Max Lifeline Healthy Family Plan

 

Max Lifeline Healthy Family Plan
 
Max Life Lifeline Healthy Family Plan is a Family Health Insurance Policy which covers self, spouse, existing and future children and parents as well. This is a Traditional, Non-Linked Insurance Plan without Bonus Facility.
 
How it works – In this plan, premium needs to be paid for the entire policy tenure of 10 years. Premium is guaranteed for 5 years and revised after that. Premium Discount is also given if the policy is claim free for the first 5 years.
 
In this plan, the Life Insured needs to select the Number of Units at Policy Inception. The various units have their own list of benefits attached. This plan being a pure Health Insurance Plan has a list of Health Insurance Benefits attached.
 
The overall benefits received are:
  • Daily Hospitalization Cash Benefit for meeting hospitalization expenses
  • ICU Cash Benefit for meeting additional expenses in case the Life Insured is admitted in the Intensive Care Unit.
  • Post Hospitalization Care Benefit, payable in a Lump Sum
  • Critical Illness Benefit
  • Surgical Cash Benefit for major surgeries upto a certain limit per policy year subject to a maximum of 100% of the Sum Assured.
This plan, being a Family Floater Plan, has separate limits for self, spouse and parents.
 
 
Key Features of Max Lifeline Healthy Family Insurance Plan
 
  • It is a Health Insurance Policy offered by Max New York Life Insurance Company
  • The Premium is guaranteed for a period of 5 years while coverage continues for 10 years
  • This plan pays for Hospital Cash Benefit to meet daily expenses during hospitalization
  • This plan pays for ICU Cash Benefit to meet additional expenses if Life Insured is admitted in the ICU
  • For more than 7 days of hospitalization, there is Post Hospitalization Benefit available in this plan
  • Surgical Cash Benefit is also paid under this plan for all specified surgeries
  • This plan covers Critical Illnesses which are divided into 3 groups according to the seriousness of the illness:
    • If the Life Insured acquires one of the Group 1 diseases, then 25% of the Sum Assured is paid as Immediate Claim and the Policy Continues for the remaining 75% of the Sum Assured.
    • If the Life Insured acquires one of the Group 2 diseases, then 50% of the Sum Assured is paid as Immediate Claim and the Policy Continues for the remaining 50% of the Sum Assured.
    • If the Life Insured acquires one of the Group 3 diseases, then 100% of the Sum Assured is paid and the policy is terminated.
  • This plan also provides for surgeries for congenital birth defect in children
  • The Plan offers Guaranteed Renewability till the age of 75 years
  • Pre-existing disease is not covered under this plan
 
 
Benefits you get from Max Lifeline Healthy Family Insurance Policy
 
Death Benefit – There is no Death Benefit payable under this plan
 
Maturity Benefit – There is no Maturity Benefit under this plan.
 
Health Benefits— There are certain hospitalization benefits payable under this plan
 

Benefits
Unit 1
Unit 2
Unit 3
Unit 4
Unit 5
Daily Hospital Cash
1,000
2,000
3,000
4,000
5,000
Daily ICU Cash
2,000
4,000
6,000
8,000
10,000
Post Hospitalization Benefit (Lump-Sum)
3,000
6,000
9,000
12,000
15,000
Surgical Cash (Lump-Sum) for Self/Spouse
2 lakhs
4 lakhs
6 lakhs
8 lakhs
10 lakhs
Surgical Cash (Lump-Sum) for Parents
1 lakh
2 lakhs
3 lakhs
4 lakhs
5 lakhs
Critical Illness Benefit for Self
4 lakhs
8 lakhs
12 lakhs
16 lakhs
20 lakhs
Critical Illness Benefit for Spouse
2 lakhs
4 lakhs
6 lakhs
8 lakhs
10 lakhs
Critical Illness Benefit for Parents
1 lakh
2 lakhs
3 lakhs
4 lakhs
5 lakhs

 
Critical Illness Benefit: There are certain Critical Illness Benefits payables under this plan. They are divided into groups.
 

The List of Critical Illnesses covered under the 3 groups
Group 1
Group 2
Group 3
In case of Diagnosis, 25% of the Sum Assured is paid as Claim and the Policy Continues for the remaining Sum Assured
In case of Diagnosis, 50% of the Sum Assured is paid as Claim and the Policy Continues for the remaining Sum Assured
In case of Diagnosis, 100% of the Sum Assured is paid as Claim and the Policy is terminated
Alzheimer's Disease
Blindness
Deafness
Loss of Speech
Medullary Cystic Disease
Motor Neuron Disease
Muscular Dystrophy
Angioplasty and other Invasive Treatment for Coronary Artery Disease
Benign Brain Tumor
Cardiomyopathy
End Stage Lung Disease
Heart Attack
Heart Valve Surgery
Major Burns
Multiple Sclerosis
Multiple Trunk Avulsions of the Brachial Plexus
Necrotizing Fascitiis
Paralysis or Paraplegia
Parkinson's Disease
Primary Pulmonary Hypertension
Poliomyelitis
Systemic Lupus Erythematosus
Apallic Syndrome
Aplastic Anaemia
Brain Surgery
Cancer
Coma
Coronary Artery By-pass Surgery
Kidney Failure
End- Stage Liver Disease
Loss of Independent Existence
Loss of Limbs
Major Head trauma
Major Organ Transplant
Stroke
Surgery of Aorta
Terminal Illness
Total Permanent Disability(to Age 65)
 
 


Income Tax Benefit – Health Insurance Premiums paid up to Rs. 15,000 are allowed as a deduction from the taxable income each year under section 80D.  
 
 
Eligibility conditions & other restrictions in Max Lifeline Healthy Family Policy
 

 
Minimum
Maximum
Daily Hospitalization Benefit (in Rs.)
1000
5000
Policy Term (in years)
10
Premium Payment Term (in years)
Equal to Policy Term
Entry Age for Adults (in years)
18
65
Entry Age for Children (in years)
0 (Risk Cover starts at 91 days)
-
Age at Maturity (in years)
-
22 for Children
75 for Self, Spouse
65 for Parents
Payment modes
Yearly Half-Yearly, Quarterly and Monthly

 
 
Sample illustration of premium amount in Max Lifeline Healthy Family Plan
 
The below illustration is for a healthy Male (non-tobacco user) with 25 Year Old Spouse opting for
  • Daily Hospitalization Cash Benefit of Rs. 5,000
  • ICU Cash Benefit of Rs. 10,000 per day and
  • Post Hospitalization Benefit of Rs. 15,000

Max Life Lifeline Health Family Plan Sample Premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

What happens if?
 
You stop paying the premium - If the policy holder stops paying the premium, then the policy would lapse after the grace period ends and all benefits would stop. If the policy is not revived within 6 months from the due date of the first unpaid premium, the policy would be terminated and no benefits would be payable.
 
You want to surrender the policy – There are no Surrender Benefits under this plan
 
You want a loan against your policy – Loan facility is not available under this policy.
 
 
Some Health Plans from other Life Insurance companies
 
 
 
Other Health Plans from Max Life Insurance
 
~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the Max Lifeline Healthy Family Plan brochure and insurance company's website. It should not be construed as a Critical or Favourable Max Lifeline Healthy Family Plan Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


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