Product Information
Group Plans
Max Life Group Super Life Premier
Synopsis:
A flexible group plan that can be clubbed with available riders to enhance protection for your employees and their families.
Features:
- With low cost insurance you can improve employee retention
- Low cost coverage
- Swift claim settlement
- Tax benefit
Benefits:
- Death Benefit
- Surrender Benefit
- Tax Benefit
In case of an employee’s death (natural or accidental), the employee’s family/nominee will receive a lumpsum.
The sum assured under death benefit can be based on one of the following:
1.A uniform cover for all members covered under the plan
2.Salary Multiple linked to service/outstanding service or age; or in bands of service or age; or by some objective formula
3.Grade wise cover based on category of member
4.Any other sum chosen by the customer suiting his/her needs basis the scheme rules
Benefit formula would be chosen in such a way that a minimum Sum Assured is Rs.5,000 per member.
In case a member exits from a scheme, he/she will receive a proportionate refund of premium for the unexpired period of risk.
1.In case of employer-employee scheme, if an individual member exits from the group due to reasons other than death, cover will continue till the end of the period of coverage for which the premium has been received unless specifically a request is received for the refund of premium for the unexpired period of risk.
2.In both employer employee schemes and non employer employee schemes, on surrender of the master policy, an option to the individual members of the group shall be provided whether to continue the cover for the unexpired period of risk or to exit from the scheme in which case we shall be providing the refund of premium for the unexpired period of risk, in accordance with section 35 (l) of the non-linked product regulations 2013.
Get tax benefits1on premiums and claims based on the prevailing tax laws.
1.Premium paid by the employer would be treated as business expense under section 37(1) of the Income Tax Act, 1961.
2.All death claim payments are exempted from tax under Section 10(10D) of the Income Tax Act, 1961.
Eligibility:
| Policy Term : | 1 year |
| 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 limit |
| Event covered : | Death (natural or accidental) |
| Minimum sum assured : | Rs.1,00,000 for a scheme. Rs.5,000 for a member |
| Maximum sum assured : | No limit, but subject to underwriting |
| Minimum premium : | Rs. 5,000 per annum per scheme excluding extra mortality, rider premium, and taxes, cesses & levies as imposed by the Government. |
| Maximum premium : | Subject to board approved underwriting policy |
| Minimum Entry Age : | 18 years |
| Maximum Entry Age : | 74 years (age last birthday) for employer-employee groups; 64 years (age last birthday) for non-employer-employee groups |
| Maximum Maturity Age : | 75 years (age last birthday) for employer-employee groups; 65 years (age last birthday) for non-employer-employee groups. Maturity age/Cover ceasing age will be determined as on Policy anniversary following or coinciding age 75/65 years, as the case may be. |