.

Indexation Benefit

It’s an in-built indexation benefit that offers 10% (simple rate of interest) increase in sum insured for each policy year to a maximum of 150% of the basic sum insured, provided no claim has been admitted.

Maturity Benefit

This policy does not offer any maturity benefits.

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.

(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.)

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 25 Years 65 Years
Age at Maturity - 75 Years
Policy Tenure 10 Years 40 Years
Premium Paying Term Same as policy term Years -
Premium Paying Mode Monthly, Quarterly, Semi Annually & Annually -
Sum Assured 10 Lacs 75 Lacs (subject to underwriting)
Premium Rs 1,960 p.a Rs 1,49,750 p.a
Freelook Period 15 Days/ 30 Days (for distance marketing channel) from the receipt of the policy -
Grace Period 30 Days (15 Days for monthly mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

There are no riders benefits available with this plan.

Premium Illustration

There are no riders benefits available with this plan.

Is the Plan, eligible for Tax Benefit?

Max Life Cancer Insurance Plan is eligible for Tax benefits as stated:

  • Premiums paid towards this plan qualify for tax benefits under section 80C/80CCC of the Income Tax Act, 1961.
  • Premiums paid towards medical cover are entitled for tax benefits under section 80D of the Income Tax Act.

(Subject to the provisions stated therein.)

How the Plan Works?

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

Mr. Bajaj, aged 35 years, buys Max Life Cancer Insurance plan. The coverage option chosen was cover till age of 70 years with Base Sum Insured of Rs. 30 Lacs.

Let’s see what benefit Mr. Bajaj gets in various scenarios:-Annual Premium paid by Mr. Bajaj (excluding service taxes):

  • A. In case bought through Online Sales - Rs. 10,800/-
  • B. In case bought through Other Channels – Rs. 10,890/-

Scenario 1: Mr. Bajaj survives through the Policy Term without being diagnosed with cancer

Scenario 2: Mr. Bajaj was diagnosed with Early stage cancer in 8th Policy year. He survived the rest of policy term without being diagnosed with any Major stage cancer or Early stage cancer/CiS

Scenario 3: Mr. Bajaj was diagnosed with Major stage cancer in 5th Policy year.

Scenario 4: Mr. Bajaj was diagnosed with CiS in 5th Policy year and Major stage cancer in 9th Policy year.