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Max Life Group Super Life Premier in lieu of EDLI Plan

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.

Eligibility - Who is the Max Life Group Super Life Premier in lieu of EDLI for?

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.
Group Type
  • Employer-Employee.
  • Non Employer-Employee groups – Here, proof exist of relationship between policyholder and member for services other than insurances such as:
    • Members of Trade Union.
    • Members of domestic workers association/ professional association and Anganwadi worker association.
    • Members of Government Agencies.
    • Co-operative society members.
    • Lender-borrower group members.
    • Credit cardholders of a credit card issuing institution.
    • Parents of school/college students as members
    • Borrowers of Housing Society/NBFC/Bank or other service provider.
    • Mutual Fund Investors.
    • Members of any group, the occupation of which is weaving, fishing, etc.
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

Sum Assured and Premium Range – What you Get and What it Costs?

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.

Plan Coverage – What the Max Life Group Super Life Premier in lieu of EDLI Covers?

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:

Event Benefit
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:
  • Uniform cover that is applicable to all members.
  • Salary multiple that is linked to age or service/pending service; or in age or service bands; or by objective formula.
  • Grade wise coverage that is based on member category.
  • Any other sum that has been selected by the customer.
Benefit formula is selected in a manner that will ensure that the minimum Sum Assured for each member is Rs.5,000.
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.

Add-On Plans – Additional Coverage Under the Max Life Group Super Life Premier in lieu of EDLI:

Max Life Group Super Life Premier in lieu of EDLI also provides the following coverage:

Add-on Benefits Details
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:
  • No Free Cover Limit is applicable.
  • Employee who choose this option will be underwritten individually. It is based on total sum risk, which is voluntary Sum Assured + Sum Assured above Free Cover Limit for a basic plan.
  • Free Cover Limit for this cover will be provided only if minimum participation criteria is met by an employee. A 30 day window period, starting from the date employer allows employees to opt for this coverage, will be provided to give employer time to decide whether this option can be allowed and to set the terms and conditions for the same and get individual details.
  • Coverage per employee under voluntary top-up cover and basic plan cover cannot be more than 10x of annual CTC.
  • 1 year suicide clause is applicable.
Riders The policy provides the following riders:
  • Max Life Group Accidental Death Benefit Premier Rider.
  • Max Life Group Accelerated Terminal Illness Rider.
  • Max Life Group Critical Illness (Additional Benefit) Rider.
  • Max Life Group Total and Permanent Disability (Accident) Premier Rider.

Exclusions - What the Max Life Group Super Life Premier in lieu of EDLI Doesn’t Cover?

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.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Max Life Group Super Life Premier in lieu of EDLI policy has many other important features. Some of them are:

Particulars Details
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

Tax Benefits – How you can Save With the Max Life Group Super Life Premier in lieu of EDLI?

Max Life Group Super Life Premier in lieu of EDLI owners can enjoy the following tax benefits:

  • Under 37 (1) of Income Tax Act, the premiums that are paid by the employer will be considered a business expense.
  • Tax exemption is available for all death claims under Section 10 (10D) of Income Tax Act.

*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.

Other Benefits – How you can Save with the Max Life Group Super Life Premier in lieu of EDLI?

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 This service is available 24x7, which can be contacted via phone, email or SMS for any claims or policy related queries.

Why you Should Buy the Group Super Life Premier in lieu of EDLI from Max Life Insurance?

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 24x7 to answer to any policy or claims related queries.

FAQs about Max Life Group Super Life Premier in lieu of EDLI:

  1. What is the minimum participation for Voluntary Top-Up Cover?

    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%
  2. What are the modal factors?

    A. The modal factors for the various premium payment modes are as follows:

    • Annual – 1.000
    • Half-Yearly – 0.520
    • Quarterly – 0.265
    • Monthly – 0.090
  3. Under what circumstances will the cover cease?

    A. The cover will cease under the following circumstances:

    • Termination of an employee’s service.
    • Non-payment of premium within the Grace Period.
    • Retirement.
    • End of coverage term.
    • Policy Discontinuance.

    Death of member.

  4. Does this policy offer discounts for covering female lives?

    A. Yes, this policy offers discounts for covering female lives.

  5. Does Max Life Group Super Life Premier in lieu of EDLI offer discount on expenses?

    A. Yes, Max Life Group Super Life Premier in lieu of EDLI offers discount on expenses depending on premium size.

  6. Is there a discount on stamp duty?

    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.

  7. What loadings are applicable for this scheme?

    A. The following loadings are applicable for this scheme:

    • Residential Extra.
    • Occupation Extra.
    • Medical examination costs has to be incurred for schemes that have less than 50 members.
    • One higher occupation class is applied if scheme specific previous claims experience is not available.
  8. What is the revival period for this policy?

    A. The revival period for this policy is 1 year.

  9. Does Max Life Group Super Life Premier in lieu of ELDI provide loan facility?

    A. No, Max Life Group Super Life Premier in lieu of ELDI does not provide loan facility.