Compare Max Life Cancer Insurance Plan

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Max Life Cancer Insurance Plan

Max Life Cancer Insurance Plan is a health insurance plan which helps in facing the huge treatment costs involved with cancer. The plan covers both early stage cancers as well as major stage cancers and benefits are paid in both instances.

Key features of the plan

  • This is a health insurance plan covering cancers at all stages. 
  • A lump sum benefit is paid if the life insured is diagnosed with either a minor stage cancer or a major stage one.
  • For minor stage cancer diagnosis, besides paying the lump sum benefit, premiums are also waived for the remaining policy tenure.
  • For major stage cancer, after the lump sum benefit is paid, the plan also pays a percentage of Sum Insured every year as Income Benefit for 5 years.
  • The Sum Insured increases by 10% every year when a claim is not paid up to a maximum of 150%.

How does the plan work?

Step 1 – the policyholder chooses the Sum Insured, plan term, premium paying term and the premium paying frequency.

Step 2 – in case minor stage cancer or Carcinoma-in-Situ is diagnosed, 20% of the Sum Insured is paid immediately and premiums for entire plan tenure are waived off. The policyholder can claim a maximum of 5 claims or till the Sum Insured is exhausted for early stage cancers.

Step 3- in case of diagnosis of a major stage cancer, the entire applicable Sum Insured is paid. Thereafter, 10% of the chosen Sum Insured is paid every year for 5 years and then the plan terminates.

Step 4 – in case the first diagnosis is a minor stage cancer and then a major stage is diagnosed, 20% of the Sum Insured is paid for the minor stage diagnosis. Future premiums are waived off and later when a major stage is diagnosed, the remaining 80% of the applicable Sum Insured is paid.

Step 5 – in case of death of the life insured or maturity, no benefit is paid.  

Example

Anant, a 35 year old non-smoking male, buys Cancer Insurance Plan for a coverage amount of Rs.20 lakhs. The term is 20 years and premiums are paid annually.

Option 1 – Anant is diagnosed with a minor stage cancer in the 7th year of the plan. He gets 20% of the applicable Sum Insured. The applicable Sum Insured would be calculated by taking into account the increase in Sum Insured for the previous 6 years. The Sum Insured has increased by 10% for each claim-free year to Rs.30 lakhs. Thus, the benefit payable is Rs.6 lakhs. Future premiums would then be waived off.

Option 2 – Anant is diagnosed with a major stage cancer in the 7th year of the plan. In this case, he is paid the entire Sum Insured of Rs.30 lakhs (after increase) and the plan is terminated.

Option 3 – Anant is first diagnosed with minor stage cancer of the lung in the 7th policy year. He is paid Rs.6 lakhs immediately. His future premiums are waived off. Later, in the 10th policy year, Anant is diagnosed with a major stage cancer. In this case, the remaining Rs.24 lakhs of the Sum Insured is paid. Moreover, 10% of the basic Sum Insured (Rs.20 lakhs) is paid every year for 5 years. Thus, Anant gets Rs.2 lakhs every year for 5 years after suffering from a major stage cancer.  

Option 4 – if Anant survives the plan tenure without facing cancer, no benefit is paid. If, however, he dies during the waiting period, 100% of the premiums paid are refunded.

Plan benefits

  • Cancer benefit – if the life insured suffers from cancer, the plan benefit is paid. In case of minor stage cancer, the benefit is 20% of the Sum Insured. After the minor stage cancer benefit is paid, premiums for the entire tenure are waived off. In case the life insured suffers from a major stage cancer, 100% of the Sum Insured is paid. Thereafter an income benefit of 10% of the Sum Insured is paid for five years and then the plan is terminated. If the life insured first suffers from minor stage cancer, 20% of the Sum Insured is paid and premiums are waived off. If, later, the insured is diagnosed with a major stage cancer, the remaining Sum Insured is paid. Then the income benefit of 10% of the basic Sum Insured is paid for 5 years and the plan is terminated. The Sum Insured would be higher of the basic Sum Insured or the Indexed Sum Insured which is the basic Sum Insured increased by 10% for every successive claim-free years. 
  • Maturity Benefit – when the chosen tenure expires and the plan matures, no benefit is paid if the life insured does not suffer from cancer.
  • Death benefit – there is no death benefit under the plan if the life insured dies during the plan term. If, however, the life insured dies during the initial waiting period of 180 days, the premiums paid are refunded back.

Eligibility Criteria

  Minimum Maximum
Age at entry (in completed years) 25 years 65 years
Age at maturity (in completed years) NA 75 years
Term of the plan Opted policy expiry age – entry age, where, policy expiry age can be 55, 60,65,70,75 years
Premium paying options Regular pay  
Premium Paying term Equal to the plan tenure
Sum Insured Minors - Rs.10 lakhs Rs.50 lakhs

What is not covered by the plan?

Illnesses occurring within the first 180 days of the policy are not covered.

After diagnosis of any stage of cancer, the life insured should survive for 7 days to claim the benefits.

For minor or major stage cancers, cancers resulting from HIV/AIDS, congenital conditions, pre-existing ailments, alcohol or drug abuse and nuclear, biological and chemical contamination are excluded.

Premium Illustration
Below are the sample rates of premium payable by a non-smoking male for different combinations of age, Sum Insured and plan term. Premiums are payable annually.

Max-Life-Cancer-Insurance-Plan

FAQs

  • Is waiver of premium applicable in case of major stage cancers?
  • No waiver of premium is only applicable for minor stage cancers or Carcinoma-in-Situ.

  • What is the minimum annual premium?
  • The minimum annual premium is Rs.1960

  • What is the minimum and maximum policy term?
  • Though the policy term depends on the available policy expiry ages, the minimum and maximum policy terms are 10 years and 40 years respectively.

  • Is the waiting period of 180 days applicable for revived policies too?
  • The 180 day waiting period would apply if the policy is reinstated after 90 days from the date of the lapse.

  • Can a claim for early stage cancer be made twice for the same organ?
  • No, multiple early stage cancer claims are not allowed for the same organ. They are, however, allowed for different organs of the body.

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