Max Life Insurance Critical Illness Plan

Any illness that is fatal to the human body and even may cause death if not treated comes under Critical Illnesses. To counter this unfortunate fate of a human being, Max Life Insurance has come up with an option of online Max Life Insurance Critical Illness Plan Rider that provides coverage against 40 critical illnesses, including kidney failure, cardiovascular diseases, etc.

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Max Life Insurance Critical Illness Plan is a rider option that can be added to a base policy to enhance its coverage at a nominal cost.

Parameters

Details

Policy Tenure

Same as the base policy, that is, 10 years (Minimum), and 50 years (Maximum)

Premium Paying Term

Single Pay/ Regular Pay/ Limited Pay/ Pay till 60

Premium Paying Mode

Yearly/ Half-yearly/ Quarterly/ Monthly

Entry Age

18-65 years

Maturity Age

75 years (Maximum) as per conditions

Grace Period

15 days (Monthly)

30 days (All other modes)

Sum Assured (Critical illness or CI Cover)

Minimum Rs. 5 lakhs

Maximum: 50% of the Sum Assured or Rs. 50 lakhs, whichever is lower

Liquidity

NA

Benefits of Max Life Insurance Critical Illness Plan

The following are the key benefits offered by Max Life Insurance Critical Illness Plan:

  • Critical Illness Plan is an additional rider that enhances the financial coverage offered by the base policy
  • This plan provides coverage against 40 critical and fatal illnesses, including kidney failure, cardiovascular diseases, cancer, and so on
  • Accelerated Critical Illness (ACI) option pays out 100% of the sum assured of ACI
  • Level Critical Illness option pays out a sum assured of a minimum of 5 Lakh and a maximum of 50% of the base sum assured or 50 lakhs, whichever is lower
  • Tax benefits under Sec 80D of the IT Act(*Tax benefits are subject to change)

The Premium for Max Life Insurance Critical Illness Plan

Max Life Insurance Critical Illness Plan premium is payable in various Premium Payment Modes like yearly, half-yearly, quarterly, and monthly; and the payment terms come in four variants; namely Single Pay, Limited Pay, Regular Pay, and Pay till 60.

This rider ceases once the ACI benefit gets paid to the insured person. Post-termination, the base policy continues with a reduced sum assured amount.

Additional Riders for Max Life Insurance Critical Illness Plan

This plan is itself an additional rider, which aids in enhancing the coverage of the base policy. However, apart from this rider, other options are available, such as Accidental Cover, Premium Back Option, and Waiver of Premium, which helps provide quality coverage to the policyholder.

Eligibility for Max Life Insurance Critical Illness Plan

The eligibility for the online Max Life Insurance Critical Illness Plan is the same as the base policy:

Entry Age: 18-65 years

What are the Documents Required to Buy this Policy?

The policy-buyer will be required to furnish the following documents:

  • Duly filled-up proposal/application form of Max Life Insurance Critical Illness Plan policy.
  • Officially valid documents (voter's ID/ Aadhar card/ PAN card
  • Utility Bills (electricity/ telephone/ post-paid mobile connection/ water/ piped-gas), in case the officially valid documents are not available
  • Income Proof (bank statement/ Income Tax receipts)

How to Buy this Plan Online?

One can easily buy the Max Life Insurance Critical Illness Plan by following the simple steps given below:

Step 1: Visit the official website.

Step 2: Calculate the premium on Max Life Insurance Critical Illness Plan Calculator

Step 3: Enter the required details and click on 'calculate now.'

Step 4: Select the amount of life cover and policy tenure, as required

Step 5: Select the add-on option/riders of Max Life Insurance Critical Illness Plan

Step 6: Pay the premium

Step 7: Duly fill-up the proposal form

Step 8: Medical tests (if directed by the insurer)

Exclusions of Max Life Insurance Critical Illness Plan

Max Life Insurance Critical Illness Plan policy status would be considered terminated if the policyholder, sane or insane, commits suicide within 12 months from the plan's start. The nominee would be paid by the company refunds comprising the total paid premiums and underwriting extra paid premiums and loadings for paid modal premiums.

FAQs

  • Q: Does this provide the policy loan benefit?

    Ans: No, there is no policy loan benefit available under the Max Life Insurance Critical Illness Plan.
  • Q: What is the ‘Pay until 60’ option?

    Ans: Pay till 60 is an option that can be opted under Max Life Insurance Critical Illness Plan policy in which the policyholder would get a premium payment term equalling to 60 years minus the entry age; it is subject to a minimum PPT of 16 years and the entry age being equal to or less than 44 years.
  • Q: Does this plan offer revival of policy?

    Ans: Yes, a revival period is available to revive the lapsed Max Life Insurance Critical Illness policy status. A policy has a revival window of 5 years from the due date of the last unpaid premium or the end of the plan tenure, whichever is applicable.
  • Q: Why should this plan be bought?

    Ans: This plan is a unique feature that can easily be added to the base policy at a nominal cost. As per the Max Life Insurance Critical Illness Plan reviews, the coverage provided by this rider helps in securing the policyholder from financial strain if he/she suffers a critical illness.
  • Q: Is there any restriction on travel/future occupation under this plan?

    Ans: There is no restriction on travel/future occupation whatsoever under this plan.
  • Q: Is a Critical Illness plan costly?

    Ans: Max Life Insurance Critical Illness Plan surely comes at an extra cost, but it is a great option if an insured person wants to be protected from the hardships that might occur from critical illnesses.
  • Q: What are the documents required for claiming this rider?

    Ans: One needs to follow the following documents at the time of claim:
    • Filled-up claim form
    • Medical certificate
    • Test report
    • KYC documents (Age proof, Identity proof, Address proof, etc.)
    • Specific documents as required under the critical illness.
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