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Max Life Max Super Life is a group term life solution that provides comprehensive protection against death due to both accidental, non accidental causes. This product is a widely prevalent benefit that helps a group in creating additional social security by means of life insurance for its members. It could be offered to the following groups:
A very popular & prevalent benefit offered as an employee welfare & retention tool employers across industry.
Any group which not organized for the sole purpose of obtaining insurance cover, the membership of the group must be defined clearly and no ambiguity should arise on the definition of membership. Once the membership is defined, all new entrants falling under the definition must be compulsorily included for cover under the scheme.
The scheme can be offered to any groups like school, college, members of employee welfare association, Community groups etc.
All employers to whom the Employee's Provident Fund & Miscellaneous Provision Act, 1952 applies, have a Statutory liability to subscribe to Employee's Deposit Linked Insurance Scheme, 1976, to provide r the benefit of Life insurance to all employees.
It applies to establishments employing 20 or more persons or co-operative societies employing 50 or more persons.
"This results in inadequate & differential benefit for the members of the same organization"
Section 17 (2A) of the Act, provides for grant of exemption from the operation of Employees' Deposit Linked Insurance Scheme, 1976. It is granted to an establishment, where the employees are without making any separate contribution or payment of premiumA regular payment made to the insurance company to keep the policy in force., are in enjoyment of benefits in the nature of Life Insurance whether linked to their deposits in Provident Fund or not and such benefits are more favorable than the benefits admissible under the Insurance Scheme. It is granted by the Central Provident Fund Commissioner by notification in the official gazette and is subject to conditions that may be specified in the notification.
For all practical purposes the establishment under Relaxation Order shall be treated on par with the establishment granted exemption. The Relaxation Order is issued under Para 28(7) of the Employees' Deposit Linked Insurance Scheme, issued by the regional provident fund office.
Post the issuance of the relaxation order a notification is sent by the organization to the office of Central provident fund commissioner, to start the process for Exemption under section 17 (2A) of the EDLI Act, an organization that has received the relaxation order will be treated at par with an exempted organization
As an organization shifts the scheme from the regional provident fund commissioner, they shall pay inspection charges at the rate of 0.005% of the basic wages and dearness allowance under Ac.22. Subject to a minimum of Re.1/- per month to RPFC (Regional Provident Fund Commissioner). & Ac. 21 will be submitted with the life insurance company.
Insurance is the subject matter of solicitation.Tax benefits are subject to change in tax laws.Life Insurance coverage is available in this product.
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Copyright © 2009 Max Life insurance Co. Ltd. All Rights Reserved.Registered Office: Max House, 1 Dr. Jha Marg, Okhla, New Delhi - 110020.IRDA - Registration No. 104. Insurance is the subject matter of solicitation ARN/Web/01.An ISO 9001:2008 Certified Company.