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  • Max Life Group Super Life Premier in lieu of EDLI

    Max Life Insurance

    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

    Assured Sum

    RS 3,61,000 per member

    RS 10,00,000 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: The policy ceases to cover a member upon the policy anniversary following or coinciding with the member attaining 75 years of age.

    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
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