Cancer Insurance Plan

Overview

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 our 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.

 

Benefits

  • Coverage against all stages of cancer: This plan covers all stages of Cancer. If detected at an early stage or pre Cancer stage (Carcinoma-in-Situ), 20% of the initial cover amount is paid upfront and all future premiums are waived off. Remaining amount is payable if Cancer develops into a major stage. If detected at a major stage, full cover amount is paid with additional 10% as income for next 5 years
  • Dual benefit of lumpsum payout + income, if major stage diagnosed: 10% of the initial sum assured is payable annually for 5 years if diagnosed with major stage Cancer
  • Sum Insured increases by 10% for first five claim free years at no extra cost: Cover increases by 10% simple rate for first five years, enhancing your total cover to 150% of the original cover without any extra cost
  • All future premiums waived off if Cancer detected at an early stage: If detected at an early stage or a pre cancer stage (Carcinoma-in-Situ). 20% of the initial cover amount is paid upfront and all future premiums are waived off
  • Long term coverage: Coverage up to age 75 years
  • Tax benefit: Get tax benefit on the premiums paid under Section 80D of the Income Tax Act, 1961

Illustration

How this plan works?

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 Lakhs. Let’s see what benefit Mr. Bajaj gets in various scenarios :-

Annualised Premium paid by Mr. Bajaj (excluding all applicable taxes, cesses and levies as imposed by the Government):-

Anant is a 30-year old marketing analyst. He purchases the Max Life Smart Term Plan Life Cover Variant. The policy details are as follows:

  1. In case bought through Online Sales - Rs. 10,800/-
  2. In case bought through Other Channels – Rs. 10,890/-
Max-Life-Cancer-Insurance-Plan-Example-1
 
Max-Life-Cancer-Insurance-Plan-Situation-2
 
Max-Life-Cancer-Insurance-Plan-Situation-3

Check your eligibility:

Age at Entry (age as on last birthday)

Minimum - 25 years

Maximum - 65 years

Maximum Maturity Age: 75 years

  1. This plan is to be offered to Resident Indian Nationals only
  2. NRIs, PIOs, OCIs or foreign nationals of Indian Origin are not eligible for this plan

Premium payment options:

THE PRODUCT ALLOWS ANNUAL, SEMI-ANNUAL, QUARTERLY AND MONTHLY PREMIUM PAYING MODES. THE MODAL FACTORS ARE AS FOLLOWS:

Modal Factors

Premium Mode

Factor

Annual

1.000

Semi-annual

0.520

Quarterly

0.265

Monthly

0.090

PREMIUM PAYMENT MODE & MODAL FACTORS

THE PREMIUM PAYMENT MODE CAN BE CHANGED DURING THE POLICY TERM. ANY CHANGE IN PREMIUM PAYMENT MODE WILL BE EFFECTIVE FROM OR COINCIDING THE NEXT POLICY ANNIVERSARY.

Annualised Premium

Minimum - Rs. 1,960/- per annum 
Maximum - Rs. 1,49,750/- per annum

Policy Term

Minimum – 10 Years
Maximum – 40 Years

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.

Sum Insured

Minimum: Rs. 10 Lakhs Maximum: Rs. 50 Lakhs 
Please note that the Sum Insured can be chosen only in intervals of Rs. 5 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 Rs. 75 Lakhs after allowing in-built indexation benefit (subject to no claim during indexation period).

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 along with any other cess and late fee and / or interest payment paid on reinstatement.