About Max Life Protection Plans

As the name suggests, Protection Plans from Max Life Insurance Company Limited have been specifically designed to provide you with financial protection against various

Max Life Cancer Insurance Plan

This life insurance plan from Max Life has been particularly designed to provide the policyholder with complete protection against all stages of cancer. This Max Life insurance plan is to be offered only to the Resident Indian Nationals.

Payout Benefits:

  • Early Stage Cancer or Carcinoma-in-Situ (CiS)
    • Lump sum - 20% of Sum Insured. Also offers increased Sum Assured in case the diagnosis takes place after the first 12 months
    • All the future premiums are waived off and the policy will carry on.
  • Major Stage Cancer
    • 100% of Sum Insured. Also offers increased Sum Assured in case the diagnosis takes place after the first 12 months. On the event(s) of Early Stage Cancer or Carcinoma in Situ (CiS), the policy offers less prior cumulative Lump Sum payments.
    • For a period of up to 5 years, 10% of the Basic Sum Insured is payable.

Tax Benefit:

  • Avail tax benefits per Sec 80D of the Indian Income Tax Act, 1961.

Age at Entry:

  • Minimum - 25 years
  • Maximum - 65 years

Age at Maturity:

  • 75 years

Policy Term:

  • 10 to 40 years

Premium Amount:

  • Minimum - Rs. 1,960/- per year
  • Maximum - Rs. 1,49,750/- per year

Sum Insured:

  • Minimum: Rs. 10 Lakhs
  • Maximum: Rs. 50 Lakhs
  • Inbuilt-indexation benefit: Under this benefit, the Sum Insured is increases by 10% (simple rate) on every policy anniversary until the time no claim has been raised in the past; up to a maximum of 150% of the Basic Sum Insured at the inception of the Policy.
  • After allowing in-built indexation benefit (subject to no claim during indexation period), the maximum Sum Insured under this Max Life protection plan will be Rs. 75 Lakhs.

Waiting Period:

  • 180 days

Mode of Premium Payment & Modal Factors:

  • Annual - 1.000
  • Semi Annual - 0.520
  • Quarterly - 0.265
  • Monthly - 0.090

Max Life Super Term Plan

Death Benefit:

The payable amount is higher of:

  • 10 times the premium paid over a year. The payable amount excludes all applicable taxes, levies and cesses as imposed by the Government of India
  • Or, 105% of all Premiums paid as on the Date of Death
  • Or, on Maturity Date, Guaranteed Maturity Sum Assured is payable
  • Or, Sum Assured effective on the Policy Anniversary coinciding or previous with the Date of Death.

Age Limit:

  • 18-65 years
  • 75 years maximum

Premium Payment Term:

  • Same as the policy tenure.

Premium Payment Mode:

  • Annual
  • Semi – Annual
  • Quarterly
  • Monthly

Policy Term:

  • 10-35 years


  • Minimum: Rs. 5,000/-
  • No such limit imposed on maximum premium

Sum Assured:

  • Minimum: Rs. 25 lakhs
  • No such limit imposed on maximum Sum Assured

Premium Rates:

Under Max Life Super Term Plan, the Premium Rates differ on the basis the following parameters:

  • Gender

    Under this plan, the premium rates vary on the basis of the gender of the policyholder. The premium rates for females will be same as that of males (with a five year age offset). The lowest available age premium rate for male life will be used in case the corresponding rate is not available.

  • Smokers / Non – Smokers

    The rates of premium vary on the basis of the smoker status (viz. Non - Smoker and Smoker).

  • Substandard Lives

    This Max Life insurance plan will be offered to all lives. However, substandard lives shall be rated up as per the Board approved underwriting policy of the Company.

  • Chosen Sum Assured Option

    The premium rates will differ on the basis of the Sum Assured option chosen by the policyholder (Increasing Sum Assured or Level Sum Assured) at policy commencement.

Rider Options:

  • Max Life Accidental Death & Dismemberment Rider.
  • Max Life Waiver of Premium Plus (WOP) Rider.

Max Life Premium Return Protection Plan

Death Benefit:

  • The amount payable will be a higher of:
    • 10 times the Annualized Premium OR
    • 105% of Total Premiums paid OR
    • Guaranteed Maturity amount (GMSA) which is Total Premium payable over the Premium Payment Ttenure OR
    • 150% of Sum Assured for accidental claims and Guaranteed Death cover which is 100% of Sum Assured for non-accidental claims.

Maturity Benefit:

  • At the end of the policy term, the policyholder will get guaranteed survival benefit which is the sum of premium installments paid over the premium payment term.

Entry Age Limit:

  • 21-55 years

Premium Payment Term:

  • 11 years

Premium Payment Mode:

  • Annual
  • Semi – Annual
  • Quarterly
  • Monthly

Policy Term:

  • 20/25/30 years


  • Minimum Premium: Rs. 8,500/- per annum (For annual mode policies).
  • The Modal Factors will be applicable for Non - Annual Modes.
  • Maximum Premium: On the basis of the Maximum Sum Assured of Rs. 1 Crore.