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Max Life Insurance Group Plans

Max Life Insurance is one of the biggest insurance providers in the Indian insurance market. The company was created as a joint venture between the Indian company, Max India, and the Japanese company, Mitsui Sumitomo Insurance Group Holdings Inc. The company has seen steady growth over the years and has an impressive claims settlement ratio of over 90%.

Among the various products offered by the company are its attractive group insurance plans which are meant to be used when groups, mostly companies and other employers, want to take care of their employees’ gratuity, leave encashment, EDLI (Employees Deposit linked Insurance) or provident fund liabilities.

Group Super Life Premier Plan in lieu of EDLI

The Group Super Life Premier Plan in lieu of EDLI is a scheme designed to help companies pay gratuity to their employees when they retire, resign or pass away while still employed with the company.

  • This plan can be used to invest in funds so as to build a portfolio that will help pay for gratuity liabilities.
  • The plan offers each member of the group a fixed cover of Rs.1,000
  • Since the plan charges only for fund management, mortality and surrenders, it is quite economical.
  • It also offers 0.1% per annum as guaranteed loyalty addition if the fund value is above Rs. 10 crore.

Example

Suppose there’s a company that has been in operation for a few years. It employs 35 people, some of whom have been with the company for over 5 years. If one of these people want to leave, the company will need to pay the person his/her gratuity benefits. However, if the company has not built enough liquidity at the time, this plan will comfortably take care of this obligation.

Group Super Life Premier

This is a plan that has been introduced to help employers cater to the life insurance liabilities in lieu of the EDLI scheme.

  • It helps companies offer employees something more than a pay cheque thus helping employees secure their futures.
  • This plan can be taken in addition with the Group Accidental Death Benefit Premier rider which helps enhance the insurance cover.
  • Employers get benefits on taxes under section 37 (1) A of the IT Act.

Example

Suppose there is a company that has 40 employees. Some of the employees start asking the company what their, the companies, plans are to provide for the employees. The best answer the company can give is the Group Super Life Premier plan as it helps companies provide life insurance for employees and the employees can rest assured that in case they pass away, their families won’t have to suffer a lack of funds.

Group Super Life Premier

The Group Super Life Premier is a group term plan which can be used to make sure the future of the employee’s family is secured against unfortunate events.

  • This plan provides the members of a group with simple term insurance.
  • The insurance covers death caused by any reason.
  • The beneficiaries of this policy don’t have to pay tax on the benefits.
  • The plan offers death and surrender benefits.
  • It can also be coupled with an accidental death benefit rider that helps enhance the cover.

Example

Shyam, the sole breadwinner of his family, worked for a company that had opted for the Group Super Life Premier plan. One day, while coming back from the office, he met with an accident and, unfortunately, passed away. Since he was covered under this plan, his family gets the sum assured and don’t have to worry about their financial future.

Group Credit Life Secure

This is a plan that can be used to secure the repayment of loans against the unfortunate event of the borrower’s death.

  • For companies that give out loans, this policy provides them with the security of not having to worry about the loan in case the borrower dies before paying it back.
  • The benefit for borrowers is that in case they do die, their families don’t have to pay back the loans.
  • The plan also comes with surrender benefits.
  • The death benefits of this plan can be taken as level cover or decreasing cover with a moratorium option.

Rahul took a loan of Rs. 15 lakhs. When he had paid back half of the loan, he fell ill and passed away. Now, since the lender had opted for this policy, the loan is paid back by and Rahul’s family does not have to bear the burden of paying back the remaining amount.

Why Max Life Group Insurance Plans?

offer policyholders a lot of benefits but the main ones are:

  • These plans can be used as a tool to provide an encouraging environment for employees to work in which helps with employee retention.
  • They also help employers make sure that they are capable of fulfilling their responsibilities towards the employees.
  • Some of the plans will let premiums paid be labelled as a business expense, which helps employers.
  • Some plans help ensure that the families of the employees or members of the group don’t suffer, financially, in the event of the employee's death.

Investing in Max Life group insurance plans can provide a double benefit to employers. It gives them the capability to cover responsibilities like life insurance & gratuity, and it also allows the employees to ensure that their families don’t have financial problems in their absence.

Other Max Life Insurance Plans

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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Max Life Insurance Group Plans Reviews

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  • Max Life Insurance
    "Not a correct policy at a current situation"
    0.5 3.0/5 "Satisfactory"
    I had chosen Max Life Insurance policy without any reason. When I want to avail the life insurance policy, they have respond me properly. I bought the policy on 13 years before. They are providing the sum assured amount of Rs. 4.30 lakhs. I have been paying the premium on a monthly basis.
    Was this review helpful? 1
    , coimbatore
    Reviewed on Dec 04, 2019
  • Max
    Max Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Laxmi Vilas Bank has offered a life insurance policy from Max Life since they have tied up. I am paying the premium amount of Rs. 15,000 every year. Automatically they deduct the premium amount from my account. They said sum assured amount will be 2.50 L. Total term period of the policy is 8 years.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Nov 05, 2019
  • Max Life Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I have chosen a life insurance policy from Max life which was referred my agent. This policy is going to mature in next year and the tenure is 15years. The benefits are okay but at the period it was good. Sometimes, the executive will call me to check if any issues are there because they have started the payment through the application before 2 to 3years ago.
    Was this review helpful? 0
    , kochi
    Reviewed on Oct 19, 2019
  • Max Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in MAX LIFE INSURANCE on 6 years before. The policy is for 50 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. It covers up to myself.
    Was this review helpful? 2
    , jaipur
    Reviewed on Oct 03, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    The reason for selecting Max life is I felt, the benefits are good and convenient for me. The customer service is better. I have taken a 5years policy and the premium was 50K per year. In the 10th year, I will be getting sum assured of 6L which is double the amount what I have paid.
    Was this review helpful? 0
    , kakinada
    Reviewed on Sep 27, 2019
  • Max Life Insurance
    "Good policy for future"
    0.5 4.0/5 "Great!"
    I had chosen my term insurance from Max Life. Since my friend has recommended about the policy i have taken it. I am paying the premium amount of Rs. 6000 every year. They have given me a coverage value of Rs. 50 lakhs. They do provide cover for partial disability cover also.
    Was this review helpful? 0
    , tirunelveli
    Reviewed on Sep 24, 2019
  • Max Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in MAX LIFE INSURANCE on 1 year before. The policy is for life term. I am paying premium in the yearly package for 50 thousands. While getting a policy my agent has given an information about the policy details. I visit to office directly to pay the premium amount.
    Was this review helpful? 0
    , anantapur
    Reviewed on Sep 22, 2019
  • Max Life Insurance
    "Good claim settlement ratio and very good service"
    0.5 4.0/5 "Great!"
    I have life insurance with MAX because of the claim settlement ratio around 98.9% . Yearly I make Rs. 52,000 it has the maturity period of 25 years, its a traditional plan, I get around Rs. 22 lakhs overall and it has life coverage if there is no any demise my nominee get the life cover. I do have flexi pay option.
    Was this review helpful? 0
    , sonipat
    Reviewed on Sep 19, 2019
  • Max Life Insurance
    "Need improvement on the benefits"
    0.5 4.0/5 "Great!"
    AXIS bank have recommended Max life insurance comes along with ULIP. I need to invest upto 7 years but the ULIP has the locking period of 12 years, the premium is economical as per the policy. They do have good life cover for the financial security for unforeseen events. It has tax saving under 80c section, I have online credential for max life to check my insurance details and every day I get sms as well. I make the premium on yearly basis through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 19, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    The payment mode is online and making the premium through debit card or credit card. I have taken short term life policy with MAX LIFE. The benefits are good. They have provided me a life cover of 12L with the locking period of 5 years. I have not gone through the documents so cannot tell about this policy much. Their claim settlement rate is good and giving 98.8%.
    Was this review helpful? 0
    , new delhi
    Reviewed on Sep 16, 2019
  • Max Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through Max Life agent .This policy tenure is for 20 years.I am paying the premium through citi bank credit card .The agent gave all the information about the insurance policy .I have received the policy documents on time .This policy is really useful and it is still active .
    Was this review helpful? 0
    , mumbai
    Reviewed on Sep 05, 2019
  • Max Life Insurance
    "Moderate"
    0.5 3.0/5 "Satisfactory"
    I have taken a term plan from MAX LIFE because am employee of Axis Bank and that time have take a term plan of 75L. There is no benefits, just am paying the premium. If any demise happens the family will be getting the benefit. The customer service is average. I am doing online payment and its 7K per year.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Sep 03, 2019
  • Max Life Insurance
    "Good "
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance with MAX LIFE INSURANCE on 2 years before. The policy is for 15 years and it is gain plan policy. I am paying premium on monthly package. While getting a policy my agent has given an information about the policy details. I use to pay for 2500 rupees.
    Was this review helpful? 0
    , new delhi
    Reviewed on Aug 28, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have chosen MAX LIFE for a life insurance. It is for future savings and life insured cover. I am doing yearly premium of Rs.52,000, it will be automatically debited from my account. I receive a statements from them. The sum assured is 5Lakhs.
    Was this review helpful? 0
    , kolkata
    Reviewed on Aug 26, 2019
  • Max Life Insurance
    "Good for the family protection"
    0.5 4.0/5 "Great!"
    I have one term plan with Max life for the sum assured of Rs. 70 lakhs, yearly I paid Rs. 22,000 for the term of 16 years and the life cover upto 70 years of age. I have option to add only nominee however the claim settlement is good for this insurance company.
    Was this review helpful? 0
    , mumbai
    Reviewed on Aug 24, 2019
  • Max Life Insurance
    "Good Investment"
    0.5 4.0/5 "Great!"
    I am having MAX LIFE which was suggested by their staff, the premium is economical. I used to pay Rs. 50,000 per annum it has the term of 19 years, after the maturity I get the lump sum amount along with the monthly bonus. I got the policy bond from the insurance company.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 23, 2019
  • Max Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    I have purchased a term plan with MAX LIFE because their claim settlement ratio is high compared to other insurance company and also premium is affordable. Their executive is regularly calling me and helpful too. The payment mode is online.
    Was this review helpful? 0
    , jaipur
    Reviewed on Aug 21, 2019
  • Max Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Taken my life insurance policy from Max life. I am paying the premium amount of Rs. 50000. I did the ECS facility hence the amount will be automatically deducted from my account. I need to pay the premium for 10 years and after 10 years the bonus will get added. Total sum assured amount of the policy is 6 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 20, 2019
  • Max Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    I took a life insurance from Max life because the premium is affordable. I have not used the customer service but heard they are doing good. I am paying 35K yearly through online. The payment mode is convenient and am getting notifications immediately. I took it for savings plan.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Aug 19, 2019
  • Max Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance with MAX LIFE INSURANCE on 6 months before. The policy is for 38 years. I use to do payment through an online. I am paying premium on monthly package. While getting a policy my agent has given an information about the policy details.
    Was this review helpful? 0
    , pune
    Reviewed on Aug 16, 2019
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