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Max Life Group Super Life Premier in lieu of EDLI

Employees deposit linked insurance scheme 1976 is mandatory scheme for an employer to subscribe to when the employees are covered under the Employees provident fund and miscellaneous act, 1952. The objective of the scheme is to provide the benefit of life insurance to all employees. Under the aegis of this scheme, the deceased employee’s insurance benefit is dependent on the length of their service and the PF balance in their account. The plan provides the employers with a tool to retain their employees and offers the employees benefits such as and peace of mind knowing that the death benefit received by the beneficiary is exempt from taxation.

Key features of Max Life Group Super Life Premier Plan in lieu of EDLI:

  • Tax Benefits: This scheme provides the employer with tax benefits under Section 37(1) A of the Income TaxAct, 1961. Any premium paid towards this scheme can be classified as a business expense and subject to tax advantages.
  • The plan also offers a variety of riders under the policy.
  • The plan is an excellent tool for the employer to show recognition to his/her employees for their service to the company and acts as a motivator for the employee thereby reducing attrition.
  • It is an effective tool to secure the employee's future against death.

Benefits:

Benefits of Group Gratuity Premier Plan is as follows:

In the event of

When and how the benefits are payable

Size of the benefit/policy monies

Survival Benefit

NA

NA

Surrender

Benefits will be payable when the member exits the scheme

The benefit payable is the proportionate premium for the unexpired period of risk.

Maturity

NA

Nil

Death of member.

In the event of an employee's death due to accidental or natural causes, the benefits will be paid in lump sum.

Sum assured chosen

Eligibility Criteria:

Below are the criteria for eligibility for Max Life Group gratuity Premier Plan:

Criteria Minimum Maximum
Group Size Minimum size of group is 10 No Limit
Entry Age Minimum age for entry is 18 years as at last birthday
  • Maximum age of entry is 74 years as at last birthday for employer-employee groups
  • Maximum age at entry is 64 years for affinity groups
Sum Assured Rs.6,01,000 per member Rs.6,10,000 per member

Along with these, the other eligibility criteria are:

  • Term of policy: The term of the Plan is a 1 year renewable scheme.
  • Payor of the premium: The Employer is the payor of the premium.
  • Modes of Premiums: Monthly, Quarterly, Semi-annually, Annually.
  • Minimum premium: RS 5000 per annum.
  • Maximum maturity age: For employer-employee groups,the policy ceases to cover a member upon the policy anniversary following or coinciding with the member attaining 75 years of age.The maximum maturity age for affinity groups is 65 years.

Charges involved in the plan:

Under the terms and conditions of the Employee Deposit Linked Insurance scheme with the Regional provident Fund Commissioner or RPFC below are the charges and contributions an employer will have to bear:

  • Based on whichever is lower the employer will have to either contribute 0.50% of the employee's monthly wage inclusive of basic pay, dearness allowance and retaining allowance or contribute RS 15,000.
  • Based on whichever is lower, the employer will have to pay administrative charges at 0.01% of the employee's monthly wage inclusive of basic pay, retaining allowance and dearness allowance or pay RS 15,000.

The Max Life Group Super Life premier in lieu of EDLI offers the employers reduced charge benefits. In this policy the employer will have to continue paying the administrative charges of 0.01% under account 22 to the RPFC but the other charge of 0.50% will be waived off.

Riders:

The Max Life Group Super Life Premier in lieu of EDLI offers 4 riders in its policy. Thy have been listed below:

  1. Max Life Group Accidental Death Benefit Premier Rider: This rider has a minimum eligibility age of 18 years to enter and a maximum age of 65 years. The rider will reach maturity when the member attains 66 years of age. It has a policy term of 1 year and covers the event of death due to accident. It offers RS 5000 as minimum sum assured and the maximum sum assured is RS 50,00,000 under any one Max Life Group product provided the rider sum assured does not exceed the assured base sum. There is no minimum premium limit in this rider and the maximum premium limit does not exceed 30% of the premium payable under the base policy.

  2. Max Life Group Accelerated Terminal Illness rider: Terminal illness as defined by this rider is any condition that an insured member is suffering from which in the opinion of a medical practitioner and approved by the company's appointed medical practitioner is likely to result in death of the insured within a span of 6 months. If any insured member is diagnosed with a terminal illness whilst the policy is in effect, the company will pay 100% of the death benefits subject to a maximum of RS 50 lacs. Minimum age of entry for this rider is 18 years as at last birthday and the maximum age is 74 years as at last birthday. The policy reaches maturity when member attains 75 years of age. The rider term is 1 year. The minimum sum assured is RS 5000 and maximum sum assured is RS 50 lac. Modes of premium are annual, semi-annual, quarterly and monthly. Maximum premium of this rider shall not exceed 100% of the premium of the base policy when attached to a group plan.

  3. Max Life Group Critical Illness (Additional Benefit) Rider: The rider term is 1 year with minimum entry age being 18, maximum entry age being 65 and rider reaching maturity when member attains 66 years of age. Premium payment modes are annual, semi-annual, quarterly and monthly. The maximum premium of this rider shall not exceed 100% of the premium of the base policy when attached to a group plan. The minimum sum assured is RS 5000 per member and maximum sum assured is RS 50 lac subject to rider sum assured not exceeding sum assured under base plan of the scheme. This additional benefit is payable upon the insured being diagnosed with one of the 12 specified critical illnesses for the first time in his/her life during the term of the policy and survives 30 days from date of first diagnosis.

  4. Max Life Group Total and Permanent Disability (Accident) Premier: In case of total and permanent disability, the sum assured under the rider will be paid in lump within 180 days of the accident provided the accident took place while the rider was in effect. The term of the rider is 1 year and has a minimum entry age of 18 years and a maximum entry age of 65 years. The rider reaches maturity when member attains 66 years of age. The minimum sum assured is RS 5000 and maximum sum assured is RS 50 lacs subject to rider sum assured not exceeding sum assured under base plan of the scheme. The maximum premium of this rider shall not exceed 100% of the premium of the base policy when attached to a group plan. The modes of premium payment are annual, semi-annual, quarterly and monthly.

Other Max Life Insurance Group Plans

  • Group Super Life Premier
  • Group Credit Life Secure
  • Other Poular Max Life Insurance Plans

  • Max Life Insurance Child Plans
  • Max Life Insurance Pension Plans
  • Max Life Insurance Investment Plans
  • Max Life Insurance Savings Plans
  • Max Life Insurance Group Plans
  • Max Life Term Insurance Plans
  • GST of 18% is applicable on life insurance effective from the 1st of July, 2017

     4.0 / 5.0   by 591 users
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    Max Life Group Super Life Premier in lieu of EDLI Reviews

    Page 1 of 30 1 2 3 4 5
    • 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? 0
      , jaipur
      Reviewed on Oct 03, 2019
    • Max
      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
    • Max Life Insurance
      "Fast and quick policy"
      0.5 4.0/5 "Great!"
      I have just booked the policy through online and i have got my insurance documents within a day to my mail id. They have sent the documents after 10 days. Axis bank had a tie up with Max life thats the reason i opted this policy. I'm satisfied with the coverage value.No medical examination is required.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 16, 2019
    • Max Life Insurance
      "Excellent card"
      0.5 4.0/5 "Great!"
      I have purchased a life insurance policy from Max Life through online. I am paying premium of Rs.700 monthly through cash and sometimes online. The customer service is good. The policy coverage is 32L. I need to pay the premium upto age of 60K.
      Was this review helpful? 0
      , bikaner
      Reviewed on Aug 12, 2019
    • Max Life Insurance
      "Good for the family protection"
      0.5 4.0/5 "Great!"
      Reason to select Max life, I found the claim settlement ratio is good around 98% this year. They also providing critical illness waiver, waiver on disability. The customer care is very prompt they shared terms and condition before availing the plan. It has the life cover upto 80 years and premium 60 years. I paid the premium around Rs. 850 per month, I sum assured of Rs. 1 crore, I have option to add nominees, I avoided half of the lum sum amount and they give monthly payment.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 11, 2019
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