MAX Life Critical Illness Cover Plan

What is the Plan all About?

The critical illness cover of max life defines the security against any type of critical illness and diseases or any health-related which later becomes life-threatening and can lead to death. So critical illness cover protects the insurer from 40 major critical illnesses in the end which needs to be monitored.

In detailed form, critical illness cover includes diseases like kidney failure, heart attack (myocardial infarction), cancer, stroke, paralysis, and sclerosis are some major dangerous diseases which later complicate families’ financial stability.

Max life critical illness cover undertakes all the responsibility towards their costumers and fulfills all their basic needs.

What are the Key Features?

Get diagnosed within the first 90 days of buying the cover.
Minimum age to purchase the critical illness cover is 18 years, and the maximum is 65 years to purchase the cover
Both males and females can opt for critical illness cover.
Comprehensive financial protection to help you meet your household expenses.
Tax deduction with premium payment under section 80C/D

What are the Plan Benefits?

Accelerated Critical Illness Benefits

In max life critical illness benefits, the accelerated benefits are payable only at a time of diagnosis of any of the specified covered 40 critical illness throughout the time of running policy term.

After the payment of the claim, this feature will come to a halt, and the base policy will continue with a decreased premium that is premium for the base plan. The benefits are payable on the first event of any of the covered 40 critical illnesses, the claim would be covered only during the time of the base policy.

In max life critical illness, the CI is accelerated and not an additional benefit that means the companies policy will continue with the death benefits decreased by the extend of critical illness benefit paid.

There would be a premium payment on the account of critical illness benefits and more premium payable for future critical illnesses under the policy for death benefits, which also will reduce proportionately by the extent of premium payable towards critical illness benefits.

The base policy will continue with a diminished sum assured and premium.

Waiting period - The waiting period of max life critical illness is described as the period of 90 days later than the date of commencement of risk or date of restoration, whichever is later, wherein no benefits shall be paid if the critical illness is diagnosed

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)	18 Years	60 Years – Regular Pay 50 Years – Pay Till 60 Option
Age at Maturity	-	75 Years
Policy Tenure	10 Years	40 Years
Premium Paying Term	Same As Base Policy Or Pay Till 60 Years	-
Premium Paying Mode	Annually, Half Yearly, Quarterly & Monthly (as Chosen Under The Base Policy)	-
Sum Assured	Rs 5 Lakh	Up To 50% Of Sum Assured Or Rs. 50 Lac, Whichever Is Lower (In The Interval Of 5 Lakhs)
Maturity Proceeds	Nil	-

Is any Rider Available with This Plan?

Critical Illness Rider

In max life, critical illness rider, additional payouts or lump-sum payments are provided as a rider over and beyond the sum assured if the insurer is detected and diagnosed with any specified critical illness.

The payouts obtained helps the family or nominee to stay financially secure and independent with pre and post-treatment.

Utmost critical illnesses such as stroke, heart attack, kidney failure, major organ transplants, types of cancers, etc.

Riders offered by max life insurance give cover-up against 40 utmost critical ailments and pays off a lump-sum if the insurer is diagnosed with any specific critical illness configured by the rider.

Is the Rider, Eligible for Tax Benefits?

In max life critical illness cover, an insurer will get benefits by paying a premium amount to avail tax deduction under section 80D of the income tax act in 1961.

How the Plan Works?

Let’s understand the plan work with an example: -

Scenario 1 – Rahul who is a 30-year-old decides to invest in smart term plan for himself and his family, he opted for a 50 lakh for a 30-year policy term along purchasing critical illness coverage of 25 lakhs, also opted waiver of premium in case of critical illness or disability.

So by paying all his premium, he survived the policy term, then the increasing accelerated critical illness would continue to rise by 5% per annum of the sum assured chosen by Rahul.

The maximum increase in ACI sum assured as follows

Rs 50 lakh or 50% of the sum assured and 200% of the ACI chosen at the time of the policy.

Also, he will get the annualized premium as the base policy. At the time of maturity, both the term plan and ACI benefit will be ceased.

Scenario 2 – Rahul is diagnosed with cancer stage- 1 after 5 years of buying the policy.

After getting diagnosed with cancer, Rahul received a fragmentary amount as a critical illness benefit for the cover-up of all the treatment expenses. The death benefits will diminish proportionately under the term insurance plan. The payout equal to critical illness benefits paid out to Rahul.

However, Rahul has both the critical illness and the term life cover to maintain the continuity of protection against any major critical ailment. Also, he does not have to pay any premium further, as he has already opted for the waiver of premium (supposing he had not bought the waiver of premium, then Rahul has to continue paying the future premium, for the critical illness renewal).

Scenario 3 – In this scenario, Rahul evolves the renal complication because of his cancer treatment of 2 years.

In such cases, Rahul will receive the remaining payout of the accelerated critical ailment sum assured advantages for getting diagnosed on renal failure, after which the accelerated critical illness will come to a halt. (however, the term plan will continue to bestow financial security to Rahul’s family or nominee, in case of this unfortunate demise).