Individual
Max Life Smart Group Term Life Insurance
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 provided as part of a complete employee/insured member benefits package.
We, at Max Life Insurance Company, understand your priorities and challenges. Max Life Smart Group Term Life is comprehensive Group term insurance plan specially designed to safeguard the financial future of your employee’s/members’ families against death. This plan provides enough flexibility to suit business of every need and scale, so that you can take the right step today and help protect your members’ family from the unpleasant surprises in life.
- Single Policy is issued covering all members
- Simplified procedures in risk assessment
- Cost of group coverage is far less than what you would pay for a similar amount of individual protection.
Key Benefits of Axis Max Life Smart Group Term Life Insurance
Securing financial future
Retention Tool
Hassle free and Low cost insurance
All You Need to Know about Axis Max Life Smart Group Term Life Plan
- Plan Features at a Glance
- Plan Benefits
- Eligibility Criteria
- Downloads
| Event Covered | How and when are benefits payable? | Size of such benefits / policy monies |
|---|---|---|
| Death Benefit | Payable on death |
Lump sum Death Benefit Sum Assured: 100% of the Death Benefit Sum Assured will be paid immediately on death of the Life Insured. Note that the Death Benefit is equal to Sum Assured on Death (SAD) for the Lump sum option. Additionally, there exists a settlement option to take the death benefit as income, as detailed below in ‘Death Benefit Settlement Option’ section. “Sum assured on death (SAD)” means an absolute amount of benefit which is guaranteed to become payable on death of the life assured in accordance with the terms and conditions of the policy. |
| Survival | NA | Nil |
| Maturity | NA | Nil |
| Surrender | On member exiting from a scheme |
In case of employer-employee scheme, if an individual member exits from the group, premium for the unexpired risk cover will be refunded to the policyholder as per the scheme rules. In case of non-employer-employee scheme, if an individual member exits from the group, cover will continue till the end of the period of coverage for which the premium has been received unless specifically a request is received for the refund of premium for the unexpired risk cover. In both employer-employee schemes and non-employer-employee schemes, on surrender of the master policy, an option to the individual members of the group shall be provided whether to continue the cover for the unexpired period of risk or to exit from the scheme in which case we shall be providing the refund of premium for the unexpired risk cover. |
| Plan Details | Information |
|---|---|
| Type of Plan | Non Linked Non Participating Group Pure Risk Life Insurance Plan |
| Minimum Age at Entry (age last birthday) | 18 years |
| Maximum Age at Entry (age last birthday) for Employer-Employee Groups & Affinity Groups | 79 years |
| Maximum Cover Ceasing Age (age last birthday) for Employee Groups & Affinity Groups | 80 years |
| Policy Term | 1 year. Policy can be renewed on the annual renewal date subject to payment of premiums as per underwriting. |
| Premium Payment Modes | Annually / Half-Yearly / Quarterly / Monthly |
| Minimum Group Size | 10 for Employer-Employee & 50 for Non Employer-Employee / Affinity / Other Groups within the policy year |
| Maximum Group Size | No Limit |
| Minimum Sum Assured |
₹10,000 for a member For EDLI, the minimum sum assured shall be in line with the Employees' Provident Fund & Miscellaneous Provisions Act, 1952. The current minimum sum assured for EDLI as per the said provision is ₹2,50,000. |
| Maximum Sum Assured | No Limit, subject to Board Approved Underwriting Policy. |
| Minimum Premium | Subject to minimum sum assured per member and applicable premium rates. |
| Maximum Premium | Subject to maximum sum assured per member and applicable premium rates. |
| Riders Available |
This product offers the following 4 riders: 1. Max Life Group Accidental Death Benefit Premier Rider (UIN 104B024V03) 2. Max Life Group Accelerated Terminal Illness Rider (UIN 104B028V03) 3. Max Life Group Critical Illness (Additional Benefit) Rider (UIN –104B031V03) 4. Max Life Group Total and Permanent Disability (Accident) Premier Rider (UIN: 104B030V03) Please refer to the Rider Brochure (or Max Life Website) for more details. |
| Premium Limits |
- The premium pertaining to health-related or CI riders shall not exceed 100% of the premium under the base product. - The premiums under all other life insurance riders put together shall not exceed 30% of the premiums under the base product. - Any benefit arising under the above-mentioned riders shall not exceed the sum assured under the base product, except for accidental death benefit riders where the rider sum assured is limited to a maximum of three times the base sum assured. |
| Downloads | Actions |
| Prospectus |
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| Leaflet |
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| Policy Contract |
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| Customer Information Sheet |
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Wondering Why Companies Invest in Group Insurance Plans?
Why Choose Max Life?
99.65% Claims Paid Percentage
304 Offices Max Life's Presence
₹1,779,409 Cr. Sum Assured
₹150,836 Cr. Assets Under Management
ARN: PDP/SGTL/011224
- 0124 648 8900(09:00 AM to 09:00 PM Monday to Saturday)
- service.helpdesk@maxlifeinsurance.comEmail
- SMS ‘LIFE’ to 5616188Message
- Let us call you back
- 1860 120 5577(9:00 AM to 6:00 PM Monday to Saturday)
- Write to usPlease write to us incase of any escalation/feedback/queries.
- 011-71025900, 011-61329950(9:00 AM to 6:00 PM Monday to Saturday)
- nri.helpdesk@maxlifeinsurance.comPlease write to us incase of any escalation/feedback/queries.