Max Life Group Super Life Premier and Policy
Max Life Group Super Life Premier and Policy - Employees are an integral component to any business in any sector. Retaining employees in the face of growing attrition is a key challenge faced by employers. The Max Life Group Super Life Premier policy ensures that employers are able to recognize their employees’ contributions through service to the company by securing benefits for them.
Key features - Max Life Group Super Life Premier and Policy
-
It is an effective tool to secure the employee's future against death.
-
Death benefit received by beneficiary is free from taxation.
-
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.
-
Employees are able to achieve life insurance through the additional insurance cover option (voluntary top up).
-
The plan also offers a variety of riders under the policy that cover events due to death by accident, terminal, critical illnesses and total disablement due to accidents..
-
It has the option for spouse and dependent cover.
Benefits - Max Life Group Super Life Premier and Policy
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 monie |
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. |
Survival Benefit |
NA |
NA |
Maturity |
NA |
Nil |
Surrender |
Benefits will be payable when the member exits the scheme |
The benefit payable is the proportionate premium for the unexpired period of risk. |
Eligibility Criteria - Max Life Group Super Life Premier and Policy
Below are the criteria for eligibility for Max Life Group gratuity Premier Plan:
Criteria |
Minimum |
Maximum |
Group Size |
Minimum size of group is 10. 50 members in case of non employer employee groups |
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, 64 years for non employer employee groups |
Assured Sum |
RS 1,00,000 for a scheme. RS 5000 for a member. |
No limit but is subject to underwriting. |
Premium |
RS 5000 P.A. excluding extra mortality, rider premium and service tax. |
Subject to board approved underwriting policy |
Along with these, the other eligibility criteria are:
- Term of policy: The term of the Max Life Group Super Life Premier Plan is 1 year
- Event covered: The policy covers the event of Death (accidental or natural).
- 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 and upon attaining 65 years of age for non-employer employee groups.
- Modes of premium: Premium payment modes are annual, semi-annual, quarterly and monthly.
Riders - Max Life Group Super Life Premier and Policy
The Max Life Group Super Life Premier in lieu of EDLI offers 4 riders in its policy. They have been listed below:
- Max Life Group Accelerated Terminal Illness Rider: This rider covers the event of terminal illnesses. It has a policy term of 1 year with minimum age of entry being 18 years, maximum being 74 years and the policy attains maturity upon insured member attaining 75 years of age. Terminal illness is a 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 6 months of diagnosis. If an insured member is diagnosed with a terminal illness during the policy term, the payment will be 100% of the death benefits subject to a maximum of RS 50 lac. 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.
- Max Life Group Accidental Death Benefit Premier Rider: This rider with a policy term of 1 year covers events due to death by accident. It 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 minimum sum assured is RS 5000 and the maximum sum assured is RS 50 lac provided the rider sum assured does not exceed the assured sum of the base policy. 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.
- Max Life Group Total and Permanent Disability (Accident) Premier: This rider with a term policy of 1 year covers the event of total and permanent disability due to accident provided the accident took place during the policy term. The benefit will be paid within 180 days of the date of the accident. The minimum sum assured is RS 5000. The maximum sum assured is RS 50 lacs provided rider sum assured does not exceed sum assured under base plan of the scheme. It has a minimum entry age of 18 years, maximum entry age of 65 years and reaches maturity when member attains 66 years of age. There are 4 modes of premium payment which are annual, semi-annual, quarterly and monthly.
- Max Life Group Critical Illness (Additional Benefit) Rider: The rider term is 1 year and covers the event of critical illness. Critical illness will be valid if insured member for the first time in their life is diagnosed with one of the 12 critical illnesses covered by the policy. The benefit will be paid out if insured survives 30 days after date of first diagnosis. It has a minimum entry age of 18 years, maximum entry age being 65 and rider reaching maturity when member attains 66 years of age. It has 4 types of premium payments. They are annual, semi-annual, quarterly and monthly. The minimum sum assured is RS 5000 per member. The maximum sum assured is RS 50 lac provided rider sum assured is lesser than sum assured under base plan of the scheme.
Max Newyork Group Life Insurance Plans and Policy |
|
| Max Newyork Protection Plans |
|---|
| Max Life Cancer Insurance Plan |
| Max Life Super Term Plan |
| Max Life Premium Return Protection Plan |
| Max Newyork Child Insurance Plans |
|---|
| Max Life Future Genius Education Plan |
| Max Shiksha plus Super Plan |
| Max Newyork Retirement Plans |
|---|
| Max Life Forever Young Pension Plan |
| Max Life Guaranteed Lifetime Income Plan |
| Max Life Life Perfect Partner Super Plan |
| Max Newyork Growth Insurance Plans |
|---|
| Max Life Fast Track Super Plan |
| Max Newyork Savings Plans |
|---|
| Max Life Guaranteed Income Plan |
| Max Life Whole Life Super |
| Max Life Life Gain Premier |
| Max Newyork Group Insurance Plans |
|---|
| Max Life Group Gratuity Premier Plan |
| Max Life Group Super Life Premier in lieu of EDLI |
| Max Life Group Super Life Premier |