Max Super Life

A 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
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, half-yearly, 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, retirement, death or any other reasons leading to termination of employment, 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.
Tax Benefits

‰ Premium paid by the employer would be treated as business expense under section 37(1) of the
Income Tax Act, 1961.
‰ All death claim payments are exempted from tax under Section 10(10D) 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,
provided

¾ It is an Employer – Employee Scheme

¾ Scheme is to cover full time permanent employees
¾ Cover is compulsory for all eligible employees
¾ The member is ‘Actively At Work’ on the date of commencement of scheme
¾ The member is below the normal retirement age

The following are the maximum Free Cover Limits which will be applied to Employer- Employee groups
where the membership is compulsory:

Number of eligible and participating employees multiple of the average sum assured

50 4.0
51 to 100 5.0
101 to 250 6.0
251 to 500 6.5
501 to 750 7.5
751 to 1000 8.5
1001 to 2000 10.0
2001 or more 10.0

‰ Minimum Participation Rate required for Voluntary (Employer – Employee) Groups:

Where cover is not compulsory i.e. participation is voluntary, Free Cover Limit will be allowed provided
the following minimum participation criteria is satisfied (in addition to the above conditions).

Number of Members Minimum participation Rate

50 100%
51 to 100 90%
101 to 250 85%
251 to 500 80%
501 to 1000 75%
1001 to 2000 70%
 2001 or more 50%

‰ Rider Benefits:
Along with the scheme, one or more of the following Group Riders can be taken

¾ Group Accidental Death Benefit Rider (UIN 104 B014 V01)

¾ Group Total and Permanent Disability Rider (UIN 104 B015 V01)
¾ Group Accidental Dismemberment Rider (UIN 104 B016 V01)
¾ Group 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.

¾ Spouse Cover – Cover on the life of spouse of a member can be opted either by the individual
member/ employer. Cover on the life of spouse is subject to evidence of insurability as per the
Company underwriting guidelines and applicable premium rates. The cover in respect of the spouse
will cease immediately on the exit of the member from the scheme either due to death, retirement,
resignation, 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 .

Age proof and Age Restrictions : The same restrictions which will apply to the member will apply to
the spouse.

Coverage: As per the criteria decided by the group policyholder and agreed by the company; but
in no case coverage amount of the spouse should exceed that of the member.

¾ Voluntary Top-up: In addition to the Sum assured available under the scheme, employees can opt
through the employer, for additional Sum assured, which will be considered on the basis of
evidence of health requirements as per the Company underwriting guidelines and applicable
premium rates.

‰ Types of Groups eligible for Insurance under this Plan:

¾ Employees of an employer – all or defined categories.

¾ Members of a professional association
¾ Members of a trade union.
¾ Members of a co-operative society.
¾ Borrowers from a housing society
¾ Members of groups of rural occupation such weavers, fisherman etc.
¾ 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 20 25 30 35 40 45 50 55 60
Premium in Rs 83.00 90.00 92.00 105.00 146.00 208.00 331.00 524.00 784.00

SUICIDE EXCLUSION
In case of non employer-employee groups, if a member commits suicide, whether sane or not at the
time, 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,
and the liability of the company shall be limited to refund of the premium(s) received, without interest, less
any expenses incurred by the company.

Section 41 of Insurance Act 1938

No person shall allow or offer to allow, either directly or indirectly, 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, any
rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy,
nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebates as
may be allowed in accordance with the published prospectuses or tables of the insurer

Corporate Office
11th Floor, DLF Square Building, Jacaranda Marg, DLF City, Phase II, Gurgaon (Haryana) 122 002.
Phone: 0124- 256-1717
Fax: 0124- 256-2355
E-mail: group.quote@maxnewyorklife.com
Toll Free Number: 1600 335577

Registered Office
Max New York Life Insurance Company Limited
Max House, 1 Dr Jha Marg, Okhla, New Delhi 110 020

For full details of terms and conditions, please refer to the respective Policy document(s).