Maxlife Cancer Insurance Plan

Brief Overview - Max Life Cancer Insurance Plan

Varun is a 45-year-old man. He was a software engineer and was working in an automobile company. He is married to Pooja who is a housewife. They have two sons aged 11 and 15. Varun's parents are both retired school teachers and live with him. Varun has been living quite comfortably, he had a strong salary package, his children went to good schools and he was living in a posh locality in Gurgaon. But last year Varun and his family saw some really tough times.  

He was diagnosed with cancer. Though Varun had a health Insurance plan,  it was not enough to cover the long-term high-cost cancer treatment.  Varun not only had to quit his job,  but he also had to sell his house as he could no longer afford the mortgage.  In a short span of time, their stable life came crashing down. 

Over the past few years, there has been a rise in the incidence of cancer,  and it has become necessary to keep your loved ones safe from it. Though one may not be able to prevent the deadly disease of cancer, it is possible to be prepared for such a scenario. Being financially prepared against this disease is the best step to prepare yourself.

Max Life Cancer Insurance Plan can help you take care of such medical emergencies and also helps you to continue living your life comfortably without having to compromise on your life goals. It is a comprehensive cancer-specific health insurance plan that offers you financial security against early or major stages of cancer. 

Best Features of Max Life Cancer Insurance Plan

1. This plan is a cancer-specific health insurance policy, covering all kinds of cancers
2. On the diagnosis of early-stage cancer, you would receive a 20% lump sum
3. You can also make multiple claims in case of early-stage cancer
4. Sum insured can range from INR 10 lakhs to INR 50 lakhs
5. When cancer is detected at a major stage, you would receive a complete cover amount with an additional 10% as a regular income for the next 5 years
6. People who smoke can be covered under this plan
7. Even during late-stage detection, a 100% cover amount would be payable
8. After the diagnosis of cancer, the future premium is waived
9. For every claim-free year, there would be a 10% increase in the claim. This benefit can go up to 150%
10. The plan offers coverage till the age of 75 years
11. Avail tax benefits against the premiums that you pay

Benefits of Max Life Cancer Insurance Plan

1. Product Benefits
   • Early Stage Cancer or Carcinoma-in-Situ (CiS)
     In the case of early-stage cancer, you would receive 20% of the sum insured. All the upcoming premiums would be waived. The policy would continue.
   • Major Stage Cancer
     In case of major stage cancer, 100% of the sum insured minus the previous cumulative lump sum payments in the event of Early Stage Cancer or Carcinoma in Situ (CiS) would be paid. 10% of the base sum insured would be paid up to a period of 5 years. In case of the death of the policyholder, the benefit would be paid out to the nominee.
2. Indexation of Sum Insured
   Max Life Cancer Insurance Plan comes with a built-in indexation benefit. With this benefit on each policy anniversary, the Sum Insured would increase by 10% till the time no claim has been admitted. This increase can go up to a maximum of 150% of the base sum insured chosen at the inception of the policy.
3. Wide Option of Sum Insured
   Depending on your requirements and your budget, you have the freedom to choose a sum insured that suits you the most.
4. Tax Benefits
   The premium that you pay towards the cancer insurance plan and the benefits that you receive would entitle you to the applicable tax benefits under Section 80D of the Income Tax Act, 1961.
5. Quicker Claims
   Max Life has always been proactive in claim settlement. The claims are settled in a much more transparent and easier way. In a time when you are already stressed out, you can be sure that the claim settlement would not cause any trouble.
6. Enhance the Cover
   Max Life Cancer Insurance Plan allows multiple benefits through riders. These riders offer you financial support over and above the base sum insured. The available riders are:
   • Max Life Term Rider Plus
   • Max Life Accidental Death and Dismemberment Rider
   • Max Life Waiver of Premium Plus Rider
7. Avoid a  Financial Crisis
   The pressure of a high-cost treatment can shake your confidence. With Max Life Cancer Insurance Plan, you can put your financial distress away and concentrate only on getting better.

Plan Details of Max Life Cancer Insurance Plan

Waiting Period
There is a waiting period of 180 days from the date of policy purchase. In case the insured is diagnosed with early-stage cancer during the waiting period, no benefit would be payable. However, in such a case there would be a 100% refund of the premium paid.

Survival Period
There is a 7-day survival period for the claims to be eligible. The survival period starts from the date of diagnosis of Cancer. 

Free Look Period
When you buy the Max Life Cancer Insurance Plan, you have a free-look period of 15 days, 30 days if the policy is purchased through Distance Marketing forms, starting from the date of purchase. During this period, you can go through the policy terms once again and if you do not feel fully satisfied with the plan, you have the option to return it. 

What is not Covered in Max Life Cancer Insurance Plan?

Any cancer that results due to the following conditions/ situations, whether directly or indirectly, would not be covered under the Max Life Cancer Insurance Plan:

1. Pre-existing diseases and conditions are not covered (up to a period of 48 months)
2. AIDS or HIV
3. Intoxication due to alcohol or drugs or narcotics
4. Chemical/ nuclear contamination

Renewal Process - Max Life Cancer Insurance Plan

Renewal of a Max Life health insurance policy is simple and quick. You can renew your policy online through the company website or through an insurance aggregator website. Follow the steps given below:

• Visit the company website and go to “Renewal” or click https://www.maxlifeinsurance.com/customer-service/premium-payment-options
• Once you enter your policy number you would be taken to your policy page
• Check your details and pay the premium payment via - net banking, credit/ debit card or UPI Wallets

In case you want you can visit an office branch and renew the policy offline as well. You can visit a company branch office and make the payment via a cheque or demand draft. 

Remember:

• Renew your policy before or on the due date
• Make sure the renewal request is made before the policy expires
• Once the expiry date is crossed, the policy enters a 30-day grace period
• You would not be able to make a claim during the grace period

Claim Process - Max Life Cancer Insurance Plan

As per the Annual Audited Financials in the financial year 2019-20, Max Life recorded 99.22% as the claim paid a percentage. Making a claim for the Max Life Cancer Insurance Plan is very elementary. The best part about this procedure is that it requires very little paperwork. You do not have to submit any bills or receipts. When you have to register the claim, you have to produce the Diagnosis Report from an authorised medical practitioner. With this report, the company would be able to settle the claim. 

Required Document

• Diagnosis Report from an authorised medical practitioner

In case you have opted for a Rider, you may be asked to produce some other documents. 

Review of Max Life Cancer Insurance Plan

Max Life Insurance Company Limited is a combined venture between Mitsui Sumitomo Insurance Co. Limited and Max Financial Services Limited. Ever since its establishment 20 years ago, the company has touched the lives of millions of people and issued millions of policies. Max Life offers customer-centric insurance plans and is slowly securing its position as one of the leading insurance groups in the country.

Max Life Cancer Insurance Plan gives you financial security against all stages of all kinds of cancers. The plan provides you with payouts depending on the stage and also waives future premiums. In case of no claim for the initial 5 years, the sum insured is increased by 10%, at no extra cost. The plan also allows you to choose the payout mode. Along with a lump sum, you can also opt for an annual payout in the form of an income. 

If you or someone you know is looking for a cancer-specific health insurance plan, then Max Life Cancer Insurance Plan is definitely an option worth considering.