Max Life Group Super Life Premier

Organizations these days have to often compete with each other to acquire and retain the top talent. They have to look for ways to keep their workforce motivated. To this end, ensuring competitive compensation and benefits is most critical. This is where group insurance schemes come into the picture. As a crucial component of the employee benefits, a group insurance scheme helps you create a safety net for your employees and their families. Max Life Group Super Life Premier is a flexible group plan that can be clubbed with available riders to enhance protection for your employees and their families.

3 reasons why this is an ideal plan for employers:

You can provide better financial protection to your employees’ families
With low cost insurance you can improve employee retention
You can get certain tax benefits based on the prevailing tax laws

What does this plan offer?

Low Cost Coverage

As a single policy is issued covering all members, the cost of group coverage is far less than a similar amount of individual protection

Administrative Ease

Get better service levels via group servicing team and a dedicated relationship manager to manage your account

Swift Claim Settlement

A simple and speedy claim settlement process to meet your organization's expectations

Tax Benefit

Get tax benefits¹ on premiums and claims based on the prevailing tax laws

Here’s all you need to know about this plan

Plan Benefits

Death 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:

A uniform cover for all members covered under the plan
Salary Multiple linked to service/outstanding service or age; or in bands of service or age; or by some objective formula
Grade wise cover based on category of member
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 ₹5,000 per member

Surrender Benefit

In case a member exits from a scheme, he/she will receive a proportionate refund of premium for the unexpired period of risk.

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.

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

Tax Benefit

Get tax benefits¹ on premiums and claims based on the prevailing tax laws

Premium paid by the employer would be treated as business expense under section 37(1) of the Income Tax Act, 1961
All death claim payments are exempted from tax under Section 10(10D) of the Income Tax Act, 1961

Add-on benefits

You can get certain add-on benefits (Additional Options subject to underwriting) for your employees.

These benefits may include:

Spouse and Dependent Cover- employer can include employees’ family members in the scheme
Voluntary Top-ups - employees can opt for additional Sum Assured

For more details please refer the policy brochure or get in touch with our corporate manager.

Eligibility Criteria

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 – ₹1,00,000 for a scheme. ₹5,000 for a member
Maximum sum assured - No limit, but subject to underwriting
Minimum premium - ₹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 (age last birthday)
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.

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Leaflet
Premium Rates Table
Policy Contract

Additional Benefits through Riders

Max Life Group Accidental Death Benefit Premier Rider

Enhance protection against any unfortunate accident leading to the death of the member insured. This rider benefit is above the life cover under your base plan. (For further details, please refer to Max Life Term Plus Rider, UIN - 104B024V02)

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Rider Rates

Max Life Group Accelerated Terminal Illness Rider

Get additional protection cover in case of any Terminal Illness leading to death of the member insured within 6 months of being diagnosed with the illness. (For further details, please refer to Max Life Group Accelerated Terminal Illness Rider, UIN – 104B028V02)

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Rider Rates

Max Life Group Critical Illness (Additional Benefit) Rider

Provide additional cover against any of the 12 specified critical illnesses to the member insured who is diagnosed for the first time (in lifetime) with the illness. (For further details, please refer to Max Life Group Critical Illness (Additional Benefit) Rider, UIN – 104B031V02)

Downloads

Rider Rates

Max Life Group Accidental Death Benefit Premier Rider

Enhance protection against any unfortunate accident leading to the death of the member insured. This rider benefit is above the life cover under your base plan. (For further details, please refer to Max Life Term Plus Rider, UIN - 104B024V02)

Downloads

Rider Rates

Max Life Group Accelerated Terminal Illness Rider

Get additional protection cover in case of any Terminal Illness leading to death of the member insured within 6 months of being diagnosed with the illness. (For further details, please refer to Max Life Group Accelerated Terminal Illness Rider, UIN – 104B028V02)

Downloads

Rider Rates

Max Life Group Critical Illness (Additional Benefit) Rider

Provide additional cover against any of the 12 specified critical illnesses to the member insured who is diagnosed for the first time (in lifetime) with the illness. (For further details, please refer to Max Life Group Critical Illness (Additional Benefit) Rider, UIN – 104B031V02)

Downloads

Rider Rates

Wondering how group plans offer better benefits over other forms of insurance?

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What our customers have to say

It is not what you do, but how you do that makes the difference. This focus on doing things the right way allows us to maintain highest of standards, both internally and also for our clients. We believe that Max Life Insurance also shares similar work ethos and their plans are among the best in the Industry. I will recommend Max Life Insurance to businesses and organizations who want to provide better benefits to their employees.

CEO

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A smart and flexible insurance product made for your employees

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A flexible Group Term Insurance plan for better protection of your employees