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Max Life Insurance Group Plans

 4.0 / 5.0   by 517 users
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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

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 Max Life and Rahul’s family does not have to bear the burden of paying back the remaining amount.

Why Max Life Group Insurance Plans?

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

Max Life Insurance Group Plans Reviews

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  • Max Life Insurance
    "Good for tax saving"
    0.5 4.0/5 "Great!"
    AXIS bank suggested Max life its good for the income tax benefits under 80c section, the premium amount is around Rs. 50,000 for 6 years term. On time I got the policy copy, the payment option is good, I need to wait for 20 years but pre closure option is available.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 18, 2019
  • Max Life Insurance
    "Okay Policy"
    0.5 4.0/5 "Great!"
    I have purchased a term insurance policy from MAX LIFE. I have selected the MAX company because they have higher rating on their claim ratio. I'm really happy about the sum assured amount. Total tenure period is fine. In 2015, i have purchased this policy. I'm really satisfied with the services.
    Was this review helpful? 1
    , new delhi
    Reviewed on Jan 03, 2019
  • Max Life Insurance
    "Too Good policy"
    0.5 5.0/5 "Blown Away!"
    Just recently 5 months back, i have purchased this life insurance policy. I bought the money back policy from Max Life. Total tenure period of the policy is 11 years. There is no particular reason for choosing this policy. I pay the premium amount of Rs. 50000 in a year. I am making the premium through online.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 02, 2019
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my Term insurance with Max life insurance, there service is good, there agent had clearly explain me about the policy, and benefit coverage , and there premium amount they have charged me was nominal, the premium amount is for half yearly basis, i use to pay through off line mode
    Was this review helpful? 1
    , surat
    Reviewed on Dec 30, 2018
  • Max Life Insurance
    "They are good in market"
    0.5 2.0/5 "Expected more"
    I have purchased a life insurance policy in 2012 from Max life. Because of my boss recommendation and reputation of the company, i find the claim ratio was very good hence i chosen same. Max life premium is slight costlier than other. The customers are completely satisfied with their services. They have class set of policies according the premium amount.
    Was this review helpful? 1
    , mumbai
    Reviewed on Dec 29, 2018
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    MAX LIFE INSURANCE It is a good policy to access. The maturity period of this policy is for 15 years as it is very good added on that it is the user friendly policy to access. The premium i pay for yearly once with this policy. Also they provide coverage for self.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 26, 2018
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    The process is very good with the MAX LIFE INSURANCE as i have purchased the life insurance policy with this and also at the beginning the documentation is very good. The maturity period is for 30 years as the premium i pay for monthly once. This give the policy coverage for self.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 22, 2018
  • Max Life Insurance
    "Good Policy"
    0.5 3.5/5 "Pretty good"
    I had taken this insurance policy almost five years back and the premium amount has been nominal as well. I have been paying the premium half yearly and the payment method has been simple as well. Their customer care services has also been helpful at times.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 17, 2018
  • Max Life Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have taken my life insurance policy with Max life insurance, there service is not up to the mark,there is so many confusing ,because of changing of multiple person, there is frequently changing on agent, and there is delay in process, and there is confusing in premium amount.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 16, 2018
  • Max Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken my money policy 2 years ago. I have selected the MAX because of the agent who explained me about the policy details. I pay the premium amount of Rs. 50000 per annum. I don't remember about the sum assured amount. This is the tax benefit policy. I pay the premium through cash in their branch office.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 03, 2018
  • Max Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance with Max Life and it was taken through an agent. This is a necessary for me and it was taken for tax benefits. The customer service is good. The policy coverage and plan benefits are fine, it could have been better. I make annual premium of around 30K.
    Was this review helpful? 0
    , chennai
    Reviewed on Nov 30, 2018
  • Max Life Insurance
    "Dissatisfied"
    0.5 1.0/5 "Really Bad"
    Its a fix guaranteed, I Have invested but I could take the capital amount if I cancel that policy. MY bank forced me but its not recommend from my end. The policy which I took its very disappointed, the customer service is good in one call they updated my KYC details. But the policy terms is not good I get my amount on retired age.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 30, 2018
  • Max Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have 2 life insurance policies with Max Life Insurance and am using the service for last 10 months. My friend is working in the company so I have taken the policy with them. I am paying the premium yearly 53K plus 24K through online. The policy is good.
    Was this review helpful? 0
    , chandigarh
    Reviewed on Nov 29, 2018
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with Max life insurance, it has been a month only, and they have charged me premium amount up to 50,000 it was nominal for me and it was based on yearly basis , there agent had explain me policy related norms clearly, overall service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 21, 2018
  • Max Life Insurance
    "GOOD SERVICE"
    0.5 5.0/5 "Blown Away!"
    I have taken the life insurance policy with the MAX LIFE INSURANCE since from past 2010 where the tenuity period of this policy is for 20 years also the policy coverage is for self as well as the nominee. The customer service is very good and supportive.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 19, 2018
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    My experience with the MAX LIFE INSURANCE is very good and i am using it from past ten years the maturity period is for 15 years where the premium i pay on monthly basis through the offline. This gives the coverage is for self and i am satisfied with this policy.
    Was this review helpful? 1
    , new delhi
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my Term insurance with Max life insurance, there service they are given me is good, i use to pay premium on yearly bases, and they have charged me up to 21,000 which was nominal for me and the agent had clearly explain about the policy coverage in this insurance, i use to pay premium through off line mode.
    Was this review helpful? 1
    , new delhi
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Necessary policy for any human being"
    0.5 4.0/5 "Great!"
    I have taken my term insurance with Max Life Insurance. I have opened this life insurance policy 2 months before and chosen the monthly payment mode. I pay the premium of 1190. They are providing the coverage value of Rs. 75 lakhs. They are covering the accidental benefits of 10 lakhs and partial disability benefits. I can able to utilize the policy upto 75 years.
    Was this review helpful? 1
    , faridabad
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my Life insurance with Max life insurance , they have many service center near and the process was smooth and there premium they have charge is nominal , i do payment through on line or off line and there agent are very friendly in nature.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my term insurance with Max life insurance from last 3 month only, i use to pay premium on monthly bases and they have charge premium up to 1500 approximately and i do payment through on line and there overall service is good.
    Was this review helpful? 0
    , mumbai
    Reviewed on Nov 14, 2018
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