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Max Life Cancer Insurance Plan and Policy

Max Life Cancer Insurance Plan and Policy - As a responsible individual, you would want to provide the best of things to your children without compromising on your dignity. In this day and age of rising prices and overall inflation, you need to think beyond merely saving your hard-earned money. You would, therefore, do well to invest wisely in financial instruments which ensure that your children’s education is not jeopardized in the event of your unfortunate death. You can opt for one of the popular kotak Life child plans in India – the Max Life Cancer Insurance Plan, a unit-linked insurance plan (ULIP). By opting for this plan, you can build a corpus to fund for your children's expenses sans worries. Under this plan, if the life insured dies, the nominee will get the triple benefit as listed below:

Max Financial Services Ltd and Mitsui Sumitomo Insurance Co. Ltd joined hands together and launched their new insurance scheme called Max Life Cancer Insurance Plan. This Insurance plan protects people fighting cancer and offers financial support across all stages of cancer. The features of this comprehensive insurance plan include but is not limited to coverage of medical expenses across all stages of cancer and income benefits upto 5 years if diagnosed with major stage of cancer.

Eligibility - Max Life Cancer Insurance Plan and Policy

Minimum Entry Age After completing 25 years of age
Maximum Entry Age 65 years (age closer to birthday)
Maximum Maturity Age 75 years (age closer to birthday)

Policy Terms - Max Life Cancer Insurance Plan and Policy

Minimum 10 years
Maximum 40 years

Premium Payments - Max Life Cancer Insurance Plan and Policy

Premium Payment Mode
Max Life Cancer Insurance Plan allows semi-annual, annual, quarterly and monthly premium modes. The modal factors followed in the Max Life Cancer Insurance Plan are as follows:
Premium mode Factor
Annual 1,000
Semi-annual 0.520
Quarterly 0.265
Monthly 0.090
Minimum annual premium
Apart from the modal extra, service tax and extra premium, the minimum annual premium are as follows:
  • For online channels for 25 year old with sum insured amount of Rs.10 lakh the premium is Rs.1,700 p.a.
  • For other offline channels for 25 year old with sum insured amount of Rs.10 lakh the premium is Rs.1,960 p.a.
Maximum annual premium
Excluding the modal extra, service tax and extra premium, the maximum annual premium are as follows:
  • For online channels for 65 year old with sum insured amount of Rs.50 lakh the premium is Rs.1,23,850 p.a.
  • For other offline channels for 65 year old with sum insured amount of Rs.50 lakh the premium is Rs.1,49,750 p.a.
Minimum Sum Assured Rs.10 lakh
Maximum Sum Assured
Rs.50 lakh Please note that sum insured can be selected only in multiples of 5 and Max Life Cancer Insurance Plan offers inbuilt-indexation benefit, where, the sum insured increases by 10% every year if no claim is made in the past. This can increase upto 150% of the basic sum amount insured at the start of the policy. This way, the maximum sum insured by go upto Rs.75 lakhs.

Key Features - Max Life Cancer Insurance Plan and Policy

Type of Plan
ULIP plan for people diagnosed with cancer under a single premium
Premium Payment options
Yearly, Half – Yearly, Quarterly, and Monthly.
Top – Up / Additional Premium
Multiples of Rs. 5 lakhs
Option to continue the cover after the lapse of the policy
If the policy is lapsed, it can be revived within 2 years from the due date of first unpaid premium.This option is available if the applicant gives a written request and clear all outstanding dues with interest.
Grace period
30 days from the due date for payment of each premium.
Reinstatement
A surrendered policy cannot be reinstated
Maturity benefit
No maturity benefit available under this plan.
Survival benefit
No survival benefit available under this plan.
Surrender option
There is no surrender benefits available under this plan. However is the insured wishes to surrender the life insurance policy, it can be done by submitting a written request.
Waiting period
180 days from the start of the policy or from the date of reinstatement.

Late charges - Max Life Cancer Insurance Plan and Policy

Days between the revival date and date of lapse of the policy Late payment charges (in Rs)
30-60 Rs.100
61-180 Rs.250
Above 180 days Rs.250 plus 8% p.a interest on premium due. The interest on overdue premiums is calculated annually.

Advantages and Benefits - Max Life Cancer Insurance Plan and Policy

Max Life cancer Insurance Plan comes with the following features

Comprehensive cancer insurance

Max Life Insurance Cancer Insurance Plan protects and supports cancer patients irrespective of the stage of cancer. It comes with the below features:

For diagnosis of Carcinoma in Situ(CiS)- Waiver of all future premiums till end of policy and 20% of indexed sum insured is allowed.

For diagnosis of major stage cancer, 100% of the indexed sum insured minus the early stage cancer claim paid plus income benefit up to 10% of basic sum insured is paid upto 5 years from the next policy anniversary date.

For diagnosis of early stage cancer, future premiums till the end of the policy is waived and and 20% of indexed sum insured.

Tax benefit

As per the laws pertaining to tax in India, tax benefit is given to the premiums paid and benefits received thereof.

Flexible maturity age

The insured person can choose the policy expiry term within the minimum and maximum policy period. The formula used to calculate the policy term is opted policy expiry age minus the entry age.

Death benefit

If the insured dies within the waiting period, 100% of the premium paid from the start of the policy or from the reinstatement date excluding the service tax is payable.

Restriction on travel and occupation

Please note that there is no restrictions on travelling abroad or taking up any future occupation as per the policy terms and conditions.

Free look up period

A policyholder gets upto 15 days to or upto 30 days if the policy id obtained through distance marketing modes to read the terms and conditions of the policy document. If the policyholder does not agree to any point mentioned, he/she can return the policy stating the reason. The policyholder will get a refund of any premium paid after deducting risk premium for the period of cover and expenses undertaken by the company on medical examination of the insured party.

Other things you should know about Max Life cancer Insurance Plan:

  • Please note that coverage will be active even after payment of early stage cancer or CiS claim.
  • You are allowed to make multiple claims or early stage cancer claim till the total claims amount does not exceed 100% of the indexed sum insured.
  • The diagnosis should be done by a registered independent medical practitioner.
  • No benefits will be payable if the policy is lapsed.
  • The insurer can cancel the policy on grounds of misrepresentation, fraud or non disclosure.
  • One can also choose to pay a Single Premium
  • The insured person can pay the premiums regularly using the following options –
    • Annually
    • Half – Yearly
    • Quarterly
    • Monthly

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

Max Newyork Protection Life Insurance Plans and Policy

 

Max Newyork Child Insurance Plans
Max Life Future Genius Education Plan
Max Shiksha plus Super Plan
Max Newyork Retirement Plans
Max Life Forever Young Pension Plan
Max Life Guaranteed Lifetime Income Plan
Max Life Life Perfect Partner Super Plan
Max Newyork Growth Insurance Plans
Max Life Fast Track Super Plan

Max Newyork Savings Plans
Max Life Guaranteed Income Plan
Max Life Whole Life Super
Max Life Life Gain Premier
Max Newyork Group Insurance Plans
Max Life Group Gratuity Premier Plan
Max Life Group Super Life Premier in lieu of EDLI
Max Life Group Super Life Premier