Max Life Group Gratuity Premier Plan

Max Life Insurance Company Ltd is a joint venture between Max India Ltd and Mitsui Sumitomo Insurance Co. Ltd. It is one of India's leading private and offers holistic insurance and retirement solutions. The objective of a gratuity scheme is for an employer to pay the employees a total sum at the time of gratuity, upon their exit from service due to resignation, retirement, termination from service and permanent total disablement or death whilst in service. Gratuity payment made by employers are not only an act of recognition for the service of the employee to the company but also acts as a motivator for the employee.

Key features of Max Life Group Gratuity Premier Plan:

  • Max Life Group Gratuity Premier Plan offers 4 which are Conservative, Growth, Balanced and Bond fund.
  • The plan also offers some of the lowest charges in the market. Charges such as switching charge, premium allocation charge, premium redirection charge and policy administration charge have been waived. The only charges that are applicable mortality, fund management and surrender charges.
  • offers a guaranteed loyalty addition of 0.1% per annum as a percentage of unit fund. This percentage is added at the end of every month anniversary in cases where the fund value is equal to or above 10 crores.

Benefits of Max Life Group Gratuity Premier Plan:

Benefits of is as follows:

In the event of

When and how the benefits are payable

Size of the benefit/policy monies

Surrender or termination of the scheme.

The policy can be surrendered or terminated at any time by giving a notice 3 months prior.

Fund value after the applicable surrender charges are levied.

Maturity of the member.

Upon resignation or retirement of a member from employment.

The benefit payable is the accrued gratuity based on the salary at the time of retirement or resignation. It is subject to availability of funds in the scheme and subject to rules of the scheme.

Loyalty Additions.

Guaranteed loyalty payment is applicable and payable only if the policy is in force.

If the fund size at the time of loyalty addition is greater than or equal to Rupees 10 crores then loyalty addition is 0.1% per annum. If fund size is lower than 10 crores loyalty addition is nil.

Death of member.

Upon death of the member but applicable only is policy is in force.

The Benefit payable is subject to scheme rules. It is the accrued gratuity and is calculated based on the salary at the time of death. It is subject to availability of fund in the scheme along with an amount of RS 1000 from the compulsory insurance cover.

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

Initial Contribution

Minimum Initial Contribution is RS 5,00,000

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

Along with these, the other eligibility criteria are:

  • Term of policy: The term of the Max Life Group Gratuity Premier Plan is a 1 year renewable scheme
  • Assured Sum: The policy offers RS. 1000 as fixed life insurance cover per member.
  • Cover ceasing age: The policy ceases to cover members upon them attaining 75 years of age.

Investment of funds:

Below are the funds a policyholder may choose to invest in which can be amended at a later date:

  • Bond Fund: The Bond Fund's objective is to create higher returns in the fixed income space by utilizing a dynamic mix of investments in government securities and corporate bonds. It also draws liquidity support through a small proportion invested in mixed market instruments. The risk reward trade off between corporate bonds and government securities is used as a guiding factor deciding the mix of the 2 investment classes.
  • Conservative Fund: The Conservative Fund's objective is to minimize risk by investing in low risk assets. It does not invest in equities and only in government securities and corporate bonds.
  • Balanced Fund: The objective of this fund is to have a balanced risk return profile. It utilizes a balanced mix of investments in government securities, corporate bonds, money market instruments and equities.
  • Growth Fund: The fund's objective is to maximize growth. It utilizes a mix of government securities, money market instruments, corporate bonds and equities but devotes a relatively higher investment proportion towards equities since there is a higher returns expectation from the fund.

Below is the table depicting the investment mix of the funds:

Type of Asset

Bond fund

Conservative Fund

Balanced fund

Growth Fund

Government Securities

60 to 100

50 to 80

20 to 50

0 to 30

Corporate Bonds

60 to 100

0 to 50

20 to 40

0 to 30

Money Market Instruments

0 to 40

0 to 20

0 to 20

0 to 20

Equities

Nil

Nil

10 to 40

20 to 60

Risk factor

Low Risk

Low Risk

Medium Risk

High Risk

Charges involved in the plan:

Type of Charge

Amount

Premium Allocation Charge

Nil

Switching Fee

Nil

Termination/Surrender Charge

Not applicable after completion of 3 policy years. 0.05% charge if fund is terminated or withdrawn before completion of 3 policy years subjected to a cap of RS 5,00,000

Fund Management Charge

Conservative Fund = 0.40% P.A

Growth Fund = 0.50% P.A

Balanced Fund = 0.45% P.A

Bond Fund = 0.40% P.A

Policy Administration Charge

Nil

Premium Redirection Charge

Nil

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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Plan Benefits

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Customer Service

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Max Life Group Gratuity Premier Plan Reviews

Page 1 of 31 1 2 3 4 5
  • Max
    "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? 3
    , bangalore
    Reviewed on Mar 20, 2020
  • Max
    Max
    "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? 4
    , nasik
    Reviewed on Mar 16, 2020
  • Max
    "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? 1
    , dehradun
    Reviewed on Mar 16, 2020
  • Max
    "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? 4
    , dehradun
    Reviewed on Mar 16, 2020
  • Max
    "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? 3
    , dehradun
    Reviewed on Mar 16, 2020
  • Max
    "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? 2
    , rajkot
    Reviewed on Mar 05, 2020
  • Max
    "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? 3
    , ahmedabad
    Reviewed on Feb 17, 2020
  • Max
    "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
    "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? 3
    , bangalore
    Reviewed on Feb 12, 2020
  • Max
    "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? 1
    , hyderabad
    Reviewed on Feb 10, 2020
  • Max
    "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? 21
    , gurgaon
    Reviewed on Jan 09, 2020
  • Max
    "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? 1
    , surat
    Reviewed on Jan 06, 2020
  • Max
    "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? 3
    , surat
    Reviewed on Jan 06, 2020
  • Max
    "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
    "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? 4
    , coimbatore
    Reviewed on Dec 04, 2019
  • Max
    "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
    "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
    "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? 4
    , jaipur
    Reviewed on Oct 03, 2019
  • Max
    "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
    "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? 1
    , tirunelveli
    Reviewed on Sep 24, 2019
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