Max Life Group Super Life Plus A Group Term Life Insurance Plan UIN: 104N073V01

Transcription

1 LIFE INSURANCE COVERAGE IS AVAILABLE IN THIS PRODUCT Abut Max Life Max Life Insurance, ne f the leading private life insurers, is a jint venture between Max India Ltd. and Mitsui Sumitm Insurance C. Ltd. Max India is a leading Indian multi-business crprate, while Mitsui Sumitm Insurance is a member f MS&AD Insurance Grup, which is currently amngst the tp general insurers in the wrld. Max Life Insurance ffers cmprehensive life insurance and retirement slutins fr lng-term savings and prtectin. A financially stable cmpany with sund investment expertise, Max Life Insurance has a strng custmer-centric apprach fcused n advice based sales and quality service. Max Life Grup Super Life Plus In all sectrs f the ecnmy, whether rganized r unrganized, emplyees f an rganizatin are its mst critical and imprtant asset. Hwever, creating a mtivated wrkfrce with healthy retentin rates is a key challenge an rganizatin usually faces. Emplyers acrss the wrld strive t secure and insure benefits fr their emplyees We, at Max Life Insurance Cmpany, understand yur pririties and challenges. Twards this end, we have prepared a flexible Grup term Insurance plan Max Life Grup Super Life Plus t safeguard yur emplyees future frm unfrtunate incidents like death. Grup life insurance is a life insurance scheme in which a single cntract cvers an entire grup f peple. Typically, in such schemes, the life insurance scheme wner is the emplyer r ther registered grups as applicable. Grup life insurance is ften prvided as part f emplyee benefits package because a single Plicy is issued cvering all members and in view f simplified prcedures in risk assessment, the cst f grup cverage is far less than what yu wuld pay fr a similar amunt f individual prtectin. The Plan at a glance Benefits Fr The Emplyer Securing emplyees future Wrks as emplyee retentin tl Tax benefits Lw cst insurance Emplyer may allw spuse and dependants cver and additinal insurance (Vluntary Tp-up) n self at the ptin f emplyees Additinal benefits fr the emplyees thrugh riders Benefits Fr The Emplyee Life cver Free life insurance thrugh additinal insurance (Vluntary Tp-up) cver ptin and Free cver Limit(Free cver limit is the amunt up t which a member is cvered under the Grup Term Life plicy withut being subject t any medical checkup) Death benefit is nt subject t tax in the hands f the beneficiary

2 Death due t any reasn is cvered (death due cnventinal terrrism & and any natural calamities are cvered) The benefit is payable nly in the event f death during the perid f cverage and n Disability benefit is prvided under this plan The Plan can als be taken by Affinity Grups and the members can be cvered under the Plan subject t underwriting. Age Eligibility Criteria Emplyer - Emplyee grups Affinity grups Minimum Age at Entry Maximum Age at Entry Maximum age at maturity 18 years (age at last birthday) 74 years (age at last birthday and subject t underwriting) 64 years (age at last birthday and subject t underwriting) Maturity practically happens n Plicy anniversary immediately after the Insured attains the maximum age at maturity 75 years (age at last birthday) 65 years (age at last birthday) Other Eligibility Criteria Minimum Plicy Term 1 year Minimum grup size Maximum grup size Event cvered Minimum face amunt Maximum face amunt Minimum Premium Maximum Premium 10 Members in case f Emplyer - Emplyee and 50 Members in case f Nn Emplyer Emplyee Grups N limit Death (natural r accidental) ` 1,00,000 fr a scheme and ` 5,000 fr a member N Limit, but subject t underwriting ` 5,000 per scheme excluding extra mrtality, rider premium and service tax N Limit Benefit Optins Sum assured ptins (as payable in lump sum at Death due t any cause - natural r accidental) Unifrm Cver Salary Multiple Grade wise cver

3 Any ther benefit frmula as chsen by the Plicyhlder. Benefit frmula wuld be chsen in such a way that a minimum sum assured is ` 1,000 per member. Rider ptin Grup Accidental Death Benefit Rider, UIN 104B024V01 Minimum age at entry 18 years Maximum age at entry 64 years Maximum cver ceasing age 65 years Minimum Plicy Term 1 year Event cvered Death due t accident Minimum face amunt - ` 5,000 Maximum face amunt ` 50,00,000 subject t rider sum assured nt exceeding base sum assured at a scheme level Minimum Premium - N such limit Maximum Premium N such limit, subject t rider premium nt exceeding 30% f the base plan premium at a scheme level Add n benefits (subject t underwriting) Spuse Cver Additinal Insurance (Vluntary Tp-up) Dependents Cver General Cnditins The plan is a ne year cntract and can be renewed at the premium rates, terms and cnditins mutually agreed by the Master Plicyhlder and Max Life Insurance Cmpany Premiums can be paid annually, semi-annually, quarterly r mnthly. Mdal factrs wuld apply as fllws : Mdal Factrs Premium Mde Factr Annual Semi-annual Quarterly Mnthly Grace Perid: A grace perid f 15 days in respect f mnthly mde and 30 days in respect f all ther mdes will be allwed within the plicy term. During the grace perid the plicy will cntinue t be in frce but in the event f any member suffering an insured event during the grace perid, the cmpany shall be entitled t deduct the aggregated unpaid premium in respect f the entire Grup frm the benefits payable under the plicy. Prvisin fr additin and deletin f members Prvisin fr plicy review perid f 15 days.

4 Sum Assured fr a scheme r member f a scheme may be increased r decreased subject t underwriting. In the case f emplyer - emplyee schemes, cver in respect f a member will cease n ceasing f membership frm the grup. In the case f nn emplyer - emplyee schemes, cver in respect f a member will cease n ceasing f membership frm the grup unless it is agreed t cntinue till the end f the perid f cver. Emplyee Additins & Deletins New emplyees satisfying the eligibility criteria shall be allwed t jin the scheme The cver cmmencement date shall be the date when his name is entered in the register f members and is cmmunicated t Max Life Insurance Cmpany The frequency f intimatin t the emplyer fr additins wuld be at least n mnthly basis The insurance cverage will cease at the earliest f the fllwing: On terminatin f emplyee s service End f cverage term On retirement On Discntinuance f the plicy On death f the member The prprtinate premium fr the unexpired perid f risk wuld be refunded upn emplyee leaving the grup r ceasing t be a member f the grup: Tax Benefits Yu may be entitled t certain applicable tax benefits n yur premiums and Plicy benefits. Please nte that all the tax benefits are subject t tax laws prevailing at the time f payment premium r receipt f benefits by yu. Tax benefits are subject t changes in tax laws. Premium paid by the emplyer wuld be treated as business expense under sectin 37(1) f the Incme Tax Act, All death claim payments are exempted frm tax under Sectin 10(10D) f the Incme Tax Act, 1961 Service tax and educatinal cess wuld be applied n the premiums paid and recvered frm the Plicyhlder Unique Features f this Scheme Free Cver Limit (N evidence Limit/ Autmatic Acceptance Limit): It is the maximum sum assured under a grup scheme up t which a member is cvered withut any evidence f health. It is an Autmatic Acceptance Limit, which depends n the size f the Grup and average sum assured, prvided It is an Emplyer Emplyee Scheme It cvers full time permanent emplyees All eligible emplyees are cvered cmpulsrily. N individual selectin is invlved The member is Actively At Wrk n the effective date f cverage f scheme The member is belw age 65 r the nrmal retirement age if less. Hwever, in the case f schemes in lieu f Emplyee Depsit Linked Insurance, Free Cver Limit will be allwed up t 69 years.

5 Where cver is nt cmpulsry i.e. participatin is vluntary, Free Cver Limit will als be allwed prvided a certain minimum participatin criteria are met. Cver fr the Sum Assured abve the Free Cver Limit may be cnsidered subject t underwriting as per the Cmpany underwriting guidelines. N Free Cver Limit will apply fr nn emplyer- emplyee grups. Cver in respect f members under nn emplyer- emplyee grups is nrmally subject t underwriting, which depends n the level f Sum Assured and age; and premium rates will depend n ccupatin prfile f the members and the past claims experience/ likely future claims experience Additinal ptin: The fllwing ptins can be exercised with this prduct depending upn the eligibility criterin f a specific grup. Spuse and Dependent Cver Cver n the life f spuse/ dependants f a member can be pted either by the individual member/ emplyer. Cver n the life f spuse/ dependants is subject t evidence f insurability as per the Cmpany underwriting guidelines and applicable premium rates. The cver in respect f the spuse will cease immediately n the exit f the member frm the scheme either due t death, retirement, resignatin, and terminatin r in the case f divrce/annulment f marriage f spuse Additinal Insurance (Vluntary Tp-up): In additin t the Sum Assured available under the scheme, emplyees can pt fr additinal Sum Assured, which will be cnsidered n the basis f evidence f insurability as per the Cmpany s underwriting guidelines. Types f Grups eligible fr Insurance under this Plan: Emplyees f an emplyer all r defined categries. Other nn emplyer-emplyee grups where a clearly evident relatinship between the member and the grup plicyhlder fr services ther than insurance exist Members f a prfessinal assciatin Members f a trade unin. Members f a c-perative sciety. Brrwers f a Husing Sciety/ Bank/ NBFC Members f grups f rural ccupatin such weavers, fisherman etc. Other grups with a cmmn ecnmic link and nt frmed with sle purpse f btaining insurance cver Specimen Premium Rates fr 1 Lakh Sum Assured per annum as given belw fr the Emplyees invlved in the prfessinal/ Managerial/ Clerical and Administrative Staff. Age in Years Premium in Rs All Premiums are subject t applicable taxes and levies including service tax which shall be t the accunt f the Plicyhlder and shall be recvered fllwing by the prescribed prcedure.

6 Revival f Plicy: Revival may be allwed within the plicy term f ne year. A plicy lapsed within the plicy term f ne year due t nn-payment f mdel premium can be revived within three mnths within Plicy Term f 1 (One) Plicy Year frm the date f first unpaid premium after the plicy has lapsed prvided: i) Plicyhlder frwards a written request fr reinstatement t Max Life Insurance. ii) Plicyhlder can prduce an evidence f insurability fr the members acceptable t Max Life Insurance and bear cst fr the same and iii) Plicyhlder pays all verdue Premiums with interest at such rates as may be determined by Max Life Insurance. The revival will take effect nly after it is apprved by Max Life and cmmunicated t the Plicyhlder in writing. Upn revival, the Cmpany shall pay all the benefits that becme due and payable under the Plicy. Suicide Exclusin: In case f emplyer-emplyee schemes where the cver is cmpulsry, suicide exclusin clause will nt be applicable. In all ther cases, if a member cmmits suicide, whether sane r nt at the time, within ne year frm the effective date f cverage r the entry date as the case may be then the insurance in respect f the member shall cme t an end simultaneusly with the ccurrence f such event, and the liability f the cmpany shall be limited t refund f the premium(s) received in respect f the member, withut interest.. Prhibitin f Rebates: Sectin 41 f the Insurance Act, 1938 states: (1) N persn shall allw r ffer t allw, either directly r indirectly, as an inducement t any persn t take r renew r cntinue an insurance in respect f any kind f risk relating t lives r prperty in India, any rebate f the whle r part f the cmmissin payable r any rebate f the premium shwn n the plicy, nr shall any persn taking ut r renewing r cntinuing a plicy accept any rebate, except such rebate as may be allwed in accrdance with the published prspectuses r tables f the insurer: Prvided that acceptance by an insurance agent f cmmissin in cnnectin with a plicy f life insurance taken ut by himself n his wn life shall nt be deemed t be acceptance f a rebate f premium within the meaning f this sub-sectin if at the time f such acceptance the insurance agent satisfies the prescribed cnditins establishing that he is a bna fide insurance agent emplyed by the insurer. (2) Any persn making default in cmplying with the prvisins f this sectin shall be punishable with fine which may extend t five hundred rupees. Full Disclsure & Incntestability: This Plicy has been issued n the representatin f the Prpser that he has made full disclsures f all relevant facts and circumstances. Any cncealment, nn-disclsure, misrepresentatin r fraud by the Prpser shall render the Plicy liable fr cancellatin and shall be the grunds fr the Cmpany t avid all r any liability and if it deems fit, the Cmpany may als frfeit the Premium(s) received, subject t the prvisins f Sectin 45 f the Insurance Act Sectin 45 f the insurance Act, 1938 states that under the prvisins f Sectin 45 f the insurance Act, 1938, N plicy f life insurance effected befre the cmmencement f this Act shall after the expiry f tw years frm the date f cmmencement f this Act and n plicy f life insurance effected after the cming int frce f this Act shall, after the expiry f tw years frm the date n which it was effected be called in questin by an insurer n the grund that statement made in the prpsal r in any reprt f a medical fficer, r referee, r friend f the insured, r in any ther

7 dcument leading t the issue f the plicy, was inaccurate r false, unless the insurer shws that such statement was n a material matter r suppressed facts which it was material t disclse and that it was fraudulently made by the plicy-hlder and that the plicy-hlder knew at the time f making it that the statement was false r that it suppressed facts which it was material t disclse: Prvided that nthing in this sectin shall prevent the insurer frm calling fr prf f age at any time if he is entitled t d s, and n plicy shall be deemed t be called in questin merely because the terms f the plicy are adjusted n subsequent prf that the age f the life insured was incrrectly stated in the prpsal Nminatin: As per Sectin 39 f the Insurance Act 1938, the persn named by the member as the nminee/s at the time f cmmencement f the membership r the persn wh has been nminated at a later date, will be the persn t whm the mney is payable n death f the member. This nminatin nly indicates the persn, wh is authrised t receive the amunt, n the payment f which the Cmpany will receive a valid discharge f its liability under the plicy. A change in nminatin may be made by the plicyhlder at any time during the term f the plicy. The details f the nminee and appintee, (where nminee is a minr) will be entered by the Plicyhlder in the Register f Member. Expert Advice at Yur Drstep: Our distributrs have been prfessinally trained t understand and evaluate yur unique financial requirements and recmmend a plicy which best meets yur needs. With experienced and trained distributrs, we are fully resurced t help yu achieve yur life s financial bjectives. Please call us tday. We wuld be delighted t meet yu. Plicy Review (Free Lk) Perid In case yu are nt satisfied with the terms and cnditins f the plicy, yu have a perid f 15 days frm the date f receipt f the Plicy t return the Plicy stating the reasns fr yur bjectins, upn which yu shall be entitled t refund f the premium paid subject t deductin f the prprtinate risk premium fr the perid f cver and the expenses incurred by the Cmpany n medical examinatin and n accunt f stamp duty. Disclaimers: Max Life Insurance Cmpany Limited is a jint venture between Max India Limited and th Sumitm Insurance C. Ltd. Address: 11 flr, DLF Square Building, Jacaranda Marg, DLF Phase II, Gurgan (Haryana) Insurance is a subject matter f slicitatin. Max Life Insurance has been selected as a Superbrand fr the year by Superbrand India Pvt. Ltd.

8 Cntact Details f the Cmpany Cmpany Website: Registered Office: Max Life Insurance Cmpany Limited Max Huse, 3rd Flr, 1 Dr. Jha Marg, Okhla New Delhi Tel: (011) Crprate Office: Max Life Insurance Cmpany Limited 11th Flr, DLF Square Building, Jacaranda Marg, Phase II, Gurgan Tel: (0124) Custmer Services Numbers: ( accessible frm all service prviders including mbiles) (accessible frm BSNL and MTNL) Custmer Service Timings: 8:30 AM - 6:00 PM Mnday t Friday (except Natinal hlidays)