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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
    "Excellent insurance"
    0.5 5.0/5 "Blown Away!"
    My relation and friend circle chosen the life insurance policy from Max thats the reason i have chosen them. I have been paying the premium amount of Rs. 1 lakh for the annual payment mode. Total term period of the policy is 12 years. Through cheque, i made the premium.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 16, 2019
  • Max
    Max Life Insurance
    "Excellent service"
    0.5 4.5/5 "Excellent!"
    I have taken my life insurance policy with ICICI bank,there service is quite good, their premium they have charged me was nominal, i pay premium on monthly basis, and their agent had properly explain about the plan benefits and policy ,so far i did not face any issue from them.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 09, 2019
  • Max Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in MAX LIFE INSURANCE few month before taken. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payment through an online.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 05, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in MAX INSURANCE before 11 years ago.The policy is for 20 years.I am paying premium in annual package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payments through an online.
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Jul 05, 2019
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the term plan since from last few months and the reason for getting the policy is because of good returns. It is a term plan of maturity is of 30 years, premium paying for monthly once also the coverage is for self. I got the hard copy on time.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jul 05, 2019
  • Max Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a term insurance in MAX LIFE INSURANCE. The policy is for 55 years. I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jun 28, 2019
  • Max Life Insurance
    "GOOD POLICY"
    0.5 4.0/5 "Great!"
    MAX LIFE INSURANCE is the institue where i have taken the life insurance policy on 2015 also the name of the policy is MAX LIFE GAIN it has the maturity period of 20 years as the policy premium paying for yearly once and it gives the policy coverage for self.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 27, 2019
  • Max Life Insurance
    "Good service and good returns"
    0.5 5.0/5 "Blown Away!"
    Max Life policy is my long term policy. Overall market rate is good in this company. I get a returns upto 15% at this time. I have been investing the money of Rs. 1500 every month. Total coverage value is Rs. 5 lakhs. This is a tax benefitable policy. I make the premium through online.
    Was this review helpful? 0
    , pune
    Reviewed on Jun 24, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a term insurance in MAX LIFE INSURANCE 2 years before. The policy is for 40 years. Now I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details. I use to do payments through an online. The policy coverage up to myself.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 14, 2019
  • Max Life Insurance
    "Pretty Good Policy"
    0.5 4.0/5 "Great!"
    I pay the premium amount of Rs. 50000 every year. Total term period is 12 years. I took the life insurance policy from Met LIFE. Once the maturity is over, i will get Rs. 6000 for every month for the next 10 years. This is a fixed value with guaranteed along with that 4% or 5% appreciation amount i will get which is an optional one. I make the premium through online.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 14, 2019
  • Max Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life Insurance through Max life it is a Maturity benefit policy is for the tenure of 15years .The premium is paid online ,The premium is amount is Rs. 36000.The premium is paid on yearly basis ,policy is still active and the agent gave all the relevant details about the policy .
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jun 07, 2019
  • Max Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy through Max Life directly This is a maturity policy is for the tenure of 10 years ,The premium is monthly basis,premium is very nominal ,The premium paid was yearly and then i have changed it as now monthly basis , Axis bank referred this Max life policy .I have received the policy documents on time.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 02, 2019
  • Max Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy through Max Life Insurance company directly.This is a maturity policy ,it is for the tenure 15years ,premium is very nominal ,policy documents got on time ,it will be closed after 15years.I have got all the required information about the policy .This policy is very useful .
    Was this review helpful? 1
    , bangalore
    Reviewed on Jun 02, 2019
  • Max Life Insurance
    "Good Service"
    0.5 2.0/5 "Expected more"
    I have taken Life insurance policy directly taken through Max Life Insurance company .The agent gave all information about the life insurance through the agent ,it is for the tenure of 8years ,The premium is paid through online ,premium is very nominal policy documents received on time ,The agent gave all the details .so far not faced any difficulties , I have closed this policy .
    Was this review helpful? 0
    , bangalore
    Reviewed on May 30, 2019
  • Max Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Max Life insurance year policy through Online ,it is valid till age 50 years and i need to pay till 60years ,policy documents got on time ,The agent gave all information about the policy .The payment is done through online and using credit card for making the payment.
    Was this review helpful? 0
    , mumbai
    Reviewed on May 29, 2019
  • Max Life Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I have been paying the premium recently with MAX LIFE for the term plan. The premium is good and they are providing better benefits than other insurer. The customer service is good. I make monthly premium of Rs.1900 through online. They have explained about the policy well.
    Was this review helpful? 0
    , jaipur
    Reviewed on May 29, 2019
  • Max Life Insurance
    "GOOD"
    0.5 3.0/5 "Satisfactory"
    I have purchased the life insurance policy with the MAX LIFE INSURANCE where using it since from last 3 years the policy has the coverage for self and i have purchased the pension plan with this policy. The customer support is good also it is a good policy to use.
    Was this review helpful? 0
    , mumbai
    Reviewed on May 28, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in MAX LIFE INSURANCE for the past 3 years ago. The policy is for 30 years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payments through an agent. The coverage up to myself.
    Was this review helpful? 0
    , jaipur
    Reviewed on May 26, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in MAX LIFE INSURANCE. The policy is for 20 years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. The coverage for my whole family members. Through an online I used to payments.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 24, 2019
  • Max Life Insurance
    "Best way to protect the family"
    0.5 5.0/5 "Blown Away!"
    I have term plan with Max life, per month I make Rs. 1900 it has term upto 50 years old, the sum assured for Rs. 1 crore to protect my family. I checked the claim settlement and grievance resolved ratio its good. They need improvement on support remain all fine, they do have waiver on the critical illness and disability.
    Was this review helpful? 0
    , pune
    Reviewed on May 21, 2019
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