Max Life Cancer Insurance plan is a non-linked, non-participating plan specially designed to provide financial protection against cancer. The plan gives the policyholder a lump sum amount to cover expenses for all the stages of cancer. This plan covers the top 20 most common cancers incidence in India.

Features and Benefits

The Max Life Cancer Insurance plan offers the following benefits:

A) The plan offers a comprehensive cancer insurance plan covering all stages of cancer with the following benefits:

• Diagnosis of Carcinoma in Situ (CiS) –  20% of indexed sum insured + Waiver of all future premiums till the end of the policy term
• Diagnosis of Early-stage Cancer – 20% of indexed sum insured + Waiver of all future premiums till the end of the policy term
• Diagnosis of Major Stage Cancer – 100% of indexed sum insured less CiS/Early stage cancer claim paid + income benefit equals to 10% of basic sum insured is payable for a period of up to 5 years from next policy anniversary. 

B) The plan offers an inbuilt-indexation benefit; wherein the sum insured under the product increases by10% (rate of interest) on each policy anniversary till the time no claim has been admitted; up to a maximum of 150% of the basic sum insured at the start of the policy.

C) Tax benefits apply to the premiums paid and benefits received by you as per the prevailing tax laws.

Other Benefits

Death Benefit

No benefit is payable in the event of the unfortunate death of the policyholder. But if the policyholder dies within the waiting period then 100% of the premium paid since the date of commencement or reinstatement of the policy will be paid to the family/beneficiary.

Indexation Benefit

The plan offers an inbuilt-indexation benefit; wherein the sum insured under the product increases by 10% (rate of interest) 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.

Note that once CiS or Early Stage Cancer claim has been made, you would not be entitled to indexation benefits in the future. 

Product Benefit

The plan offers the following benefits depending on the stage of cancer:

Lump Sum Benefits:

• Early Stage Cancer or Carcinoma in Situ (CiS) - 20% of basic or indexed sum insured (whichever is applicable)
• 20% of basic or indexed sum insured (whichever is applicable) - 100% of basic or indexed sum insured (whichever is applicable) less prior cumulative lump sum payments on the event(s) of early-stage cancer or Carcinoma in Situ (CiS).

Waiver of Premium Benefit

• Early Stage Cancer or Carcinoma in Situ (CiS) - All the future premiums payable under the policy are waived off and the policy continues.
• Major Stage Cancer - Not Applicable.

Income Benefit

• Early Stage Cancer or Carcinoma in Situ (CiS) - Not Applicable.
• Major Stage Cancer - 10% of the basic sum insured will be paid annually for a period of 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 the untimely death of the policyholder. In case of the death of the policyholder during the income benefit pay-out period, the benefit will be paid to the beneficiary.

Note that the plan does not provide any maturity benefit, survival benefit, and surrender benefit.

Eligibility

The eligibility criteria to purchase this plan is 25 to 65 years. Note that the maximum age of maturity is 75 years.