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.

Example

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
    "Good insurer"
    0.5 3.0/5 "Satisfactory"
    I taken a life insurance in MAX LIFE on 6 months back. It covers up to myself with tenure period of 35 years. To pay the premium amount there is additional criteria like accidental and for an emergency purpose can do claim at any time, so total amount need to pay of 18K on yearly. They have tied up with many hospitals.
    Was this review helpful? 1
    , bangalore
    Reviewed on Mar 20, 2020
  • Max
    Max Life Insurance
    "Better Policy"
    0.5 5.0/5 "Blown Away!"
    Taken the life insurance policy with MAX company around 8 years ago. My colleague is suggested me to take the policy from here. The claim ratio is more compared to others. I am paying the premium amount of Rs. 15000 and i will get a sum assured amount of Rs. 3.5 lakhs. In online, i will pay the premium amount without any hassle.
    Was this review helpful? 0
    , nasik
    Reviewed on Mar 16, 2020
  • Max Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy through Max life insurance .This policy tenure is10 years and the premium was paid on yearly through ECS mode.The policy features and benefits are well known to me since working with Max.I am satisfied with my policy.
    Was this review helpful? 0
    , dehradun
    Reviewed on Mar 16, 2020
  • Max Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through Max Life insurance .Since working with max life i know the policy features and benefits.This policy is monthly income plan and for the tenure of 10 years .This policy premium is paid on yearly basis .I am paying the premium on ecs mode and it is totally for family benefits.I am paying the premium of rs.30,000.
    Was this review helpful? 0
    , dehradun
    Reviewed on Mar 16, 2020
  • Max Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy directly through Max life since i am working with them .This was a monthly income plan and it is availed for family benefits only.I am paying the premium on ECS mode and the premium amount was Rs.50,000.The policy details was clearly shared by the agent and i am satisfied with the service .
    Was this review helpful? 0
    , dehradun
    Reviewed on Mar 16, 2020
  • Max Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have chosen my life insurance from Max Life because one of my friend recommended me about the same. I have been paying the premium amount of Rs. 21000 yearly. This policy has a sum assured amount of Rs. 1 lakh. This is a term insurance. They don't cover for medical illness and disability cover.
    Was this review helpful? 1
    , rajkot
    Reviewed on Mar 05, 2020
  • Max Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a Life Insurance Policy from Max Life and the coverage value was Rs. 60L. I can continue this policy till the age of 60-65 years not sure till when I can utilize. This policy covers all type of death, accident and natural death. I am paying premium through auto debit. Monthly i am paying Rs. 735 and also getting Tax benefits sec 80C.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Feb 17, 2020
  • Max Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a term insurance policy from Max LIfe. I can continue this policy till the age of 70 years and this will cover all types of death and the goes to the nominee, i wont get any returns Yearly i am paying Rs. 7000, and i am getting Tax benefits.
    Was this review helpful? 1
    , bangalore
    Reviewed on Feb 12, 2020
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance from MAX and this is Ulip policy. Customer service was good and i have to pay for 15 years, after 16th year i will be getting some returns. Premium i am paying annual Rs.10k and this insurance will cover all type of death and also rider benefits available in this plan.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 12, 2020
  • Max Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a Life Insurance Policy from MAX LIFE. I am paying the premium amount through online and that was a long term policy and its going to be matured. I have paid for many years which is deducted from my savings account every month. The policy and service was good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 10, 2020
  • Max Life Insurance
    "Very bad Service Max Life insurance"
    0.5 0.5/5 "Unacceptable"
    I am very bad experience Maxlife insurance , very poor service , Fake information Information hide ,,................................,................................,..................................................
    Was this review helpful? 1
    , gurgaon
    Reviewed on Jan 09, 2020
  • Max Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance policy from MAX LIFE and i have chosen this policy, because which covers for my life. Recently i have taken this policy and i used to make the premium through online in ECS mode monthly i am paying Rs. 890. This insurance cover Rs. 25 lakhs for accident cover and Rs. 15 lakhs for critical illness and also normally it covers for 50 lakhs.
    Was this review helpful? 0
    , surat
    Reviewed on Jan 06, 2020
  • Max Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance policy from MAX LIFE to ensure my life. Recently i have taken this policy and i used to make the premium through online in ECS mode monthly i am paying Rs. 890. This insurance cover 25 lakhs for accident cover and 15 lakhs for critical illness and also normally it covers for 50 lakhs.
    Was this review helpful? 2
    , surat
    Reviewed on Jan 06, 2020
  • Max Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My life was insured with Max Life Insurance but there is no special reason for choosing this company. Based on the agent's explanation about the policy, i have taken it. I have been paying the premium amount of Rs. 18000 per annum. This is a tax benefitable policy. I pay the premium through online.
    Was this review helpful? 0
    , guwahati
    Reviewed on Dec 16, 2019
  • 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? 2
    , coimbatore
    Reviewed on Dec 04, 2019
  • 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? 3
    , 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? 1
    , 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
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