- About Coverfox
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 is a comprehensive non linked non-participating individual pure risk premium health insurance plan designed to protect the insured from all stages of cancer.
Here are the three prime reasons why you should get this plan:
The Key Features and Benefits of This Plan Are:
|Tax Benefits||As per Section 80D of the Income Tax Act, 1961|
|Reimbursement||This is a fixed benefit payout plan|
|Pre-existing Disease||None, this plan is cancer specific plan|
|Flexibility||Due 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)|
|Coverage||All stages of cancer|
|Premium Charges||Minimum Annualised Premiums are as follows (for 25-year-old and 10 lakhs sum insured)
|Waiting Period||180 Days waiting period is applicable from the date of commencement or reinstatement of cover whichever is later|
|Survival Period||Survival time period of 7 days is required from the date of diagnosis of Cancer for the claims to be eligible.|
|Maturity Benefit||There is no Maturity Benefit under this plan.|
|Death Benefit||No 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 Benefit||There is no Survival Benefit under this plan|
|Surrender Benefit||There is no surrender benefit under this plan. The policy can be surrendered on your written request to us from the subsequent premium due date.|
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
|Benefit||Early Stage Cancer or Carcinoma-in-Situ (CiS)||Major Stage Cancer|
|Lump Sum Benefit||20% of Basic or Indexed Sum Insured||100% 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 Benefit||All the future premiums payable are waived off||Not Applicable|
|Income Benefit||Not Applicable||10% 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|
The inclusions under this plan are all stages of cancer.
The exclusion under this plan are:
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.
The documents required to purchase this plan are:
You can renew your Max life Cancer Insurance Plan with any of the following options available:
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
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
The standard list of documents required for submission are: