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Max Life Group Term Life Platinum Assurance

Group term insurance is a term insurance scheme that covers an entire group of people.

Max Life Group Term Life Platinum Assurance plan (UIN: 104N112V01) is a comprehensive Group term insurance plan designed to safeguard the financial future of your employees and their dependents against death.

Regardless of the business size, this plan provides sufficient flexibility to cater to every need and scale. So, you can take the right step towards securing your employees' families from the unpleasant surprises of life.

For any organisation, its employees are its most valuable and critical assets. One of the challenges employers have to deal with nowadays, apart from creating a motivated workforce, is maintaining a healthy retention rate of fresh and experienced talent.

3 Reasons Why Max Life Group Term Life Platinum Assurance is Ideal for Employers

  • Single Policy is issued covering all members
  • Simplified risk assessment procedure
  • With low-cost insurance, you can improve employee retention

What does Max Life Group Term Life Platinum Assurance Plan offer?

What does Max Life Group Term Life Platinum Assurance Plan offer?

All You Need to Know about Max Life Group Term Life Platinum Assurance Plan

All You Need to Know about Max Life Group Term Life Platinum Assurance Plan

Insert Image Death Benefit

Payable on death. The sum assured under death benefit can be based on one of the following:

  • 100% of the Death Benefit Sum Assured will be paid immediately on the death of the Life Insured;
  • If an Accelerated Critical Illness (CI) Benefit claim has been paid, the Death Benefit is reduced based on the claim paid out as Accelerated CI Benefit.

Insert Image Surrender Benefit

On a member exiting from a scheme

Proportionate premium for the unexpired period of risk shall be paid to members as per schedule

Insert Image Add-on benefits

Spouse and Dependent Cover

As a master policyholder, you can choose to cover the lives of the spouse/ dependents of your staff and yourself with this add-on. The term cover would be subject to evidence of insurability as per the underwriting guidelines of Max Life and applicable premium rates.

* That said, cover for the spouse would cease immediately once the member exits from the scheme due to death, resignation, termination, divorce, or annulment of marriage. In such cases, a proportionate premium for the unexpired period of risk will be paid.

Voluntary Top-up for Employer–Employee Groups

With this add-on, employees can opt for additional Sum Assured and the Sum Assured available under the plan. However, this would also be subject to the evidence of insurability as per the underwriting guidelines of Max Life.

Moreover, once you enrol for the voluntary top-up anytime during the policy term, the premium will be charged proportionately for the remainder of the term.

Non-Forfeiture Benefits

In the case of an employer-employee group, if an employee chooses to exit from the group, the premium for the unexpired risk cover for the individual would be refunded to the master policyholder.

In the case of a non-employer-employee scheme, if an insured member chooses to exit from the group, the cover will continue till the expiration of the cover period for which the premium has already been paid unless a request is specifically received for the premium refund for the unexpired risk cover.

Overall, in both groups, when the master policy is surrendered, individual members get the option of either continuing the cover for the remaining period of risk or exiting from the plan.

In the latter case, Max Life would refund the premium for the unexpired risk cover, as per Regulation 35(l) of the IRDAI (Non-Linked Insurance Products) Regulations, 2013.

Features of Max Life Group Term Life Platinum Assurance

Type of Plan

It’s a non-linked &  non-participating, one-year
renewable Group Term Insurance Plan

Minimum Age at entry (for both base product & Optional Accelerated CI benefit option)

18 years

Maximum Age at entry (for employer-employee groups & affinity groups)

For Death Benefit: 80 years

 

For Accelerated CI Benefit option: 69 years

Maximum Cover Ceasing Age (for employee groups & affinity groups)

For Death Benefit: 81 years  
 

Accelerated CI Benefit option: 70 years

 

Maturity age/Cover ceasing age will be determined as on Policy Anniversary following or coinciding with 81 years of age (for Base Benefit) or 70 years (for Accelerated CI), whichever the case may be.

 

Policy Term

The policy term is one year. However, it can be renewed on its
annual renewal date by payment of premiums based on underwriting.

Premium Payment Modes

There are four different payment modes:

Annually

Half-Yearly

Quarterly

Monthly

Minimum Group Size

For Employer-Employee –  10 individuals;

 

For Non Employer-Employee / Affinity/ Other groups – 50 individuals;

 

Maximum Group Size

 No Limit

Minimum Sum Assured

For the base plan – Rs. 1,000 for each member;

For Accelerated Critical Illness benefit –  Rs 1,000 and up to 50% of the death benefit (capped at Rs. 10,000,000 for a member)

 

For EDLI – Rs. 2,50,000 or as per the Employees' Provident Fund
& Miscellaneous Provisions Act, 1952

 

Maximum Sum Assured

Base plan – No Limit (subject to Board Approved
Underwriting Policy)

 

Accelerated Critical Illness option – up to 50% of the death
benefit, capped at Rs. 10,000,000

Minimum Premium

Subject to minimum Sum Assured per member
and applicable premium rates

 

Maximum Premium

Subject to maximum Sum Assured per member
and applicable premium rates

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Premium Rates Table Download- Max Life Insurance
Policy Contract Download- Max Life Insurance

Additional Benefits through Riders^

Additional Benefits through Riders^

Wondering How Group Plans Offer Better Benefits than Other Forms of Insurance?

Understand Group Plans better

Why Choose Max Life

Here are some of the numbers that speak about our accomplishments

Why Choose Max Life

Here are some of the numbers that speak about our accomplishments
Claims Paid Percentage

99.51%

99.51%

(Source: Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023)

Max Life's Presence

269 Offices

269 Offices

(Source: As reported to IRDAI, FY 2022-23)

Sum Assured

₹1,397,142 Cr.

₹1,397,142 Cr.

In force (individual) (Source: Max Life Public Disclosure, FY 2022-23)

Assets Under Management

₹122,857 Cr.

₹122,857 Cr.

(Source: Max Life Public Disclosure, FY 2022-23)

More reasons why our customers choose us

Let’s Connect

Let’s Connect

Online Sales Helpline
0124 648 8900
 (09:00 AM to 09:00 PM Monday to Saturday)

service.helpdesk@maxlifeinsurance.com
SMS 'LIFE' to 5616188

Let us call you back
Customer Service Helpline
1860 120 5577
(9:00 AM to 6:00 PM Monday to Saturday)
  Chat with us

Please write to us in case of any escalation/feedback/queries.

Write to us
NRI Helpdesk
011-71025900; 011-61329950
(9:00 AM to 6:00 PM Monday to Saturday)

nri.helpdesk@maxlifeinsurance.com