About Max Life Group Insurance Plans

Max Life Insurance Company Limited has a number of effective group insurance plans on offer. Let’s have a look at the different Max Life Group Insurance Plans below:

Max Life Group Credit Life Premier Plan

Max Life Group Credit Life Premier Plan is basically a single pay non-linked non-participating group term insurance plan. Some of the features and benefits of this Max Life group insurance plan include the following:

Death Benefit:

  • Level Cover: Under Max Life Group Credit Life Premier Plan, for level cover, the amount payable will be the Sum Assured or Risk Cover.
  • Decreasing Cover:The Risk Cover or Sum Assured will decrease on the basis of the Sum Assured Schedule (SA Schedule) derived by means of the Coverage Term and the Loan Interest Rate at the time of the beginning of coverage.

Surrender Benefit:

  • 70% of the Premium (not including cesses and taxes) received with respect to member x Term Factor x SA Factor where Term Factor = Unexpired Policy Tenure in months (ignoring days) divided by Original Policy Term in months and SA Factor = Outstanding SA (on the basis of the Certificate of Insurance) divided by Maximum SA until Surrender date (on the basis of Certificate of Insurance).

Group Size:

  • 50 members within a policy year
  • No such limit is imposed on maximum members

Age Limit:

  • In case of education loan: 14 years
  • In case of any other means of loan: 18 years
  • Maximum Entry Age - 77 years

Face Amount:

  • Rs. 5000/- per member

Policy Term:

  • 2-40 years

Premium Amount:

  • Rs. 0.81 per group member assuming standard life and not including cesses, taxes and levies as imposed by the Government of India.
  • No such limit is imposed on the maximum amount.

Max Life Group Gratuity Premier Plan

Max Life Group Gratuity Premier Plan is a unit-linked non-participating group insurance plan. Let’s have a look at the special features and benefits of this Max Life Group Insurance plan below:

Death Benefit:

  • The payable amount will be accrued gratuity on the basis of the salary at the time of death. However, it is subject to availability of fund in the scheme plus an amount of Rs. 1,000/- from the necessary insurance cover.

Surrender Benefit:

  • On the basis of the respective salary.

Loyalty Additions:

  • On the basis of the Fund Value. These benefits are added to the ‘Unit Fund’ in form of added units and payable only in case policy is in force.

Group Size:

  • Minimum: 10 at the time of opting for the plan
  • Maximum: No limits imposed

Age Limit:

  • Minimum - 18 Years
  • Maximum - 74 Years

Life Cover:

  • Fixed life insurance cover of Rs. 1,000/- per member.

Policy Term:

  • One Year Renewable Scheme

Premium Amount:

  • Minimum: Rs. 5,00,000/-
  • Maximum: No limits imposed

Max Life Group Super Life Premier

Max Life Group Super Life Premier is basically a non-participating non-linked 1 year group insurance policy.

Death Benefit:

  • The payable amount will be a consistent cover for all members covered under this plan
  • Or, Salary Multiple linked to service/outstanding age or service; or by any objective formula; or in bands of service or age
  • Or, Grade wise cover based on the category of member
  • Or, any other sum selected by the customer matching his/her requirements on the basis of the scheme rules. Minimum Sum Assured amount is Rs. 5,000/- per member

Tax Benefit:

  • Under Section 37(1) of the Income Tax Act, 1961, the premiums paid by the employer would be treated as business expense.
  • Under Section 10(10D) of the Income Tax Act, 1961, all death claim payments are exempted from tax.

Add-on Benefits:

  • Dependent and Spouse Cover - employer can include employees’ family members in this Max Life group insurance plan.
  • Voluntary Top-ups - employees can choose additional Sum Assured.

Additional Benefits through Rider

  • Max Life Group Total and Permanent Disability (Accident) Premier Rider
  • Max Life Group Accelerated Terminal Illness Rider
  • Max Life Group Critical Illness (Additional Benefit) Rider
  • Max Life Group Accidental Death Benefit Premier Rider

Group Size:

  • Minimum group size - 10 Members (in case of Employer-Employee Groups) and 50 Members (in case of Non-Employer-Employee Groups)
  • Maximum group size - No limits imposed

Age Limit:

  • 18 to 74 years

Sum Assured:

  • Minimum sum assured: Rs. 1, 00,000/- for a scheme. Rs. 5,000 for a member.
  • Maximum sum assured: No limit imposed

Policy Term:

  • 1 year

Premium Amount:

  • Minimum premium – Rs. 5,000 per annum per policy apart from extra mortality, taxes, rider premium, cesses and levies as imposed by the Government of India.
  • Maximum premium – It is subject to board approved underwriting policy.