Max Life Cancer Insurance Plan

Previously known as Max New York Life Insurance Company Limited, Max Life Insurance Company Limited is the largest non-bank private-sector life insurer in India. The insurer offers a wide range of products and solutions for linked, participating, non-participating products, health, pension, annuity plans, child, protection, retirement, savings, and growth plans to individuals and to groups.

During the financial year 2018-19, Max Life achieved a gross written premium of Rs. 14,575 Crores. As on 31st March 2019, the Company had Rs. 62,798 Crores of assets under management (AUM).

Note:All information has been sourced from the official website of Max Life Insurance Company Limited.

Max Life Cancer Insurance Plan

Max Life Cancer Insurance Plan is a comprehensive non linked non-participating individual pure risk premiumhealth insurance plandesigned to protect the insured from all stages of cancer.

Here are the three prime reasons why you should get this plan:

  • Provides comprehensive protection against all stages of cancer
  • Guaranteed payout upon diagnosis of cancer
  • Sum insured increase by 10% for 1st five claim-free years at no extra cost

Features and Benefits of Max Life Cancer Insurance Plan

The Key Features and Benefits of This Plan Are:

Tax BenefitsAs per Section 80D of the Income Tax Act, 1961
ReimbursementThis is a fixed benefit payout plan
Pre-existing DiseaseNone, this plan is cancer specific plan
FlexibilityDue benefit of lump sum payout plus income in case of diagnosis (10% of the sum insured is payable annually for 5 years if diagnosed with major stage cancer)
Sum Insured
  • Minimum: Rs. 10 Lakhs
  • Maximum: Rs. 50 Lakhs
  • You have the option to select Sum Insured of Rs. 10 Lakhs, Rs. 15 Lakhs, Rs. 20 Lakhs, Rs. 25 Lakhs, Rs. 30 Lakhs, Rs. 35 Lakhs, Rs. 40 Lakhs, Rs. 45 Lakhs and Rs. 50 Lakhs
    CoverageAll stages of cancer
    Premium ChargesMinimum Annualised Premiums are as follows (for 25-year-old and 10 lakhs sum insured)
  • Online Channel – Rs. 1,700/- per annum
  • Other Offline Channels – Rs. 1,960/- per annum
  • Maximum Annualised Premiums are as follows (for 65-year-old and 50 lakhs sum insured)
  • Online Channel – Rs. 1,23,850/- per annum
  • Other Offline Channels – Rs. 1,49,750/- per annum
  • Plan Payouts
  • 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
  • Waiting Period180 Days waiting period is applicable from the date of commencement or reinstatement of cover whichever is later
    Survival PeriodSurvival time period of 7 days is required from the date of diagnosis of Cancer for the claims to be eligible.
    Maturity BenefitThere is no Maturity Benefit under this plan.
    Death BenefitNo benefit is payable in the event of death of the Life Insured but if life insured dies within the waiting period then 100% of the premium paid since the date of commencement or reinstatement of the policy
    Survival BenefitThere is no Survival Benefit under this plan
    Surrender BenefitThere is no surrender benefit under this plan. The policy can be surrendered on your written request to us from the subsequent premium due date.

    Additional Benefits of Max Life Cancer Insurance Plan

    Indexation Benefit -This product offers an inbuilt-indexation benefit. Under this benefit, the sum insured 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

    Product Benefit

    BenefitEarly Stage Cancer or Carcinoma-in-Situ (CiS)Major Stage Cancer
    Lump Sum Benefit20% of Basic or Indexed Sum Insured100% 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 BenefitAll the future premiums payable are waived offNot Applicable
    Income BenefitNot Applicable10% of Basic Sum Insured is paid for a period of up to 5 years, annually on the next five policy anniversaries following or coinciding with the date of diagnosis of major stage cancer

    Inclusion of Max Life Cancer Insurance Plan

    The inclusions under this plan are all stages of cancer.

    Exclusions of Max Life Cancer Insurance Plan

    The exclusion under this plan are:

    • Pre-existing condition: Defined as a cancer condition (primary or metastatic); precancerous condition or related condition(s) for which the insured had signs or symptoms, and/or was diagnosed, and/or received medical advice/treatment within 48 months prior to the date on which the policy was issued or reinstated whichever is later
    • Caused or contributed by (in whole or in part) Sexually Transmitted Diseases AIDS or HIV
    • Harm caused or contributed by intoxication by alcohol or narcotics or drugs not prescribed by a registered medical practitioner
    • Nuclear, biological or chemical contamination (NBC)
    • No benefit is payable in case of suicide and no refund of premiums will be made

    Eligibility Criteria for Max Life Cancer Insurance Plan

    The age at entry of the life insured should be between 25 years (minimum) to 65 years (maximum). The maximum maturity age of the life insured should be 75 years.

    Documents Required to Buy Max Life Cancer Insurance Plan

    The documents required to purchase this plan are:

    • Application/Proposal Form
    • KYC - Proof of Address and ID
    • Medical check-up/report, if required
    • Bank Mandate Form - SI/SIP

    Easy Procedure to Renew Max Life Cancer Insurance Plan

    You can renew your Max life Cancer Insurance Plan with any of the following options available:

    1. Online Payment Through Max Life Website
    2. Online Payment Through Internet Banking (NEFT/RTGS)
    3. Online "Renewal Payment" Through Foreign Remittance/Wire Transfer
    4. Online Payment through Paytm / PhonePe / Google Pay and Airtel Money
    5. Pay via Instapay service Through your Bank Website
    6. Payment Through Phone
    7. Payment Through Credit Card Standing Instruction
    8. Payment Through NACH/ECS/Direct Debit Mandate
    9. Payment Through Direct Debit
    10. Payment Through EBPP
    11. Payment Through a Lakshmi Vilas Bank Branch
    12. Payment Through a Cheque
    13. Payment Through one of Max Life Insurance Branch Offices
    14. Payment Through an Axis Bank Branch or ATM
    15. Payment Through EBIX Cash Counters
    16. Payment Through Common Service Center
    17. Payment Through Your Bank’s Branch
    18. Request for a Renewal Cheque Pick-up
    What is the Claim Procedure for Max Life Cancer Insurance Plan?

    The company must be notified in writing in respect of a claim for benefits under the policy preferably within 90days from the date of Diagnosis of the Specified Early Stage Cancer or Carcinoma-in-Situ (CiS) or Major Stage Cancer. The company may at their own discretion condone the delay in notifying a claim, if it is proved by a person claiming benefits under the policy that the delay was due to a reason beyond his control, subject to such conditions as prescribed at the time

    A claim can be intimidated by providing written information to the insurer via your

    • Your Agent Advisor
    • Nearest Max Life Insurance company office
    • Email at claims.support@maxlifeinsurance.com or

    By sending written information at:

    Max Life Insurance Operations Centre Claims Department, Max Life Insurance Company Operations center, - 2nd floor 90A, Sector 18, Udyog Vihar, Gurgaon-122015, India

    Documents Required to Claim Max Life Cancer Insurance Plan

    The standard list of documents required for submission are:

    • Claimant’s statement in the form prescribed by Us
    • Original Policy document
    • Attending Medical Practitioner's statement
    • Copies of all recent treatment/hospitalization records
    • Certificate by a Medical Practitioner confirming the Specified Early Stage Cancer or Carcinoma-in-Situ (CiS) or Major Stage Cancer
    • Identity proof of the Claimant
    • Any other documents/information required by us for assessing and approving the claim.
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