Cancer Insurance

The lifestyle we follow makes us prone to various life-threatening diseases, one of which is cancer. In general, the cost of cancer treatment is very high and can cause a financial burden. A cancer insurance plan can be your best bet for life.

What is a Cancer Insurance Plan?

Cancer insurance plan is a form of insurance plan that has been designed to help you manage risks of cancer disease to your health. A cancer policy helps mitigate the expenses related to getting good quality cancer treatment, thus providing the insured with required financial support.

Being a health-related contingency, cancer can take a toll on your finances, which is why it is crucial to plan for such eventualities in the form of cancer insurance. Nobody wants to be afflicted by any form of cancer. But wishing we won’t suffer from it is not a good solution at all. With a cancer insurance policy, you can stay prepared for cancer care financially. It will help prevent your family from facing the financial load of your cancer treatment.

These days, you can easily buy one of the best cancer health insurance plans online from the comfort of your home.

3 reasons why you should get this plan

  • Comprehensive protection against all stages of Cancer
  • Payout on diagnosis, regardless of the stage of Cancer
  • Sum insured increase by 10% for 1st five claim-free years at no extra cost

Why You Need Cancer Insurance plan?

Cancer is one of the deadliest diseases across the globe. The changing lifestyle patterns have increased the risk of suffering from cancer. Studies [1] show that there are more than one hundred twenty types of cancer, and most of our body parts can get affected by it.

Along with the probability of suffering from cancer, the treatment cost has also gone up. But with a cancer insurance plan, you can prevent this disease from wiping out your entire life savings. In other words, selecting the right cancer policy can help you plan for medical emergencies in life.

Although most health insurance plans cover major critical illnesses including cancer, there are restrictions and sub-limits in terms of cancer care cover, in-patient hospitalization, and many others. Buying a cancer insurance plan gives you an edge over such plans. The primary reason to buy cancer insurance is to help you pay for high-cost treatments specific to cancer. 

Additionally, you may find cancer insurance plans to fit your budget pretty easily, as only cancer-specific treatments are covered. Cancer insurance pays for cancer diagnosis and treatment, which includes the expenses related to hospitalization, chemotherapy, surgery, to name a few. Both men and women can benefit from buying cancer insurance to enjoy financial security and peace of mind.

Why You Need Cancer Insurance plan?

Cancer is one of the deadliest diseases across the globe. The changing lifestyle patterns have increased the risk of suffering from cancer. Studies [1] show that there are more than one hundred twenty types of cancer, and most of our body parts can get affected by it.

Along with the probability of suffering from cancer, the treatment cost has also gone up. But with a cancer insurance plan, you can prevent this disease from wiping out your entire life savings. In other words, selecting the right cancer policy can help you plan for medical emergencies in life.

Although most health insurance plans cover major critical illnesses including cancer, there are restrictions and sub-limits in terms of cancer care cover, in-patient hospitalization, and many others. Buying a cancer insurance plan gives you an edge over such plans. The primary reason to buy cancer insurance is to help you pay for high-cost treatments specific to cancer. 

What do I get with this plan?

What do I get with this plan?

How Does Cancer Insurance Work?

A cancer insurance plans provides coverage against all cancer stages as per the specific terms and conditions defined by the insurer. It works by providing cancer insurance benefits after the purchase of the plan. Here is how a cancer insurance policy works in general:

  • An individual buys a cancer policy for a specific tenure by paying its premium online or offline.
  • Depending on the product, when diagnosed with early-stage cancer, he will receive a lumpsum payout under the chosen cancer insurance plan (a pre-defined percentage of the selected sum insured under the cancer policy). Alongside, all the future premiums of the Cancer cover are generally waived off while the policy continues.
  • Similarly, if the disease progresses to major stage cancer, the balance sum assured is payable.
  • Some cancer health insurance policies also provide income benefits in case of death of the insured or as defined in its contract.

 

 

 

A cancer insurance plans, as the name suggests, provides insurance benefits for cancer treatment. It may or may not not offer any death benefit.

What is a Cancer Insurance Plan?

A cancer insurance plans provides coverage against all cancer stages as per the specific terms and conditions defined by the insurer. It works by providing cancer insurance benefits after the purchase of the plan. Here is how a cancer insurance policy works in general:

  • An individual buys a cancer policy for a specific tenure by paying its premium online or offline.
  • Depending on the product, when diagnosed with early-stage cancer, he will receive a lumpsum payout under the chosen cancer insurance plan (a pre-defined percentage of the selected sum insured under the cancer policy). Alongside, all the future premiums of the Cancer cover are generally waived off while the policy continues.
  • Similarly, if the disease progresses to major stage cancer, the balance sum assured is payable.
  • Some cancer health insurance policies also provide income benefits in case of death of the insured or as defined in its contract.

What does a Cancer Insurance Cover?

A cancer insurance plan covers the following:

  • Early-stage of cancer
  • Pre-cancer stage or Carcinoma-in-Situ
  • Major cancer stage

What are the Benefits of a Cancer Insurance Plans?

Cancer Insurance Payout On Diagnosis Based on the cancer cover policy terms, you receive a lumpsum amount when diagnosed with cancer. This amount payable under the chosen cancer cover plan also varies as per the diagnosed stage of cancer.
Waiver of Cancer Insurance Premium Under various cancer plans, you get the benefit of a waiver of cancer insurance premiums. i.e., you do not have to pay premiums after being diagnosed with cancer under certain conditions. You are advised to read the cancer insurance contract carefully to know further.
Significant Cancer Insurance Cover at Low Cost Under the right cancer insurance plan, you can choose a significant sum insured at an affordable premium.
Quality Treatment in Renowned Hospitals Unlike many other cancer health insurance policies, a cancer plan from a renowned insurer can also give you the freedom to choose the hospital and cancer treatment using the payout amount. It means there is no need to look for only network hospitals when you have a cancer cover policy by your side.
Increased Sum Insured Per Year With many cancer cover plans, the sum insured increases annually by a pre-defined percentage in case no claim is filed. You can ask the chosen insurer about these benefits in detail.
Tax Savings You can also save tax in the form of deductions for premiums paid for a cancer insurance plan. This is covered under Section 80D of the Income Tax Act. Tax benefit as per prevailing tax laws subject to change.

How to Choose the Cancer Insurance Plan?

You need to consider several aspects when you buy cancer insurance online or through the insurer’s branch offices. These include:

Insurer’s Claim Settlement Ratio

Each insurer has a Claim Settlement Ratio or CSR that can tell you how many claims have been settled out of all the ones received. Buy cancer insurance policies from an insurer that has high CSR.

Cancer Insurance Payout on Different Conditions

The payouts under cancer insurance plans are considered differently for early-stage and major stage diagnosis. No one can tell what kind of cancer would happen. Hence, you should choose from cancer health insurance policies that offer significant benefits for even minor conditions. Such a policy will help you deal with the expenses related to cancer treatment very well.

Cancer Insurance Premium

The definition of a suitable cancer policy may vary from one individual to the other. Hence, you should buy cancer insurance plan that you can pay the premiums for as long as you want. Choose from the cancer health insurance policies from renowned insurers that offer substantial cover at an affordable premium.

Cancer Insurance Coverage Term

Besides the coverage for the insurance, you should take into consideration the insurance term that a cancer insurance plan provides. While an adequate coverage is necessary, so is the term period for the coverage, so it will be financially favourable for you in the long term to choose a plan that covers you for a longer period. As most cancer treatments normally last a long time, a cancer insurance with longer term will ensure you get adequate coverage for your whole cancer treatment.

How to Buy Cancer Insurance Online?

Here are the steps that you need to follow to buy Max Life Cancer Insurance Plan:

1. Enter Basic Details

After you click on ‘Get Quote’ button for Max Life Cancer Insurance plan, the process to buy a cancer policy starts. The Max Life Cancer Insurance Plan calculator will ask about your age and gender before providing the cancer insurance quote.

2. Choose Sum Insured and Maturity Age

At this step of cancer policy purchase, you need to select sum insured and maturity age. Based on your selection, Cancer Insurance Plan calculator will show you an estimated premium amount.

3. Pay Premium to Buy Cancer Insurance

Once you have made the final selection of cancer insurance benefits, fill in the additional details and pay the premium. Next to it, you need to submit documents required to buy our cancer insurance plan. 

How to Buy Cancer Insurance Online?

Here are the steps that you need to follow to buy Max Life Cancer Insurance Plan:

1
Enter Basic Details After you click on ‘Get Quote’ button for Max Life Cancer Insurance plan, the process to buy a cancer policy starts. The Max Life Cancer Insurance Plan calculator will ask about your age and gender before providing the cancer insurance quote.
2
Choose Sum Insured and Maturity Age At this step of cancer policy purchase, you need to select sum insured and maturity age. Based on your selection, Cancer Insurance Plan calculator will show you an estimated premium amount.
3
Pay Premium to Buy Cancer Insurance Once you have made the final selection of cancer insurance benefits, fill in the additional details and pay the premium. Next to it, you need to submit documents required to buy our cancer insurance plan.

Here’s all you need to know about this plan

Here’s all you need to know about this plan

Insert Image Product Benefit

Early Stage Cancer or Carcinoma-in-Situ (CiS)

1. Lumpsum- 20% of Sum Insured (Increased Sum Assured in case the diagnosis happens after the first 12 months)

2. All the future premiums payable under the policy are waived and the policy continues.

Major Stage Cancer

1. 100% of Sum Insured (Increased Sum Assured in case the diagnosis happens after the first 12 months) less prior cumulative lump sum payments on the event(s) of Early Stage Cancer or Carcinoma in Situ (CiS).

2. 10% of Basic Sum Insured is payable 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 death of Policyholder. In case of death of Policyholder during Income Benefit payout period, the benefit will be paid to the Nominee / Legal heir.

Insert Image Death Benefit

A Cancer insurance plan is meant to cover medical expenses related to cancer treatment and does not offer any death benefit. 

However if the Life Insured dies within waiting period then 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 is payable.

Insert Image Tax Benefit

Tax benefit on the premiums paid are exempt under Section 80D of the Income Tax Act, 1961.

Case Study

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):-

a) In case bought through Online Sales - Rs. 10,800/-
b) In case bought through Other Channels – Rs. 10,890/-

Scenario 1


Scenario 2 : Mr. Bajaj was diagnosed with Early Stage Cancer in 8th Policy year. He survived the rest of Policy Term without being diagnosed with any Major Stage Cancer or Early Stage Cancer/CiS


Scenario 3 : Mr. Bajaj was diagnosed with Major stage cancer in 5th Policy year.


Scenario 4 : Mr. Bajaj was diagnosed with CiS in 5th Policy year and Major stage cancer in 9th Policy year.


Important Notes
Kindly note that the above case studies are only examples and do not in any way create any rights and / or obligations. The actual experience of the policy may be different from what is shown above.

 

Age at Entry (age as on last birthday) Minimum - 25 years

Maximum - 65 years
Maximum Maturity Age 75 years
Clause on Nationality needs to be added

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 Mode & Modal Factors

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


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

Offline version

Minimum - Rs. 1960/- per annum 
Maximum - Rs. 1,49,750/- per annum

 

Online version

Minimum - Rs. 1700/- per annum 
Maximum - Rs. 1,23,850/- 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 asimposed by the Government along with any other cess and late fee and / or interest payment paid on reinstatement.

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Why Choose Max Life

Here are some of the numbers which speak about our accomplishments

Why Choose Max Life

Here are some of the numbers which speak about our accomplishments
Claims Paid Percentage

99.35%

99.35%

(Source : Max life annual audited financials FY 20-21)

Max Life Presence

277 Offices

277 Offices

(Source : As reported to IRDAI, FY 20-21)

Sum Assured

₹1,087,987 Cr.

₹1,087,987 Cr.

In force (individual) (Source : Max Life Public disclosure, FY 20-21)

Assets Under Management

₹90,407 Cr.

₹90,407 Cr.

(Source : Max Life Public disclosure, FY 20-21)

More reasons why our customers choose us

Frequently Asked Questions (FAQs)

Frequently Asked Questions (FAQs)

✅  I have a health insurance plan. Why do I need a cancer policy?

The need to buy cancer insurance online or offline arises from high cancer treatment cost and associated risks. Paying cancer policy premium is a better alternative to a basic health cover for individuals at high risk of developing cancer.

✅  Should healthy individuals buy Max Life Cancer Insurance Plan?

Buying Max Life Cancer Insurance Plan is more about being prepared for cancer if it occurs. This deadly disease can become the cause of financial loss over the long term. Even though you are fit and healthy, you can stay safe and prepared to deal with Cancer treatment by having a cancer care insurance plan by your side.

✅   Which one is the suitable  cancer health insurance plan?

The cancer insurance plan is the one that covers various stages of this disease. Max Life Cancer Insurance Plan is one such cancer policy that you can buy online easily. The cancer policy premium you need to pay gives you several benefits, including lumpsum payout on early-stage cancer diagnosis, multiple claims facility, future cancer policy premium waiver, and many others. 

(Max Life Cancer Insurance Plan: A Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Plan. UIN - 104N093V03)

✅  Are cancer care insurance plans taxable?

Cancer policy premiums make you eligible for tax benefits under 80D. You can claim a deduction of Rs. 25,000 for yourself, kids, and spouse, and an additional deduction of Rs. 25,000 to cover parent’s health under a cancer care insurance plan.

✅  Does the cancer policy nominee get any sum assured in case of policyholder’s demise?

Most cancer insurance plans do not offer death benefits. It would be best if you read the policy documents carefully to understand its inclusions and exclusions.

✅  How can I use the cancer insurance claim amount?

Under Max Life Cancer Insurance Plan, you get a pre-defined amount as per cancer policy terms on diagnosis of cancer. You also get full freedom to spend the money for cancer treatment and other related expenses.

✅  How much cover is recommended under a Cancer Insurance Plan?

Given the high cost of cancer treatment which includes chemotherapy, medication, hospitalization and tests, it is advisable to choose a sum insured of at least Rs. 20 Lakhs. With Max Life Cancer Insurance plan, you can choose the cover of Rs. 10 Lakhs to Rs. 50 Lakhs.

✅  Can I get treatment of my choice under Cancer Insurance?

Under most cancer insurance plans, you are not bound to visit the network hospitals to get cancer treatment. You can use the payout amount to visit the doctor of your choice and get the required treatment.

✅  What is waiver of premium benefit under Cancer Insurance?

With Max Life Cancer Insurance plan, you get the benefit of future premium waiver in case you are diagnosed with an early-stage cancer. You also get 20% of the cover amount paid upfront. 

✅  What is entry age limit to buy cancer insurance in India?

The age limit to buy cancer insurance in India may vary from one insurer to the other. For Max Life Insurance, the age range at entry varies from 25 to 65 years.

ARN: PCP/CIP/290921



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