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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 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

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    Max Life Group Super Life Premier in lieu of EDLI Reviews

    Page 1 of 27 1 2 3 4 5
    • Max Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      MAX LIFE INSURANCE is the insurance provider where i am holding the TERM PLAN with this policy, and using it since from last 6 years. The policy has the maturity period of this policy is for 70 years of the age. The premium paying for monthly once.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 23, 2019
    • Max Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      Max life is also good and the premium is reasonable for the life insurance. I took a short term plan and the tenure is 10 years. The customer services are good. I make the premium through ECS, it was around 70,000 rupees per annum for two policies.
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 23, 2019
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I hold my life insurance with Max life for a long time, They have given me good benefits, and the agent had clearly explain me about the plan and policy coverage, Their customer care service is quite average, i pay premium on yearly basis ,it use to get deducted annually from my account.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 13, 2019
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The Axis bank is tie up with Max insurance company, so they have recommended me this life insurance,The agent had properly explain me about the plan benefits and policy coverage , Even they have given me hard copy as well, I use to pay premium on yearly basis, It use to get auto debited from my account.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 10, 2019
    • Max Life Insurance
      "Need improvement on the maturity amount"
      0.5 4.0/5 "Great!"
      Yearly I pay Rs. 26,125 to the Max life policy, it has the tenure period of 10 years, then I get the maturity benefits around Rs. 2.9 lakhs + 50,000 bonus amount. The service is proactive, they send the timely reminder. But I feel the benefits are very average, I have activated for ecs payment. It has the tax benefits, however premium should be reduced and the maturity should be higher.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 10, 2019
    • Max Life Insurance
      "Good claim settlement process"
      0.5 4.0/5 "Great!"
      For a Sum assured Rs 1 crore , I taken a policy from MAX life insurance . Max has a very good settlement ratio . So I need not to worry about settlement for my family . It covers every types of risk benefit . while getting the policy , Max life executive helped me a lot in understanding the policy .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 09, 2019
    • Max Life Insurance
      "App can be improved"
      0.5 4.0/5 "Great!"
      Recently I have started my policy with Max Life Insurance before 4 months back. I have tried the online comparisons and found MAX is good with reasonable premium. It was applied through online and the tenure is 15 years. The maturity amount is good depends on the market as well. They don't have direct login online facility but still I can view the statement through the site.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 28, 2019
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I have been holding the life insurance policy with the MAX LIFE INSURANCE and i am using it from last 20 years, the documentation process was simple and the customer support is good with this policy. It is the long term policy also the policy has good features.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 19, 2019
    • Max Life Insurance
      "Communication should be clear"
      0.5 3.5/5 "Pretty good"
      When I was taking this Max life insurance, they told I need to pay upto 60 years . Monthly I make Rs. 500, before the policy gets maturate if some thing happen to me, the nominees get the sum lump, if I live after 60 years, there is no benefits. They need to give at least partial amount to insured person. I am not aware of complete benefits before availing it.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 16, 2019
    • Max Life Insurance
      "good service "
      0.5 5.0/5 "Blown Away!"
      I have taken a Max Insurance from Bajaj Insurance company .This is a combine policy both Health and Term policy.The coverage was Rs. 15,00,000. Term policy can coverage was Rs. 1000000 and medical coverage Rs. 500000.I am getting Tax benefits for this policy to claim Tax.I am paying yearly Rs. 12000 premium.In medical still there is no claim so i have some no claim bonus .During renewal time i use to get call for renewal at that time i can re assist my coverage value also its good .I am holding this policy since 1 year customer service is good.
      Was this review helpful? 0
      , kochi
      Reviewed on Mar 14, 2019
    • Max Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken my life insurance policy with Max life insurance, Their service is good,The agent had clearly explain me about the policy and benefits, and they have charged me nominal premium amount, and on yearly basis i pay premium through on line.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 13, 2019
    • Max Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken my life insurance policy with Max life insurance, Their 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.but now i have closed this insurance ,as there was no return.
      Was this review helpful? 1
      , lucknow
      Reviewed on Mar 03, 2019
    • Max Life Insurance
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      I have taken my life insurance policy with Max life insurance. Their 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.i have pay up to 40,000,but i did not felt any kind of benefit,so i have closed this insurance,on year bases i was paying premium up to 20,000,for 2 installment i paid then i have closed it.
      Was this review helpful? 1
      , mumbai
      Reviewed on Feb 26, 2019
    • Max Life Insurance
      "Good Policy to protect the family with Max Life"
      0.5 5.0/5 "Blown Away!"
      I have term plan with Max Life, the claim ratio is really good. I do make the premium around Rs. 28k per annum until 60 years of my age , it laps the age of 82 days, there is a premium terminal for the disability, critical illness. On some certain demise my nominees will get Rs. 1 crore lump sum and also they will be getting monthly Rs. 40,000 for next 10 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 21, 2019
    • Max Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using my life insurance with Max life insurance , and their service is good. the agent had clearly explain me about the policy and coverage benefits. and the premium amount i use to pay on yearly basis. and i use to pay premium amount through on line.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 14, 2019
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my life insurance with MAX life, and the agent had clearly explained me about the policy coverage and benefits,i have taken this policy for my kids like after 12 years,they will be getting the coverage amount ,and the premium amount they have charged me on yearly basis, and i pay my premium through on line.Till now their service is good.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 11, 2019
    • Max Life Insurance
      "Good saving plan"
      0.5 4.0/5 "Great!"
      I have taken a saving plan from MAX LIFE and the tenure period is 18 years. It was purchased through online. Its a children plan and am paying per month 5K through online option via credit card. I have received the insurance paper. I will lump some amount once and there is bonus on every month.
      Was this review helpful? 2
      , bangalore
      Reviewed on Feb 08, 2019
    • Max Life Insurance
      "Good for saving"
      0.5 4.5/5 "Excellent!"
      I pay about Rs. 15000 for one year plan in Max Life, it has the term of 8 years again the period of 7 years I got some policy covered after maturity period, they tax benefits and life cover is good for any certain demise they have payment mode like online , cash.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Feb 07, 2019
    • Max Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using my life insurance with MAX life, and i have applied through on line, and the premium amount they have charged me on yearly basis, and i pay my premium through on line. I have been got the hard copy of the policy , and till now my experience with this insurance company was good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 30, 2019
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my life insurance with MAX life, and the agent had clearly explained me about the policy coverage and benefits, and the premium amount they have charged me on monthly basis, and i pay my premium through on line.Till now their service is good.
      Was this review helpful? 1
      , kochi
      Reviewed on Jan 27, 2019
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