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Max Life Group Plans

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

Most employers/organisations aim to improve the life of their employees/members, aiming to introduce a human touch to the way they operate. Given the fact that human resources are extremely critical to the success/failure of an organisation, one often expects additional benefits for being associated with a particular company/organisation. One way to improve this interaction is to provide members the feeling of security, through group plans.

Max Life offers a number of group insurance plans which work towards building a strong bond between people. Not only do they provide protection to members, they also help them deliver more, helping both the employer/organisation and the individual. The premiums on these policies are often cheaper than individual premiums for a similar number of people, making them an attractive option.

Benefits of Max Life Group Plans:

Listed below are a few benefits of Max Life Group Plans:

  • These provide life cover to the member/employee of an organisation at affordable costs.
  • An employer can choose to add/remove members from the policy as per changes in the organisation.
  • One can choose to enhance the protection offered under these plans.
  • They help improve employer-employee relationship.
  • These plans earn bonus/loyalty addition, based on the option chosen.
  • An employer is eligible for tax benefits under the Income Tax Act of 1961.

Types of Group Plans offered by Max Life:

Max Life Insurance currently offers six different group plans, as listed below:

Max Life Group Credit Life Premier:

This is a non-linked, single pay policy which provides protection to groups with a minimum of 50 members. It is designed to protect both, a borrower and a lender in the event of demise of borrower. Any loan which is outstanding at the time of death of borrower is covered under this plan.

Plan Name Entry Age Maturity Age Group Size Premium
Max Life Group Credit Life Premier Minimum:
  • 14 years (education loan)
  • 18 years (other loans)
Maximum: 75 years
Maximum: 77 years Minimum: 50 members Maximum: No limit Minimum: Rs.0.81 per member Maximum: No upper limit

Max Life Group Gratuity Premier Plan:

This is a unit linked plan which provides gratuity solutions to members. The scheme provides a death benefit on the demise of a member while the policy is in place. A maturity benefit is paid if the member resigns or retires from the organisation. The plan also offers guaranteed loyalty additions, depending on the fund size.

Plan Name Entry Age Maturity Age Group Size Premium
Max Life Group Gratuity Premier Plan Minimum: 18 years Maximum: 74 years Maximum: 75 years Minimum: 10 members Maximum: No upper limit Minimum: Rs.5 lakh Maximum: No upper limit

Max Life Group Super Life Premier:

This is a non-participating scheme which provides group cover for a period of one year. This plan covers the death of a member during the policy term, in which case a lump sum amount is paid to the nominee. There are no maturity benefits under this policy.

Plan Name Entry Age Maturity Age Group Size Premium
Max Life Group Super Life Premier Minimum: 18 years Maximum: 74 years Maximum: 75 years Minimum:
  • 10 members (employer-employee groups)
  • 50 members if it is not an employer-employee group
Maximum: No upper limit
Minimum: Rs.5,000 per year per member(excluding taxes) Maximum: No upper limit

Max Life Group Super Life Premier in lieu of EDLI:

This is an extension of the Group Super Life Premier scheme, in which the employer has subscribed to the Employee’s Deposit Linked Insurance Scheme of 1976. It provides a death benefit to the nominee of an employee in the event of his/her death.

Plan Name Entry Age Maturity Age Group Size Premium
Max Life Group Super Life Premier in lieu of EDLI Minimum: 18 years Maximum: 74 years Maximum: 75 years Minimum: 10 members Maximum: No upper limit Minimum: Rs.5,000 per member

Max Life Group Credit Life Secure:

This is designed for lending institutions, providing them a security cover in the event of demise of a borrower. The outstanding loan amount of a borrower is paid under this scheme, in the event of demise of borrower while the plan is in force.

Plan Name Entry Age Maturity Age Group Size Premium
Max Life Group Credit Life Secure Minimum: 15 years Maximum: 69 years Maximum: 70 years Minimum: 50 members Maximum: No upper limit Based on cover chosen

Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana:

This is a non-participating plan which is designed for banks and accountholders of said bank. The master policy is owned by the bank, with individuals holding savings bank account with it being protected under the policy. A death benefit is provided if a member passes away while the policy is in place.

Plan Name Entry Age Maturity Age Group Size Premium
Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana Minimum: 18 years Maximum: 50 years Maximum: 55 years Minimum: 50 members Rs.330 per member (excluding taxes)

Why do you need Max Life Group Plans?

Group plans offered by Max Life provide protection not just to the member, but also secure the interests of the master policyholder. These plans are affordable, helping employers retain employees, while creating a safer work environment. The flexibility offered in terms of renewing them makes it easy for organisations to review them accordingly.