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Max Life Group Super Life Premier in lieu of EDLI

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

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 life protection 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 Max Life 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 Max Life Group Super Life Premier 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

    Max Life Group Super Life Premier in lieu of EDLI Reviews

    Page 1 of 26 1 2 3 4 5
    • 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
    • Max Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from one bank they have offered me with the MAX LIFE insurance. I ma holding it from past five years where i pay the premium for yearly once through online. The maturity period of this policy is for 15 years and the coverage is for self.
      Was this review helpful? 1
      , bhubaneshwar
      Reviewed on Nov 07, 2018
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I have purchased the TERM POLICY with the MAX LIFE INSURANCE the documentation for taking the policy is easy and good. I have been using from last three years the maturity period of this policy is for 25 years. The premium i pay yearly once also the service is good.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 03, 2018
    • Max Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I am having a Max Life insurance policy from the last 11 years, it is a pension policy where i get good benefits and returns. Maturity period for this policy is 11 years but it can go up to 20 years. I pay my premium every month through ECS and i am convenient with the payment options.
      Was this review helpful? 1
      , kochi
      Reviewed on Oct 11, 2018
    • Max Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken life insurance from the Max life as it has good returns i make the payment through online banking annually . This policy covers accidental and critical illness benefits with the tenure period of 15 years . Overall am satisfied with my policy .
      Was this review helpful? 1
      , pune
      Reviewed on Oct 03, 2018
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      This is a term plan which i have purchased it through MAX LIFE INSURANCE. The tenuity period is for 8 years and premium i pay yearly through auto debit from account. Documentation done physically also it provides the self coverage along with the accidental benefits is. I am using from last 2 years.
      Was this review helpful? 2
      , mumbai
      Reviewed on Oct 03, 2018
    • Max Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Max Life. I am paying a premium of 35K per year, they all provide massive offerings in order to convince the customers but once the customer has taken the policy; the service part becomes pathetic. They need to be more helpful and beneficial form the customer point of view.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Sep 15, 2018
    • Max Life Insurance
      "Good services overall"
      0.5 4.5/5 "Excellent!"
      Max Life Insurance was pretty quick in the response for the term plan. The plan riders come up with good set of critical illness. The insurance procedure was quiet well described and executed. Just wish to add one point for the medical test center guys, please try to maintain cleanliness of the instruments because it will help in creating a hygienic impression of the process.
      Was this review helpful? 4
      , ahmedabad
      Reviewed on Sep 10, 2018
    • Max Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I had taken this Insurance Policy a long time back, it has been a good policy. I had been making the payments online and i had been making the payments offline and there has not been any hassle in making the payments. Their customer support and their staff responses had been good as well.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 03, 2018
    • Max Life Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this insurance policy almost 5-6 months back. I had been making the payments online and the payment methods had been simple and easy. The premium which has been paying had been good. There has not been any hassle faced with them so far.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 27, 2018
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