The probability of being faced with a cancer diagnosis has been steadily climbing over the years, with a projected 7 lakhs new patients and a total of 12 lakhs new deaths added to the pool by 2035. The cost of healthcare has progressively followed suit and, in some cases, can amount to financial bankruptcy. The general costs associated with cancer are not just limited to post-operative care and treatment, but also expensive primary detection and diagnosis procedures.
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*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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Managing the probable risk of a cancer diagnosis becomes an imperative for any burgeoning family, especially in the context of the primary breadwinner, lest chance brings about financial difficulties in the form of lost income and exorbitant medical bills. One of the best possible solutions to indemnify oneself against the risk of a cancer diagnosis is to seek coverage under a well-designed cancer insurance policy. There are many such products available on the market currently, both in the form of riders and standalone insurance coverage for the specific purpose.
Cancer Insurance Plan from Max Life Insurance promises to deliver comprehensive cover for all stages of cancer and additionally, provides for a wide range of financial benefits as well. These include income guarantees and tax benefits among others. The policy is a non-linked, non-participating insurance plan.
The eligibility criteria for buying the policy are simple and quite similar to most insurance products out there. The policy is available to any legal resident of India between the ages of 25 and 65 years. The maximum maturity age is limited to 75 years.
Premiums against the policy can be paid either monthly, quarterly, semiannually and annually. The policyholder can choose the method while signing up for the plan. Premiums can be either paid directly online or at the insurer’s offices. The premium payment mode can be switched out by submitting a request in writing to the insurer. There is also a discount available on the total premium amount if the insured chooses to pay his premiums annually.
One of the major features of this policy is that the sum assured is indexed for every claim free year. Indexation of the sum assured basically means that the total value of the policy will grow at a rate of 10% simple interest every year if a claim is not made. Once a claim has been made however, the indexation will cease.
For example, let’s take the example of Mr. Vikas. He purchased the Max Life Cancer Insurance plan with a policy period of 15 years and a sum assured of 10 lakhs. Mr. Vikas paid his premium for the first 5 years and kept the policy active, without making a claim. At the end of 5 years, the sum assured under the policy had grown to 15 lakhs at 10% simple interest per annum. Once Mr. Vikash filed a claim at the end of the 5th year, the sum assured will be locked in at 15 lakhs without any further indexing for the remainder of the policy term.
Some of the most visible and differential features of the Max Life Cancer Insurance plan includes:
The 3 major benefits
Benefits will not be paid to cover claims against the same carcinoma in situ or a specified early stage cancer of the same organ. In case 100% of the sum assured or indexed sum assured has already been paid out, any claims for major stage cancer diagnosis will amount to only the income benefit being payable.
As is the case for all insurance instruments, the insurer lays out certain conditions under which the benefits of the policy will not be applicable.
Here are some important things to consider before you choose to invest in the Max Life Cancer Insurance Plan.
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