Unfortunately, the reality today is that we are susceptible to multiple serious diseases. Among many such diseases, cancer is one life-threatening disease. Cancer can be very debilitating emotionally, physically, and financially. There is a steady increase in cancer diagnoses each year, with 7,000 new cases and 12,000 new deaths projected to add by 2035.
Medical expenses are also increasing, which may lead to financial collapse in some cases. Expected cancer-related costs are not limited. They include costly initial detection and diagnostic procedures. Nowadays, cancer has become one of the fastest-growing diseases in India. Older people and young men and women fall prey to this deadly disease, which is notoriously inexpensive to treat. The condition is quickly becoming an epidemic, and treating it can wreak havoc on savings.
Cancer Insurance Plan can protect your family from the economic damage caused by cancer. It is a non-linked, non-participating comprehensive Cancer Insurance Plan, Max Life, covering various cancer stages. Max Life Cancer Insurance Plan offers unique benefits. It includes:
- Payouts at any stage of cancer diagnosis
- A 10% increase in policy amount for each non-claim year
- Waiver of future premiums for early cancer diagnosis
- Long-term coverage—up to 75 years, attractive tax benefits, etc.
About the Max Life Cancer Insurance Plan
One of the leading causes of financial stress is medical expenses. For severe diseases like cancer, treatment can be long and very expensive. Max Life Cancer Insurance Plan can significantly reduce the impact of such unforeseen events.
Max Life Insurance Cancer plan offers comprehensive coverage for all stages of cancer and promises a wide range of financial benefits. These include income guarantees and tax incentives. This policy is a non-affiliated, nonparticipating Cancer Insurance Plan Max Life Plan.
Max Life Cancer Insurance Plan meets your need for comprehensive protection in your fight against cancer. It provides you with different benefits depending on the stage of the disease. When you face a health crisis like cancer, you do not want to be unprepared to deal with the economic impact. It may be helpful to get an estimate of the coverage you need with your Max Life insurance cancer plan.
In difficult situations, you may need immediate financial assistance. Losing access to quality health care is devastating. Max Life Cancer Insurance Plan provides you with the safeguard for the future of your loved ones.
Overview of Max Life Cancer Insurance Plan
| Factor | Minimum | Maximum |
| Age | 25 Years | 65 Years |
| Age at Maturity | – | 75 Years |
| Policy Tenure | 10 Years | 40 Years |
| Sum Assured | 10 Lacs | 75 Lacs |
| Premium | Rs 1,960 p.a | Rs 1,49,750 p.a |
Benefits of Max Life Cancer Insurance Plan
The practical design of the Max Life Cancer Insurance Plan is to provide the best possible assistance to policyholders. Here’s how purchasing Max Life Cancer Insurance Plan can meet your needs.
1. Product Benefits
Early Stage
- Max Life Cancer Insurance Plan benefits include lump sum payments for people with early disease.
- The lump sum is 20% of the sum insured. If diagnosed 12 months after the end of the contract, the sum insured may be increased.
- Another benefit of the Max Life Cancer Insurance Plan for the early stage is that future premiums are waived when diagnosed.
Major Stage
- If the Insured becomes ill with a more serious medical condition, the Insured is obliged to receive 100% of the insured amount. Essential coverage for up to 5 years. Income benefits are paid on time regardless of the max life insurance cancer plan term or policyholder death.
2. Death Benefit
The leading financial burden will be medical expenses if you are diagnosed with cancer. Max Life’s cancer insurance plan is in place to cover your medical costs. The Max Life Insurance Plan benefits will not apply if the insured dies.
However, if the insured person dies during the waiting period of the Life Insurance cancer Plan, they will bear 100% of the premiums paid. Claims are the sum of premiums paid since the commencement or resumption of the max life insurance cancer plan. This does not include applicable taxes, duties, and charges imposed by governments.
3. Tax Incentives
Among Max Life Insurance Cancer Plan’s many cancer benefits, tax credits are bonuses to policyholders. Reducing the tax burden allows you to build an economic cushion without straining your income.
Max Life Cancer Insurance Plan premiums are a tax levied as per Section 80D of the Income Tax Act of 1961.
4. Indexation Benefit
Another benefit of the max cancer insurance plan is the Indexation Benefit. Cancer Insurance Plan Max Life will increase the insured’s total amount by 10% for each day of coverage if no claim is made during the policy year. Max Life premium increase is based on a simple rate and can be up to 150% of the premium offered at the start of the policy. If the insured makes early-stage cancer or CiS claim, this indexed benefit will no longer apply.
Features of Max Life Cancer Insurance Plan
Max Life Insurance Cancer Plan has features that will help you in times of need. Let’s have a look at the features of Max Life Cancer Insurance.
1. Long-Term Coverage
We cannot predict the future. It’s best to have a max life insurance cancer plan that provides long-term protection from such eventualities. With the Max Life Insurance Plan, you can build up to 75 years of financial security to live freely.
2. Increased Coverage
The extended coverage offered by Max Life Cancer Insurance Plan is not without additional benefits. If the insured gets cancer within the first five years of her, the Cancer Insurance Plan amount will increase by 10%. Therefore, your Insurance Plan coverage will increase by 150% of your original scope.
3. Multiple Early Cancer Insurance
A life Cancer Insurance Plan Max Life company shall ensure that the aggregate amount of past lump sums paid for CiS or early cancer claims does not exceed 100% of the insured’s index amount as long as you can offer multiple policies for CiS or early cancer. After that, you will only get income benefits if the cancer diagnosis is advanced. It is because you will get the total lump sum in case of multiple or early CiS claims.
You will not get reimbursement for the exact CiS or specific early-stage cancer of the same organ.
4. Comprehensive Protection
Serious diseases like cancer can be challenging to diagnose in the early stages. Max Life Cancer Insurance Plans is to cover both early and advanced-stage cancer and provide practical benefits.
5. Waiting Period
Max Life Insurance cancer plan provides a 180 days waiting period from the date of commencement of coverage or the resumption of the policy, whichever is later.
If the max cancer plan reinstates, the waiting period will only apply if the policy reinstates 90 days after paying the first premium. Diagnosing disease stages can prove valuable. Max Life Insurance’s cancer plan provides comprehensive protection for the insured during difficult times.
6. Free Consultation Period
Fifteen days of the free consultation period, starting from the date of purchase of the max cancer insurance plan is permitted to confirm the terms and coverage of the policy. Cancer Insurance Plan Max Life purchased by mail is allowed a 30-day free inspection period.
The insured may apply for cancellation, stating the reason, if they do not agree with the written insurance contract or terms of the Insurance Plan Max Life. After termination of the agreement, the policyholder will get a refund of the premiums paid less the stamp duty paid by the insurer + the proportionate risk premium, + the cost of the insured’s medical examination.
7. Survivor Benefits
There are no survivor benefits for this Plan
8. Policy Expiration
If you pay your premiums after the grace period, your max cancer insurance plan will stay active, and you will not get benefits.
9. Reinstatement of Policy
An expired max life insurance cancer plan may reinstate during a two-year reinstatement period from the date he first failed to pay the premium. The following conditions apply to reanimation:
(i) you must submit a written request for resuscitation to the insurer;
(ii)you will get the remaining premiums, late fees, and applicable interest.
Eligibility For Max Life Cancer Insurance Plan
1. Type of Plan
Max Life Cancer Insurance Plan is a nonparticipating, non-linked insurance plan.
2. Coverage
Max Life Cancer Insurance Plan provides coverage individually.
3. Entry age
The minimum age to apply for Max Life Cancer Insurance Plan is 25 years, while the maximum age to purchase this Plan is 65 years.
4. Maturity age
At the time of plan maturity, the life insured must not be more than 75 years of age.
5. Premium payment term
Max Life Cancer Insurance Plan features a regular premium term for a payment equal to the policy term.
6. Policy term
The minimum duration for which a Max Life Cancer Insurance Plan can be taken is ten years, while the maximum tenure offered is 40 years.
7. Policy expiry age
There are various options offered in terms of the max cancer insurance plan expiry term wherein the Plan provides coverage till the age of –
- 55 years
- 60 years
- 65 years
- 70 years
- 75 years
8. Premium payment mode
Premiums for Max Life Cancer Insurance Plan are payable yearly, half-yearly, quarterly, or monthly; policyholders can switch the premium payment mode during the cancer insurance plan tenure.
9. Minimum premium
For a 25-year-old individual choosing a sum assured of Rs.10 lakh. The premium chargeable is Rs.1,700/year and Rs.1,960/year.
10. Maximum Premium
For a 65-year-old choosing, a sum assured of Rs.50 lakh, the max. premium chargeable would be Rs.1,23,850/year and Rs.1,49,750/year.
11. Sum insured
The minimum sum assured offered under Max Life Cancer Plan is Rs.10 lakh, while the maximum sum assured offered is Rs.50 lakh.
Read more: Top 10 Best Health Insurance Plans In India
Reasons to Buy Max Life Cancer Insurance Plan
Most of us don’t put our lives on hold or make plans for a severe illness because it seems unlikely we’ll suffer from it. As painful as it is, we must recognize that we are all vulnerable.
1. Rise in Cancer Patients
Max Life Cancer Insurance Plan is becoming even more relevant as the number of people living with cancer is overgrowing. About 2.2 million people in India suffer from the disease, according to an ICMR study. Investing in Max Life Cancer makes sense for everyone, not just some.
2. Financial Security
Our lifestyle and increased exposure to life-threatening environmental elements contribute to cancer risk. In such scenarios, economic security takes precedence over disease protection. Max Life Cancer Insurance provides peace of mind for you and your loved ones.
3. Peace of Mind
One of the most valuable benefits of Max Life Cancer Insurance is the security that comes with it. If you can prepare yourself for stressful times, you will live a happier and more relaxed life.
Stages of Cancer Covered
1. Precancerous stage
At this stage, cell growth is abnormal. Medical professionals do not classify it as cancer. However, doctors may recommend surgery because CIS(Carcinoma in Situ) tends to progress to full-blown cancer.
2. Early Cancer
This stage includes cancerous tissue or tumor growth that has not spread to other body parts but has spread deep into surrounding areas.
3. Major stages
It is III and IV, where the malignant tissue becomes metastasized. The tissues spread to other organs and lymph nodes at this stage.
How can I claim the Max Life Cancer Insurance Plan?
Suppose you claim benefits under the policy. In that case, you must notify Max Life in writing as soon as possible, preferably within 90 days of the diagnosed early-stage cancer (CiS) or major-stage cancer. Suppose a person seeking benefits under the insurance proves that a circumstance caused the delay out of his control. In that case, the firm may, in its sole discretion, excuse the delay in notifying a claim, subject to the criteria in place at the time.
Giving written information to the insurance via your may intimidate a claim.
- Agent Advisor for You
- Office of Max Life Insurance in your neighborhood
- Please send an email to claims.support@maxlifeinsurance.com
‘Or’
By sending a written message to:
- Claims Department,
- Max Life Insurance Operations Center,
- Max Life Insurance Company Operations center, 90A, Sector 18, Udyog Vihar, Gurgaon, India 122015
Exclusions of Max Life Cancer Insurance Plan
As with all insurance products, Insurance Plan Max Life companies set certain conditions under which the policy’s benefits do not apply.
1. Benefits are not payable under the policy for all stages of covered cancer or if the Max Life policyholder dies within six months from the start of the policy. If the company makes such claims to the insurer, it will refund all premiums, including the max cancer insurance plan commencement date, plus late fees and interest.
2. If an insured person dies within seven days of her initial diagnosis, no benefit will be payable, whether with carcinoma in situ or with advanced cancer. Insurers will only consider claims if the insured was alive at the time of diagnosis.
3. Also, the insured person will not pay benefits under the policy if the cancer diagnosis arises from any of the following: or treatment within 48 months from the start of the contract period.
- Pre-existing conditions not related to cancer cannot be ruled out.
- Exposure to alcohol, contraband, or drugs not prescribed by a doctor or health care practitioner.
- Sexually Transmitted Diseases (STDs), Human Immunodeficiency Virus (HIV), and Acquired Immune Deficiency Syndrome.
- Nuclear, chemical, or biological contamination.
Required Documents to Purchase Max Life Cancer Insurance Plan
The following papers are needed to acquire this plan:
- Form for Application/Proposal
- KYC: Proof of Identity and Address
- Medical examination and report, if necessary
- Form for Bank Mandate – SI/SIP
Required Documents for Max Life Cancer Insurance Plan Claims
The typical list of records needed for submission includes the following:
- Statement from the claimant in the format required.
- Original Policy document
- Statement of the Attending Medical Professional
- Copies of every recent hospitalization and treatment record
- A statement from a doctor attesting to the presence of the specified early-stage cancer, carcinoma in situ (CiS), or major-stage cancer.
- Proof of the claimant’s identity.
Conclusion
Max Life Insurance Cancer Plan is one of the best insurance companies. Their cancer insurance plan is one of the best in the market. It is essential to buy a cancer insurance plan for our loved ones. A max cancer insurance plan can protect your family from the economic damage caused by cancer.
This Plan offers comprehensive coverage for all stages of cancer and promises a wide range of financial benefits. We do not live our lives thinking the worst is about to happen. Imagining that you or your near one suffers from a severe illness is an uncomfortable thought. But it would help if you remember that this is precisely why you need the Max Life Cancer Insurance Plan.
Max Life Cancer Insurance Plan – FAQs
What are the revival benefits of the max cancer insurance plan?
Ans. It’s important to revive the policy within the revival period by meeting several conditions and clearing the payment of all the overdue.
Is the Plan eligible for tax benefits?
Ans. The Max Life Cancer Insurance Plan is eligible for tax benefits as follows. 80D of the Income Tax Act.
Is any Rider Available with this Plan?
Ans. No, the Max Life Cancer Insurance has no rider’s benefits available.
Does the max cancer insurance plan provide maturity benefits?
Ans. No, the max cancer insurance plan does not provide any maturity benefits.
