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Max Life Insurance launches ‘Max Life Cancer Insurance Plan’

Max Life Insurance

New Delhi: Max Life Insurance, one of India’s leading non-bank promoted private life insurers, a joint venture between Max Financial Services Ltd and Mitsui Sumitomo Insurance Co. Ltd, today announced the launch of its new product - ‘Max Life Cancer Insurance Plan’–a protection plan that is designed to provide financial assistance across all stages of cancer. In addition, the plan also provides the guaranteed income benefit of up to 50% of sum assured.

Speaking on the launch, Mr. Rajesh Sud, Executive Vice Chairman& Managing Director, Max Life Insurance said, “According to the highly respected Lancet Oncology Journal, almost 10 lakh new cases of cancer are reported in India every year. This number is feared to rise alarmingly to about 17 lakh new patients by 2035. Also, medical science has shown that Cancer doesn’t play favourites and can happen to anyone. The good news is that the medical science is able to come up with solutions that ensure longevity and quality of life. However, modern medical treatment is expensive and not having enough money for cancer treatment could be the big concern. In light of these facts financial planning for cancer incidence is critical in today’s time. The Max Life Cancer Insurance plan has been designed carefully to provide complete protection to the customer and is amongst the most comprehensive cancer plans available today.”

Key Policy Features

•       Financial Protection At All Stages of Cancer:

ü  Diagnosis of Carcinoma in Situ (CiS)

ü  Diagnosis of Early stage Cancer

ü  Diagnosis of Major stage Cancer

•       Indexation of Sum Insured (Increasing Sum Insured): 

ü  Sum Insured increases by 10% for every claim free year, maximum up to five years

ü  This feature allows the policyholder to get more benefit out of the policy without any increase in premium

•       Policy Continuance Benefit waives of all future premiums till the end of policy term in case the Insured is diagnosed with Carcinoma in Situ (CiS) or early stage cancer.

·         Income benefit: This plan also provides with income support to the policyholder. On diagnosis of major stage cancer,10% of basic sum insured shall be payable as income for a period of 5 years from next policy anniversary

Type of Plan A Non Linked Non-Participating Insurance Plan
Age of the Insured at Entry  (age as on last birthday) §  Minimum –  25 Years

§  Maximum – 65 Years

Policy Term §  Minimum – 10 Years

§  Maximum – 40 Years

Sum Insured §  Minimum:  Rs. 10 Lakh

§  Maximum: Rs. 50 Lakh

§  Please note that the Sum Insured can be chosen only in multiples of Rs. 5 Lakh.

§  The product offers an inbuilt-indexation benefit; where in the Sum Insured increases by 10% (simple rate) till the time no claim has been made 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 Lacs after allowing in-built indexation benefit.

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