Max Life Group Super Life Premier in lieu of EDLI

Great organizations are driven by happy employees. Business owners realize the importance of keeping their workforce motivated. That’s why ensuring competitive compensation and benefits is important. As a crucial component of employee benefits, group insurance can help you create a safety net for your employees and their families. Max Life Group Super Life Premier is one such plan that helps you offer financial security to your employees. It is also a better alternative for EDLI Plan of EPFO.

 

As per the government norms, it is mandatory for employers to subscribe an EDLI (Employee Deposit Linked Insurance) plan for all employees who are covered under Employees' Provident Fund. However, under EDLI scheme, benefits do not exceed ₹3,60,000. Max Life Group Super Life Premier can extend life coverage benefit up to ₹6,00,000. As this plan helps you offer better benefit to your employees, you can get an exemption from the EDLI scheme.

 

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 tax benefits while meeting compliance

What does this plan offer?

What does this plan offer?

Better Coverage

Provide a benefit up to ₹6,00,000, which is more than RPFC norms (Regional Provident Fund Commissioner)  

Lower Cost

Premiums are usually lower than what you will pay to RPFC particularly when the average age of the group is low / employees are involved in desk jobs or light manual work

Administrative Ease

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

Swift Claim Settlement

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

Assistance in Paperwork

Assistance in documentation for getting relaxation from the office of RPFC

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

Here’s all you need to know about this plan

Insert Image 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

Insert Image 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

Insert Image 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

Insert Image 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.

Minimum entry age - 18 years age last birthday

Maximum entry age - 74 years age last birthday

Maximum maturity age - 75 years age last birthday

Maturity age/Cover ceasing age will be determined as on Policy anniversary following or coinciding age 75 years

Minimum Uniform Sum Assured - Rs. 6,01,000 per member

Maximum Sum Assured - Rs. 6,10,000 per member

Tenure - One year and renewable thereafter

Payor of premium - Employer

Minimum group size - 10

Maximum group size - No limit

Minimum Premium - Rs. 5,000 per annum per scheme

Premium mode - Annual, semi-annual, quarterly, and monthly

Leaflet
 Download- Max Life Insurance

Additional Benefits through Riders

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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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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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

Wondering how group plans offer better benefits over 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
What our customers have to say
What our customers have to say

“We are an employee first organization offering best of the benefits to our employees and their families. After evaluating several group insurance scheme for employees, we shortlisted Max Life Insurance. Their plans meet our specific requirements. We were very impressed with their prompt response and I think their support is among the best in the industry.”

CEO, a leading Pharmaceutical Company in India

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

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Customer Service Helpline
1860 120 5577
(9:00 AM to 6:00 PM Monday to Saturday)
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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