Max Life Group Super Life Premier Plan

The Group Super Life Premier plan from Max Life is a non-participating one year group term insurance plan that is ideal for employer-employee groups and affinity groups. The plan offers benefits for the employer as well as employee, making it a great solution keeping in mind its cost effective pricing. Add on benefits are also available with the plan to enhance the level of coverage.

Premium payments towards the Max Life Group Super Life Premier can be made on a monthly, quarterly, semi-annual or annual basis depending upon the preference of the customer, and premium payments start at prices as low as Rs.5,000 per annum*. The plan also offers tax benefits to both, employers and employees, under Section 37(1) and Section 10(10D) of the Income Tax Act, 1961 respectively.

*Premiums may vary based on age, location, plan term and other factors.

Eligibility – Who is the Max Life Group Super Life Premier Plan For?

To be eligible to purchase a Max Life Group Super Life Premier plan, individuals must be of a certain age when purchasing the policy and also at the time of maturity. Following are the criteria you must meet if you wish to purchase a Max Life Group Super Life Premier plan:

(UIN:104N088V02)

Plan Type	Group
Minimum Group Size	10 members in case of employer-employee groups, and 50 members in case of affinity groups.
Maximum Group Size	No Limit
Minimum Entry Age	18 years
Maximum Entry Age	74 years for employer-employee groups, and 64 years for affinity groups.
Maximum Maturity Age	75 years for employer-employee groups, and 65 years for affinity groups.

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

The premium payment made towards your Max Life Group Super Life Premier plan will determine the benefits you will receive through the policy. Premium payments can be made on a monthly, quarterly, semi-annual or annual basis depending upon the preference of the customer. Following are some of the features of the Max Life Group Super Life Premier plan:

Minimum Sum Assured	Rs.1 lakh for a scheme, and Rs.5,000 for a member
Maximum Sum Assured	No limit, subject to underwriting
Minimum Premium	Rs.5,000 per annum per scheme, not including extra mortality premium, rider premium and service tax.
Maximum Premium	Subject to underwriting
Premium Payment Frequency	Monthly / Quarterly / Semi-Annual / Annual
Policy Term	One year

*Premiums may vary based on age, location, plan term and other factors.

Plan Coverage – What the Max Life Group Super Life Premier Plan Covers?

Maturity Benefit	The Max Life Group Super Life Premier plan does not offer any maturity benefits.
Death Benefit	In case of the untimely demise of the policyholder, a lump sum amount equal to the sum assured shall be payable.
Accidental Death Benefit	In case of accidental death of the policyholder, the nominee will be eligible for a lump sum payment equal to the sum assured.
Surrender	In case employer-employee groups, if a member exits from the Max Life Group Super Life Premier plan, the proportionate premium for the unexpired period of risk will be payable. In case of affinity groups, if an individual exits from the group, cover will continue for the whole of the premium coverage period unless a request is made to refund the premium for the unexpired period of risk.

 

Riders – Add On Features Available with the Max Life Group Super Life Premier Plan:

Riders can be attached to the Max Life Group Super Life Premier plan. Following are the riders on offer:

• Max Life Group Accidental Benefit Premier Rider: The Group Accidental Death Benefit Premier Rider can be purchased by members between 18 and 65 years of age. The maximum maturity age to avail this rider is 66 years, and the term of the rider is one year. The minimum sum assured under the Group Accidental Death Benefit Premier Rider is Rs.5,000 and it pays a benefit to the nominee in case of the demise of the policyholder due to accident.
• Max Life Group Accelerated Terminal Illness Rider: The Group Accelerated Terminal Illness Rider can be added to your Max Life Group Super Life Premier plan if your entry age is between 18 and 74 years. The Maximum maturity age for this rider is 75 years, and the term is one year. In case the policyholder contracts any of the terminal illnesses covered by the plan, he/she will be eligible to a maximum of Rs.50 lakhs under the Group Accelerated Terminal Illness Rider.
• Max Life Group Critical Illness (Additional Benefit) Rider: This rider can be availed by anyone between the ages of 18 and 65 years. The maximum age at maturity cannot be more than 66 years, and the rider term is one year. In case the policyholder is diagnosed with any of the 12 specified critical illnesses during the cover period, he/she will be eligible for a payout. However, a claim under this rider can be made only once in the member’s lifetime.
• Max Life Group Total and Permanent Disability (Accident) Premier Rider: This rider can be added to the Max Life Group Super Life Premier plan by members who are between 18 and 65 years of age. The maximum age at maturity cannot exceed 66 years, and the rider term is one year. In case the policyholder is declared totally or permanently disabled within 180 days from the date of the accident, he/she will be eligible for a maximum of Rs.50 lakhs depending upon the sum assured.
• Spouse and Dependent Cover: The master policyholder has the option to cover the life of his spouse/dependents to enhance the overall level of protection offered by the family.

Exclusions – What the Max Life Group Super Life Premier plan Doesn’t Cover?

The Max Life Group Super Life Premier plan has certain exclusions which are as follow:

• Suicide: For employer-employee groups where the cover is compulsory, suicide exclusion clause will not be applicable. For other groups, in case the suicide exclusion clause is applicable and a member dies due to suicide within a year of continuous coverage from the date on which the coverage commenced for that particular individual, the insurance in respect of the individual will terminate immediately on the occurrence of death, and the company’s liability will be limited to refund of the premiums(s) received in respect of the individual, without interest.

Other Key Features of Max Life Group Super Life Premier Plan:

Following are some of the other key features of the Max Life Group Super Life Premier plan:

Free Look Period	In case the master policyholder, or a group member (in case the premium is paid by the group member), is not satisfied with the terms and conditions of the policy, he/she will receive a period of 15 days from the date on which the policy was issued, to cancel the policy.
Grace Period	In case the premium payment frequency has been selected as monthly, the grace period to ensure that due premiums have been paid, is 15 days. In case of all other modes, the grace period is 30 days.
Revival of Lapsed Policy	Lapsed policies can be revived within the policy term of one year. To revive a lapsed policy, the policyholder must send a written request to the company. The policyholder must also produce an evidence of insurability for the members, and also pay all overdue premiums in addition to an extra interest rate as charged by the company.

Tax Benefits – How you can Save with the Max Life Group Super Life Premier plan?

The benefits received and premiums paid towards the Max Life Group Super Life Premier plan are eligible for tax benefits under Section 10(10D) and Section 37(1) of the Income Tax Act, 1961.

Why you should Buy the Max Life Group Super Life Premier?

The Max Life Group Super Life Premier plan is ideal for employer-employee groups as well as other affinity groups, including members of domestic workers association / professional association / Anganwadi worker association, members of government agencies, members of trade unions, members of co-operative societies, credit card holders of issuing institutions, investors of mutual funds, parents of college or school students as members, members of lender-borrower groups and borrowers of banks / housing societies / NBFC or other service providers.

Max Life Insurance is one of India’s biggest and most trusted non-bank private life insurer with a strong customer-centric approach, which will ensure that purchasing the Group Super Life Premier plan from the company will be well worth the investment.

FAQs about Max Life Group Super Life Premier Plan:

1. What if I am not satisfied with the terms and conditions of the Max Life Group Super Life Premier plan?

   A. Customers who are not satisfied with the terms and conditions of the policy have the option of returning the same to the company within 15 days from the date on which they received the policy, in case the premium payment mode is monthly. In case of other premium payment modes, the free look period is 30 days.

2. When does the insurance cover cease under the Max Life Group Super Life Premier plan?

   A. The insurance cover will cease in case of an employee’s termination of service, on retirement, at the end of the coverage term, on discontinuing the policy, on non-payment of premium within the grace period, or on the death of the member, whichever is the earliest.

3. Can I avail a loan against the Max Life Group Super Life Premier plan?

   A. No, this policy does not have a facility through which you can avail a loan.

4. Is service tax applicable to the Max Life Group Super Life Premier plan?

   A. Yes, service tax and other statutory levies will be applicable as per the prevailing tax laws.

5. What happens in case a member leaves the group?

   A. In case an employee leaves a group or cease to be a member of the group, the proportionate premium for the unexpired period of risk will be refunded.

6. Does the plan cover part-time employees too?

   A. No, the Max Life Group Super Life Premier plan covers only full time permanent employees and full time contract staff.

7. What type of groups are eligible for the Max Life Group Super Life Premier plan?

   A. The Max Life Group Super Life Premier plan is the perfect solution for employer-employee groups as well as other affinity groups, including members of domestic workers association / professional association / Anganwadi worker association, members of government agencies, members of trade unions, members of co-operative societies, credit card holders of issuing institutions, investors of mutual funds, parents of college or school students as members, members of lender-borrower groups and borrowers of banks / housing societies / NBFC or other service providers.

8. Are there any discounts for female lives?

   A. Yes, for female lives, an age setback of five years to the male rate is allowed.

9. What tax benefits does the plan provide?

   A. The premium paid by the employer shall be treated as business expense under Section 37(1) of the Income Tax Act, 1961, while all death claim payments made to the nominees will be exempt from tax under Section 10(10D) of the Income Tax Act, 1961.

10. Can I get advice from the company to find the best terms and conditions?

    A. Yes, Max Life has professionally trained distributors who will help you understand and evaluate your distinctive financial requirements so that you can find a policy that best suits your needs.