Max Super LifeA Group Term Life Insurance In all sectors of the economy, whether organized or unorganized, employees of an organization are its most critical and important asset. However, creating a motivated workforce with healthy retention rates is probably a key challenge an organization usually faces. Employers across world strive to secure and insure benefits for their employees We, at Max New York Life Insurance Company (MNYL), understand your priorities and challenges and towards this end have prepared a flexible Group term Insurance plan – Max Super Life to safeguard your employees’ future from unfortunate incidents like death. Group life insurance is a life insurance scheme in which a single contract covers an entire group of people. Typically, in such schemes, the life insurance scheme owner is the employer or other registered groups as applicable. Group life insurance is often provided as part of a complete employee benefits package. As a single Policy is issued covering all the members and in view of simplified procedures in risk assessment, the cost of group coverage is far less than you would pay for a similar amount of individual protection. Max Super Life Plan Benefits For The Employer Securing employees future Works as employee retention tool Tax benefits Low Cost Insurance This Scheme can be taken in lieu of Employee Deposit Linked Insurance (EDLI) Employer may allow spouse cover and additional insurance on self or spouse at the option of the employee Benefits For The Employee Life protection Hassle free life insurance option Additional benefit for the employees through riders Death benefit is not subject to tax in hands of the beneficiary Eligibility quarterly or monthly Provision for addition and deletion of members on a monthly basis Provision for policy review period of 15 days Termination of cover would happen under following events: o On termination of employee’s service o On retirement o On Discontinuing the policy o On death of the member Employee Additions & Deletions New employees satisfying the eligibility criteria shall be allowed to join the scheme The cover commencement date shall be the employee joining date as communicated to MNYL The frequency of intimation to the employer for additions would be on monthly basis On resignation. . half-yearly.Minimum employee age at entry – 18 years Maximum employee age at entry – 69 years Minimum group size – 50 Members Maximum group size – No limit Event covered – Death Benefit Options Sum assured options – Flat Cover Salary Multiple Grade wise cover Rider options – Critical Illness Accidental Death Benefit Accidental Dismemberment Total and Permanent Disability General Conditions The plan is a one year contract and can be renewed at the premium rates. terms and conditions mutually agreed by the Master Policyholder and Max New York Life Insurance Company Premiums can be paid annually. death or any other reasons leading to termination of employment. retirement. the life cover would cease to exist The proportionate premium would be refunded on employee leaving the group Death benefit shall be payable to the Policyholder for the benefit of the beneficiary. 0 6.0 5. Free Cover Limit will be allowed provided the following minimum participation criteria is satisfied (in addition to the above conditions).Tax Benefits Premium paid by the employer would be treated as business expense under section 37(1) of the Income Tax Act. 1961 Service tax and educational cess would be applied on the premiums paid and recovered from the Policyholder Unique Features of this Scheme Free Cover Limit (No evidence Limit/ Automatic Acceptance Limit): Cover will be considered up to a certain amount called the Free Cover Limit/ No evidence Limit/ Automatic Acceptance Limit. which depend on the size of the Group and average sum assured.5 8. participation is voluntary.0 10.5 10. Number of Members 50 51 to 100 101 to 250 251 to 500 501 to 1000 1001 to 2000 Minimum participation Rate 100% 90% 85% 80% 75% 70% . provided It is an Employer – Employee Scheme Scheme is to cover full time permanent employees Cover is compulsory for all eligible employees The member is ‘Actively At Work’ on the date of commencement of scheme The member is below the normal retirement age The following are the maximum Free Cover Limits which will be applied to Employer.5 7. All death claim payments are exempted from tax under Section 10(10D) of the Income Tax Act.e. 1961.0 6.0 Minimum Participation Rate required for Voluntary (Employer – Employee) Groups: Where cover is not compulsory i.Employee groups where the membership is compulsory: Number of eligible and participating employees 50 51 to 100 101 to 250 251 to 500 501 to 750 751 to 1000 1001 to 2000 2001 or more multiple of the average sum assured 4. 00 50 331.00 45 208. retirement.00 55 524. Voluntary Top-up: In addition to the Sum assured available under the scheme. Members of a co-operative society. one or more of the following Group Riders can be taken Group Group Group Group Accidental Death Benefit Rider (UIN 104 B014 V01) Total and Permanent Disability Rider (UIN 104 B015 V01) Accidental Dismemberment Rider (UIN 104 B016 V01) Critical Illness Rider (UIN 104 B017 V01) Additional option: The following options can be exercised with this product depending upon the eligibility criterion of a specific group. Types of Groups eligible for Insurance under this Plan: Employees of an employer – all or defined categories. Other groups with a common economic link and not formed with sole purpose of obtaining insurance cover Specimen Premium Rates for 1 Lakh Sum Assured per annum as given below for the Employees involved in the professional/ Managerial/ Clerical and Administrative Staff. Age in Years Premium in Rs SUICIDE EXCLUSION 20 83. Coverage: As per the criteria decided by the group policyholder and agreed by the company.00 25 90. and termination or in the case of divorce/annulment of marriage of spouse Eligibility: This option may be exercised for the group as a whole or for a few categories . Cover on the life of spouse is subject to evidence of insurability as per the Company underwriting guidelines and applicable premium rates.00 35 105. Borrowers from a housing society Members of groups of rural occupation such weavers.00 60 784. The cover in respect of the spouse will cease immediately on the exit of the member from the scheme either due to death.00 . Age proof and Age Restrictions : The same restrictions which will apply to the member will apply to the spouse. which will be considered on the basis of evidence of health requirements as per the Company underwriting guidelines and applicable premium rates. for additional Sum assured. Spouse Cover – Cover on the life of spouse of a member can be opted either by the individual member/ employer.2001 or more 50% Rider Benefits: Along with the scheme. employees can opt through the employer. fisherman etc. resignation.00 40 146.00 30 92. but in no case coverage amount of the spouse should exceed that of the member. Members of a professional association Members of a trade union. either directly or indirectly. and the liability of the company shall be limited to refund of the premium(s) received. 1 Dr Jha Marg. Okhla. except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer Corporate Office 11th Floor. Phone: 0124. Gurgaon (Haryana) 122 002. within one year from the effective date of coverage or the entry date as the case may be then the insurance in respect of the member shall come to an end simultaneously with the occurrence of such event. any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy. less any expenses incurred by the company. New Delhi 110 020 For full details of terms and conditions. whether sane or not at the time.256-2355 E-mail: group.256-1717 Fax: 0124.In case of non employer-employee groups. nor shall any person taking out or renewing or continuing a policy accept any rebate.quote@maxnewyorklife. please refer to the respective Policy document(s). Jacaranda Marg. Section 41 of Insurance Act 1938 No person shall allow or offer to allow. without interest. as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India. DLF Square Building. DLF City. .com Toll Free Number: 1600 335577 Registered Office Max New York Life Insurance Company Limited Max House. Phase II. if a member commits suicide.