Max Life Group Super Life Premier in lieu of EDLI is a non-participating one year group term insurance plan offered by Max Life Insurance. This life insurance scheme helps employers provide protection to the families of their employees in case of death. Under this policy, a single contract provides coverage to a group. The employers can allow voluntary top-ups and additional benefits through riders for their employees. For them, the policy does the work of an employee retention tool. People can avail tax benefits on the premium paid and benefits received. The plan benefits employees by providing them free cover limit, additional cover option and death benefit. Discounts and loadings are applicable for customers who are a part of this plan. Premium for this Max Life group plan starts from Rs.5,000* p.a.
*Premiums vary based on age, location, plan term and other factors.
Max Life Group Super Life Premier in lieu of EDLI can be availed only if the eligibility requirements are fulfilled. The eligibility criteria for this policy is mentioned below:
|Type||Non-participating one year group term insurance plan|
|Renewal||Can be renewed every year.|
|Policy Term||1 year.|
|Minimum size of the group (at the start)||Employer-Employee Group – 10 members Non Employer-Employee Group – 50 members|
|Maximum size of the group||No Limit|
|Minimum Age at Entry (age as on last birthday)||18 years|
|Maximum Age at Entry||Employer-Employee Group – 74 years Affinity Groups – 64 years|
|Maximum Cover Ceasing Age (as on last birthday)||Employer-Employee Group – 75 years Affinity Groups – 65 years|
Face value in life insurance is the death benefit, which the beneficiary or nominee receives after the death of the member or policyholder. The minimum and maximum face amount for this policy is:
|Minimum Face Amount||For Scheme – Rs.1 Lakh For each member – Rs.5,000|
|Maximum Face Amount||No Limit|
Premium for this policy can be paid using annual, half-year, quarterly and monthly payment modes. The minimum and maximum premium for this policy is:
|Minimum Premium||Rs.5,000 p.a.|
|Maximum Premium||It depends on the company.|
*Premiums vary based on age, location, plan term and other factors.
**Premium amount is exclusive of taxes, cesses, rider premium and additional mortality premium. The minimum premium for each member is dependent of the minimum Sum Assured for each member and the premium rates.
For every employee who is covered under the EPF and Miscellaneous Act of 1952, the employer has to subscribe to an Employee’s Deposit Linked Insurance Scheme of 1976 (EDLI). The aim of the scheme is to provide life insurance cover to all employees. In case of death of an employee, the insurance benefit that will be given to him/her depends on his/her service period and PF balance.
Max Life Group Super Life Premier in lieu of EDLI provides the following benefits:
|Death||In case of death (natural cause or accident) of a member during the policy term, the Sum Assured is paid to the claimant. It is paid in lump sum.
Sum Assured Criteria:
|Surrender||Surrender Benefit is paid when a member exits from the scheme. An amount that is equal to the premium for unexpired risk period is paid.|
|Non-Forfeiture Benefit||Employer-Employee Scheme – If one single member quits the group not because of death, but some other reason, then the policyholder will receive premium for the unexpired risk period as refund. Non Employer-Employee Scheme – If one single member quits the group not because of death, but some other reason, then the cover will continue till the time for which the company has received premium. In case of special request, the premium for unexpired risk period will be refunded. In both cases, an option to the members will be provided at time of surrender of master policy to continue coverage for the unexpired period or exit from it.|
Max Life Group Super Life Premier in lieu of EDLI also provides the following coverage:
|Spouse and Dependent Cover||The master policyholder can choose to provide cover for the life of spouse and dependants of members.|
|Voluntary Top-up for Employer-Employee Group||Employees have the option to add extra sum assured. When they select this option during the policy term, for the rest of the term pro rata premium will be charged. On renewal, full year premium will be charged depending on the premium payment mode.
Voluntary Top-Up Cover Criteria:
|Riders||The policy provides the following riders:
Suicide Exclusion – It is not applicable for employer-employee scheme where coverage is compulsory. In other cases, if this exclusion is applicable and a member kills himself/herself within 1 year from the start of his/her coverage date, then his/her coverage will end and the company will pay the premium it received for him/her without interest.
Max Life Group Super Life Premier in lieu of EDLI policy has many other important features. Some of them are:
|Free cover limit (FCL)||It is the maximum Sum Assured for which coverage is provided to a member without asking for proof of health. Free cover limit is an Automatic Acceptance Limit that depends on the average Sum Assured and group size. It is applicable for Employer-Employee schemes that provides coverage to full-time contract staff and full-time employees. FCL is allowed for up to 69 years age at entry, provided every member has a Provident Fund. FCL will be allowed in cases where coverage is not compulsory, provided the minimum participation criteria is met.|
|Increase/Decrease Sum Assured||People can increase or decrease Sum Assured by submitting a written request to the company.|
|Addition or Removal of Member||New employees can be added if they meet the eligibility requirements. The cover will behind when the employee name is added to the register of members and is informed to the company. Frequency for Addition/Deletion – at least on monthly basis.|
|Grace Period||15 days for monthly mode. 30 days for other modes.|
|Nomination||Nomination is permitted.|
|Freelook Period||15 days|
Max Life Group Super Life Premier in lieu of EDLI owners can enjoy the following tax benefits:
*Tax Benefits are dependent on the tax laws and may change at any time. It is advisable to consult someone who is an expert in tax matters.
Max Life Group Super Life Premier in lieu of EDLI has many other benefits to offer other than the ones mentioned above. Some of these benefits are:
|Online Payment Facility||Max Life Group Super Life Premier in lieu of EDLI policyholders can pay premium online on the company website.|
|Download Premium Receipt Facility||Policyholders can download their premium receipts online from the company website.|
|SMS Updates||Max Life Group Super Life Premier in lieu of EDLI policyholders can receive regular SMS updates from the company.|
|Customer Care||Customers can contact the company’s customer service department via phone, email or SMS for any claims or policy related queries.|
Max Life Insurance is a leading and award-winning insurance company with over 2,000 branches spread across India. The company has around 4 group insurance policies, out of which Max Life Group Super Life Premier in lieu of EDLI policy is the most popular. The company is known for its customer care service, which is available to answer to any policy or claims related queries.
A. The minimum participation for Voluntary Top-Up Cover is displayed below:
|Number of Members in 1 Group||Minimum Participation Rate of Members|
|10 – 25||100%|
|26 – 50||100%|
|51 – 100||90%|
|101 – 250||85%|
|251 – 500||80%|
|501 – 750||75%|
|751 – 1000||75%|
|1001 – 2000||70%|
|2001 or more||60%|
A. The modal factors for the various premium payment modes are as follows:
A. The cover will cease under the following circumstances:
Death of member.
A. Yes, this policy offers discounts for covering female lives.
A. Yes, Max Life Group Super Life Premier in lieu of EDLI offers discount on expenses depending on premium size.
A. Yes, there is a discount on stamp duty. It is given based on the provisions of Board Approved Underwriting Policy of Max Life Insurance.
Q. Is there is a discount on commission?
A. Yes, a discount is applicable on commission. It is given if the scheme is acquired directly.
A. The following loadings are applicable for this scheme:
A. The revival period for this policy is 1 year.
A. No, Max Life Group Super Life Premier in lieu of ELDI does not provide loan facility.