The medical dictionary defines "Cancer" (called oncology) as - "Cancer is not just one disease, but a large group of almost 100 diseases. Its two main characteristics are uncontrolled growth of the cells in the human body and the ability of these cells to migrate from the original site and spread to distant sites."
However, for a lay man, the word "Cancer" is synonymous with chemotherapy, radiation, hospitalization, and perhaps even bereavement. It is intensely traumatic for the family of the patient facing this unfortunate illness. The patient as well as the family needs to be mentally and financially ready to fight this growing malaise.
According to the research conducted by Sigma, Swiss Re "Cancer is amongst the fastest growing critical disease in India, with over 10 lakh new cases being added every year. This number is expected to cross 15 lacs by 2030." Current lifestyle and stress related issues make us prone to many critical diseases,sometimes even at early ages. Cancer is one such disease that we wish our loved ones are never diagnosed with. Moreover, the cost of treatment or procedures related to cancer is very expensive and has potential to put a huge financial burden on the family and a big dent in savings pool.
To ensure family and financial protection, Max Life has come up with Cancer Insurance Plan covering all stages of Cancer. This plan covers top 20 most common cancers incidence in India—Breast; Cervix uteri; Lip, oral cavity; Lung; Colorectum; Stomach; Oesophagus; Other pharynx; Leukaemia; Liver; Ovary; Larynx; Non-Hodgkin lymphoma; Prostrate; Gallbladder; Brain, nervous system; Bladder; Thyroid; Corpus uteri; Pancreas.
The key features and benefits of Max Life Cancer Insurance Plan are as follows:
- The comprehensive cancer insurance plan covering all stages of cancer with following benefits:
- Diagnosis of Carcinoma in Situ (CiS) – 20% of indexed sum insured + Waiver of all future premiums till end of policy term
- Diagnosis of Early stage cancer – 20% of indexed sum insured + Waiver of all future premiums till end of 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.
- Indexation of Sum Insured:
The product offers an inbuilt-indexation benefit; where in the Sum Insured under the product increases by 10% (simple rate) on every 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.
- Tax Benefit:
Tax benefits apply to the premiums paid and benefits received by you as per the prevailing tax laws.
Here's a quick look at the policy features and a sample premium chart:
Max Life Cancer Insurance at a Glance
| Product Specifications |
| Type of Plan |
A Non Linked Non Participating Insurance Plan |
| Age of the Life Insured at Entry |
Minimum – 25 Years; Maximum – 65 Years |
| Maximum Maturity Age of the Life Insured |
75 Years |
| Premium Payment Term |
Regular, Premium Payment Term will be equal to Policy Term |
| Policy Term |
Minimum – 10 Years; Maximum – 40 Years |
| Sum Insured |
Minimum - Rs 10 Lakh; Maximum - Rs 50 Lakh |
| Indexation Benefit |
Sum Insured under the product 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 |
| Maximum Sum Insured (after indexation benefit) |
Rs 75 Lakh after allowing in-built indexation benefit (subject to no claim during indexation period) |
| 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 waiting period than 100% of the premium paid since the date of commencement or reinstatement of policy (as the case may be) excluding service tax and any other cess is payable. |
| 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 the insurance company from the subsequent premium due date. |
| Benefits payable |
Subject to the waiting period, survival period & exclusions under the plan, the product offers following benefits depending on stage of Cancer: 1) Lump sum benefit 2) Waiver of all future premiums 3) Income Benefit (Please read the policy document carefully before purchasing the policy) |
| Waiting Period |
180 days |
| Survival Period |
Survival time period of 7 days is required from the date of diagnosis of Cancer for the claims to be eligible |
(Note: The above table is for illustration purpose only)
(Source: Policy Document of Max Life Cancer Insurance Plan)
Sample Premium Chart
| Age |
Sum Insured of Rs 20 Lakh for a Healthy male |
| Maturity till age 65 |
Maturity till age 70 |
Maturity till age 75 |
| Direct Sales (Rs) |
Other Channels (Rs) |
Direct Sales (Rs) |
Other Channels(Rs) |
Direct Sales (Rs) |
Other Channels (Rs) |
| 30 |
4,760 |
4,980 |
5,760 |
5,880 |
NA |
NA |
| 35 |
6,100 |
6,380 |
7,480 |
7,580 |
8,840 |
8,680 |
| 40 |
8,100 |
8,460 |
9,960 |
10,080 |
11,800 |
11,600 |
| 45 |
10,980 |
11,620 |
13,480 |
13,800 |
15,940 |
15,820 |
| 50 |
14,940 |
16,360 |
18,260 |
19,160 |
21,520 |
21,820 |
(Note: The above table is for illustration purpose only. The premium rates under this plan are guaranteed for a period of
five (5) years and can be revised thereafter seeking prior approval from IRDAI.)
Source: Policy Document of Max Life Cancer Insurance Plan)
Let us understand the plan with the help of a sample case study:
Mr. Bajaj, aged 35 years, buys the Max Life Cancer Insurance plan. The coverage option chosen was cover till age of 70 years with Base Sum Insured of Rs 30lakh.
Scenario 1: Mr. Bajaj survives through the policy term without being diagnosed with cancer
As per the policy document, there is no survival benefit under the policy.
(Source: Policy Document of Max Life Cancer Insurance Plan)
Scenario 2: Mr. Bajaj was diagnosed with early stage cancer in 8th policy year. He survived the rest of policy term without being diagnosed with any Major stage cancer or early stage cancer/CiS
The Sum Insured by the 8th policy year is Rs 45 lakh (after taking into consideration the indexation benefit). 20% of the indexed sum insured will be paid at the diagnosis phase (i.e. Rs 45,00,000 x 20% = Rs 9,00,000) and all future premiums will be waived for the remaining policy term. The revised sum insured will be Rs 36–lakh (i.e. Rs 45,00,000 – Rs 9,00,000)
(Source: Policy Document of Max Life Cancer Insurance Plan)
Scenario 3: Mr. Bajaj was diagnosed with major stage Cancer in 5th Policy year
The sum insured in the beginning of the 5th policy year, after taking into consideration the indexation benefit would be Rs 42 lakh. Since, Mr. Bajaj has been diagnosed with major stage Cancer, 100% of indexed sum insured less CiS/Early stage cancer claim would be paid to him (i.e. Rs 42,00,000). Moreover, he would also receive the income benefit equal to 10% of basic sum insured (i.e. Rs 30,00,000 x 10% = Rs 3,00,000) for a period of up to 5 years from the next policy anniversary. The policy stands terminated in the 5th policy year itself.
(Source: Policy Document of Max Life Cancer Insurance Plan)
Scenario 4: Mr. Bajaj was diagnosed with CiS in 5th policy year and major stage cancer in 9th policy year.
The sum insured in the beginning of the 5th policy year, after taking into consideration the indexation benefit would be Rs 42 lakh. 20% of the indexed sum insured would be paid to Mr. Bajaj in the 5th policy year (i.e. Rs 42,00,000 x 20% = Rs 8,40,000) and all future premiums will be waived for the remaining policy term. On diagnosis of major stage cancer in the 9th policy year, 100% of indexed sum insured less CiS/Early stage cancer claim would be paid to him (i.e. Rs 42,00,000 – Rs 8,40,000 = Rs 33,60,000). Moreover, he would also receive the income benefit equal to 10% of basic sum insured (i.e. Rs 30,00,000 x 10% = Rs 3,00,000) for a period of up to 5 years from the next policy anniversary. The policy stands terminated in the 9th policy year itself.
(Source: Policy Document of Max Life Cancer Insurance Plan)
We recognise that with multiple options, the task of selecting the right insurance policy can be rather daunting. It would be easier to engage the services of a financial planner, who could recommend an appropriate health insurance policy with an optimum cover after taking into account host of factors.
Always remember the golden rule of insurance—it is better to have one and not need it, than to need it and not have one.
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