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Features & Benefits of Max Life Cancer Insurance Plan

Know more about Max Life cancer insurance plan.

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The unfortunate reality of today is that we are prone to several critical illnesses. Among them, cancer is a life-threatening disease that can be tremendously draining, emotionally, and physically and financially. With Max Life Cancer Insurance Plan (UIN: 104N093V03; Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Plan), you can plan for such medical emergencies in advance. 

What is Max Life Cancer Insurance Plan? 

One of the main causes of financial burden in life is healthcare costs. When it comes to severe diseases like cancer, medical treatment can be prolonged and extremely expensive. The impact of such unforeseeable conditions can be significantly reduced with the Max Life cancer insurance policy.  

The need for comprehensive protection when battling cancer can be adequately fulfilled with the Max Life cancer insurance policy. It provides policyholders with a range of benefits depending on the stage of the disease. In the face of a health crisis like this, you do not want to be ill-equipped to handle the financial consequences. It might help get a quote for the coverage you will require under Max Life cancer insurance plan.

We do not go through our lives thinking that the worst will happen the next moment. It is an unpleasant thought to imagine yourself or your loved ones suffering from a critical disease. But, you must remember that it is precisely why you need the Max Life cancer insurance plan.

Under challenging circumstances, you might need immediate financial assistance. It can be immensely distressing to lose quality healthcare from the lack of it. With the Max Life cancer insurance plan, you can safeguard the future of your loved ones effectively. 

Benefits of Max Life Cancer Insurance Plan 

Max Life cancer insurance benefits are designed to offer optimum help to the policyholder. Here is how purchasing the Max Life cancer insurance plan will cater to diverse needs:

1. Product Benefit 

Max Life cancer insurance plan can help to deal with the stages of cancer in different ways.

Early Stage of the Disease 

o Max Life cancer insurance benefits include a lump sum payment for an individual in the early stage of the disease.

o The lump-sum amount is 20%  of the sum insured, and in case the diagnosis takes place 12 months of the policy, the sum insured may increase.

o For the early stages, another Max Life cancer insurance benefit is that it waives off the future payable premiums upon diagnosis.

Major Stage of the Disease

o In case the insured suffers with a more severe stage of the disease, they are liable to receive 100% of the sum insured

Early Stage of the Disease 

o Max Life cancer insurance benefits include a lump sum payment for an individual in the early stage of the disease.

o The lump-sum amount is 20%  of the sum insured, and in case the diagnosis takes place 12 months of the policy, the sum insured may increase.

o For the early stages, another Max Life cancer insurance benefit is that it waives off the future payable premiums upon diagnosis.

Major Stage of the Disease

o In case the insured suffers with a more severe stage of the disease, they are liable to receive 100% of the sum insured

 

o As part of the income benefit, Max Life cancer insurance policy offers 10% of the basic sum insured for a period of upto 5 years. The income benefit is payable irrespective of the policy term or the policyholder’s demise as and when it is due

2. Death Benefit 

When an individual has cancer, the medical treatment expenses are the leading cause of financial strain. Max Life cancer insurance plan is in place to cover the healthcare expenses during the period. Max Life cancer insurance benefits do not apply in the event of the insured’s demise.

However, in case the insured passes away within the waiting period of the Max Life cancer insurance plan, then they are liable to receive 100% of the premiums paid. The receivable amount is total premiums paid since the commencement or reinstatement of the policy. It excludes the applicable taxes, cesses, and levies as imposed by the government. 

3. Tax Benefit

Among the many Max Life cancer insurance benefits, tax deductions act as a bonus for the policyholders. The reduction in their tax liability gives them a chance to create a financial cushion without burdening their income. 

The premiums payable towards Max Life cancer insurance policy are deductible from taxation under Section 80 D of the Income Tax Act, 1961. 

3. Tax Benefit

Among the many Max Life cancer insurance benefits, tax deductions act as a bonus for the policyholders. The reduction in their tax liability gives them a chance to create a financial cushion without burdening their income. 

The premiums payable towards Max Life cancer insurance policy are deductible from taxation under Section 80 D of the Income Tax Act, 1961. 

 

Features of Max Life Cancer Insurance Plan

There are specific Max Life cancer insurance features that can provide relevant assistance when the time comes. Let’s look closely to determine the functions of Max Life cancer insurance plan.

1. Long-Term Coverage 

We cannot predict what is there in the future for any of us. A policy that provides coverage for an extended period against such unpredictable circumstances is most favorable. Max Life Cancer Insurance Plan enables you to set up a financial shield for upto 75 years so that you live freely.

2. Increased Sum Insured 

The long coverage period of Max Life cancer insurance policy does not go without additional advantages. If the insured is detected with cancer during the first five years, the sum insured increases by 10% simple rate. Hence, enhancing the coverage provided under Max Life cancer insurance plan by 150% of the original cover amount.

3. Covering Multiple instances of Early Stage Cancer 

Life Insured can claim multiple instances of CiS or Early Stage Cancer till the total lump sum payment made on CiS or Early Stage Cancer claims in the past does not exceed 100% of Indexed Sum Insured. Thereafter, only Income benefit will be payable on diagnosis of major stage cancer as the entire lump sum benefit (100% of Indexed Sum Insured) has already been paid out on multiple incidence of CiS claim or early stage cancer.

No claim will be paid again for the same CiS, or specified early stage cancer for the same organ.

4. Comprehensive Protection

The thing with critical illnesses like cancer is that it may be difficult to diagnose them at an early stage. Max Life cancer insurance plan is explicitly designed to cover both the initial and major cancer stages with practical benefits.

The facility of the dual advantage of the lump-sum amount and income benefit if the insured is diagnosed in the later stages of the disease can turn out to be valuable. Max Life Cancer insurance plan comes with comprehensive protection for the insured in times of difficulty.

Reasons to Buy Max Life Cancer Insurance Plan

Most of us do not take a pause in life and plan for critical illnesses because it seems unlikely that we will suffer from it. Understandably, the thought of dealing with cancer can be painful, but it is essential to acknowledge that we are all susceptible to it. 

Here are a few reasons that make Max Life cancer insurance plan a sensible purchase.

Reasons to Buy Max Life Cancer Insurance Plan

Most of us do not take a pause in life and plan for critical illnesses because it seems unlikely that we will suffer from it. Understandably, the thought of dealing with cancer can be painful, but it is essential to acknowledge that we are all susceptible to it. 

Here are a few reasons that make Max Life cancer insurance plan a sensible purchase.

 

· Increasing Number of Cancer Patients 

Max life Cancer Insurance plan has become even more relevant, considering the rapidly growing number of people with cancer. As per ICMR research, there are around 2.2 million people in India living with the disease. Investing in Max Life cancer insurance policy is not just useful for a selected group of people but for all.

· Financial Security 

Our lifestyle and increased exposure to life-threatening elements in the environment contributes to the risk of developing cancer. In a scenario like this, financial security takes priority for protection against the disease. Max Life cancer insurance plan offers that security to you and your loved ones.

· Peace of Mind

One of the most valuable Max Life cancer insurance benefits is the assurance of safety that comes with it. You can lead a happier and relaxed life if you have coverage for possible distressing times in the future. 

How Does Max Life Cancer Insurance Plan Work? 

Let’s take Mr. Agarwal's example, who plans to purchase the Max Life Cancer Insurance plan to understand better.

He is 30 years old and wants to have coverage against the Cancer disease till the age of 65. Considering his age at the time of purchase and required policy term, Max Life cancer insurance plan offers the base sum insured of Rs. 50 lakhs.

He will be liable to pay an annual premium of Rs.  11,250 under the plan.  The premium amount will vary if he change the frequency of the payment.

Additionally, there are post-purchase benefits, like the free-look period of 30 days. In this period, the policyholder can return the Max Life cancer insurance plan and get their money back.

Premium Payment Options 

Max Life Cancer Insurance plan allows policyholders to pay premiums annually, semi-annually, quarterly, or monthly. You can change the premium payment mode during the policy term.

The premium rates of Max Life cancer insurance plan are determined depending on the policy terms and other factors. Here are a few details on them:

Maturity Age Till

Premium Payment Terms

Monthly

Quarterly

Half Yearly

Annually

55

 688

 2,027

 3,978

 7,650

60

 832

 2,451

 4,810

 9,250

65

 1,012

 2,981

 5,850

 11,250

70

 1,210

 3,564

 6,994

 13,450

*The premium amount mentioned above is for a 30 year old man with coverage of 50Lacs S.A.  till 55/60/65/70 years of age.

Frequently Asked Questions (FAQs)

Q. Do I Need Max Life Cancer Insurance Plan Despite Having Health Insurance? 

A. The costs of treating a critical illness like cancer can be enormous. Health insurance may not be enough to cover the expenses and medical costs otherwise, too.

Max Life Cancer insurance plan is solely dedicated to cover healthcare costs for cancer and is structured accordingly.

Q. What Is The Process Of Claiming The Settlement For Max Life Cancer Insurance Plan? 

A. The claims process for Max Life Cancer Insurance policy is relatively convenient. It does not require the policyholder to submit a medical bill. An authorized medical practitioner’s diagnosis report of the disease is enough for the insurer to provide coverage.

Q. What Happens Upon Diagnosis With Early Stage Cancer At First And A Major Stage Later In The Policy Term?

A. If the insured individual is diagnosed with early-stage cancer, 20% of the initial cover amount is paid upfront. Furthermore, the insurer waives off future payable premiums. In case cancer progresses to a major stage later, the remaining amount is payable to the insured.

Q. What Is The Waiting Period Of The Max Life Cancer Insurance Plan?

A. A waiting period of 180 days applies to the Max Life Cancer Insurance plan upon commencement or reinstatement of the policy. If the renewal takes place within 90 days of the last unpaid premium, the waiting period is not applicable.

Q. What Is The Minimum Age To Purchase Max Life Cancer Insurance Plan?

A. The minimum age of entry for the Max Life Cancer Insurance plan is 25 years (as on last birthday). 

ARN No: Oct21/Bg/07C

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