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    Group Gratuity Premier Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Frequently Asked Questions (FAQs):

    1. What is the charge for Fund Management?

      Fund Management Charge (expressed a as percentage of Fund Value)
      Fund Type Conservative Balanced Bond Growth
      Charge 0.40% p.a. 0.45% p.a. 0.40% p.a. 0.50% p.a.
    2. Does the company charge any fee for premium allocation and policy administration?

      A. No, the company does not charge any fee for premium allocation and policy administration.

    3. What is the charge for Switching?

      A. There is no charge for Switching. Policyholders can make unlimited switches for free.

    4. What is mortality charge?

      A. Mortality charge is recovered by deducting units every policy monthiversary from the unit account. It is deduct mortality charge for Rs.1,000 of the Sum Assured. Mortality charge is guaranteed for 1 year policy term.

    5. What is premium redirection charge?

      A. No fee is charged for premium redirection.

    6. What is surrender charge?

      A. Surrender charge is taken if funds are withdrawn before policy completes 3 years. It is 0.05% of Fund Value (Maximum – Rs.5 Lakhs). If funds are withdrawn after 3 years, then surrender charge is not imposed.

    7. How is the price of a Unit calculated?

      A. The price of a Unit is calculated using the following formula:

      [Market value of investments held by segregated fund + Value of current assets – (Value of current liabilities and provisions, if there are any)] / Number of Units existing on Valuation Date (before creation/redemption of Units)

    8. Is grace period available for gratuity contributions?

      A. No, grace period is not available for gratuity contributions.

    9. Does this policy provide loan?

      A. No, this policy does not provide loan.

    10. Does this policy allow top-ups?

      A. No, this policy does not allow top-ups. It is allowed only if there is a deficit in gratuity funding liability.

    11. How to make a claim under this policy?

      A. To make a claim under this policy, the following has to be submitted:

      • Beneficiary’s statement in the form that has been prescribed by Max Life Insurance.
      • In case of death or disablement of a member, hospital treatment certificate and statement of the attending physician has to be submitted.
      • Leave records that is maintained by the employer.
      • Employer certificate for last drawn salary.
      • ID proof of the beneficiary or member with photographs and signatures.
      • Other documents requested by the company.