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Max Life

Group Gratuity Plus Plan

Max Super Life plan -  group term life insurance policy

UIN 104L074V01

The purpose of a gratuity scheme is to provide the employees a lump sum benefit called gratuity, after they have put in the minimum required years of service as specified in the Gratuity Scheme Rules, on their exit from service due to:

  • Retirement.
  • Permanent total disablement whilst in service.
  • Death whilst in service due to accident or natural causes.
  • Resignation/Termination from service.

However, the minimum required year of services shall not apply in case of death and disablement of the employee due to accident or natural causes.

Gratuity payment is made by the employer as a mark of recognition of the service completed by the employee to the Company. This payment may also act as an incentive for motivating the employee. The Payment of Gratuity Act, 1972, makes it obligatory on the part of the employers who come under its purview, to pay a minimum gratuity to their employees at the rate of 15 days' wages based on wages last drawn for each year of service, subject to a maximum of Rs. 10 lacs . The employer can also pay better benefits than stipulated in the Payment of Gratuity Act, 1972.

Max Life Groupgratuityplusplan
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    Plan Benefits

    Our Unit Linked Max Life Group Gratuity Plus Plan facilitates the employers to fund their gratuity liability in the most effective manner. This plan helps the employer in the following ways:

    • The gratuity fund is built up systematically to meet the future gratuity payments
    • The fund will earn returns as per the performance of the funds opted by the client. Better market performance will increase returns and reduce cost to the employer
    • Assistance in the formalities required for the formation of the trust and approval of the fund
    • Assistance in the administration of the scheme

    Key Benefites

    • The plan allows employers to opt for life insurance cover together with the gratuity benefit payments.
    • The initial and annual contributions will be invested in accordance with the terms of the Policy and will be made available to make benefit payments as requested by the Trustees*

    *If at any point in time, the account value is not sufficient to pay the benefits, the Policyholder will pay the shortfall. Liability of Max Life Insurance will be limited to the account value

    Policyholder may choose to invest in any one or more of the four funds: Conservative, Balance, Growth Fund or Group Gratuity Bond Fund in a given proportion chosen by them. At a later date, they may amend this proportion by giving a notice of at least 7 days to the Company.

    The investment mix of these funds is as follows:

    Asset Type Conservative Fund ULGF00317/04
    CONSER104 (%)
    Bond Fund ULGF00707/02/
    PLBOND104 (%)
    Balanced Fund ULGF00217/
    BALANC104 (%)
    Growth Fund ULGF00117/04/
    GROWTH104 (%)
    Low RiskLow RiskMedium RiskHigh Risk
    Govt. Securities50 - 8060 – 10020 – 500 - 30
    Corporate Bonds0 - 5020 – 400 - 30
    Money Market 
    0 - 200 – 400 – 200 - 20
    EquitiesNilNil10 - 4020 - 60

    Key Charges and Frequency of Charges

    *Above charges subject to Service Tax & Education Cess as per applicable laws.


    Are you eligible

    • Minimum Annual Contribution – Rs. 500,000 per scheme
    • Sum Assured – Rs. 1,000 per member. In case the employer opts for a higher amount of life cover that is either uniform across all members or based on the future service gratuity liability or as per any other formula given in the scheme rules, the same would be provided under Company's approved Group Term Product
    • Group Size – Minimum: 10; Maximum: No limit
    • Policy Term - One Year Renewable Scheme


    • Applicable Service Tax, Cess and any other taxes as imposed by the Government from time to time will be deducted from the premiums received.
    • Max Life Insurance Company Limited is a joint venture between Max India Limited and Mitsui Sumitomo Insurance Co. Ltd. Max Life Insurance Company Limited , 11th floor, DLF Square Building, Jacaranda Marg, DLF Phase II, Gurgaon (Haryana) - 122002
    • Unit Linked Insurance products are different from the traditional insurance products and are subject to the risk factors.
    • The premium paid in Unit Linked Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of funds and factors influencing the capital market and the Policyholder/Insured is responsible for his/her decisions.
    • Max Life Insurance Company Limited is only the name of the Insurance Company and Max Life Group Gratuity plus Plan is only the name of the Unit Linked Group Insurance Plan and does not any way indicate the quality of the contract, its further prospects, or returns.
    • Please know the associated risks and the applicable charges, from your insurance agent or the intermediary or Policy document of the Insurer.
    • The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these funds, their future prospects, and returns.
    • Insurance is the Subject matter of solicitation.
    • You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws.
    • Max Life does not guarantee the value of the units. Depending on the market risk and the performance of the funds to which the units are referenced, the value of the units may fall, rise or remain unchanged. The funds do not offer a guaranteed or assured return.
    • All benefits payable under the policy are subject to applicable laws. By definition this is a non-participating policy. This Policy or any benefits hereunder are non assignable.
    • The employer/Trust is solely responsible and liable for making provision and for payment of gratuity benefit to its employees. The Company undertakes only to manage the funds for the Policyholder and assumes no liability in respect of the gratuity benefit. The actuarial valuation is not an assurance or a guarantee that the funds will perform in a certain way or that gratuity liability will be completely met by the fund.
    • No loan can be availed under the Policy
    • IRDA - Registration No. 104.



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