Max Super Life

A very popular & prevalent benefit offered as an employee welfare & retention tool employers across industry.

Product Features

• Min. Group Size - 50 Members
• Min. Age at Entry - 18 Years
• Max. Age at Entry - 69 Years (Last Birthday)
• Max. Cover Ceasing Age - 70 Years (Last Birthday)
• Min. Sum Assurance - Rs. 5 thousand per member
• Max Sum Assurance Benefit - No Limit
• Tenure - One year renewable term
• Employees are covered from day one - No Suicide Exclusion will apply
• Insurance cover is paid in case of terrorist attack as well
• Nature of Scheme - Voluntary
• Prevalent Structure of benefit
  • Multiple of Cost to the Company of an Employee
  • Uniform Benefit
  • Graded based on the designation of the employee

*For better understanding of this product and its benefit, download the product brochure given below*

Any group which not organized for the sole purpose of obtaining insurance cover, the membership of the group must be defined clearly and no ambiguity should arise on the definition of membership. Once the membership is defined, all new entrants falling under the definition must be compulsorily included for cover under the scheme.

The scheme can be offered to any groups like school, college, members of employee welfare association, Community groups etc.

Product Features

• Min. Group Size - 50 Members
• Min. Age at Entry - 18 Years
• Max. Age at Entry - 59 Years (Last Birthday)
• Max. Cover Ceasing Age - 60 Years (Last Birthday)
• Min. Sum Assurance Benefit - Rs. 5 thousand per member
• Max Sum Assurance Benefit - depending on nature of the group, income of the group member and Underwriting
• Tenure - One year renewable term
• Sucide Exclusion - will apply
• Nature of Scheme - Voluntary

*For better understanding of this product and its benefit, download the product brochure given below*

All employers to whom the Employee's Provident Fund & Miscellaneous Provision Act, 1952 applies, have a Statutory liability to subscribe to Employee's Deposit Linked Insurance Scheme, 1976, to provide r the benefit of Life insurance to all employees.

It applies to establishments employing 20 or more persons or co-operative societies employing 50 or more persons.

Employers' financial obligations for EDLI coverage

• Contribution @ of 0.5% of the basic + DA
• Administrative Charges @ 0.01% the total emoluments

The Concept of EDLI linked with provident fund

• Insurance coverage from EPFO (Employee Provident Fund Organization) is linked to an employee's Average Provident fund balance & tenure in the organization
• Coverage is low if the Provident fund component of salary is low or the length of service is less
• Maximum coverage is capped at Rs. 130, 000 only

"This results in inadequate & differential benefit for the members of the same organization"

Provision for a better benefit under Section 17 (2A)

Section 17 (2A) of the Act, provides for grant of exemption from the operation of Employees' Deposit Linked Insurance Scheme, 1976. It is granted to an establishment, where the employees are without making any separate contribution or payment of premiumA regular payment made to the insurance company to keep the policy in force., are in enjoyment of benefits in the nature of Life Insurance whether linked to their deposits in Provident Fund or not and such benefits are more favorable than the benefits admissible under the Insurance Scheme. It is granted by the Central Provident Fund Commissioner by notification in the official gazette and is subject to conditions that may be specified in the notification.

For all practical purposes the establishment under Relaxation Order shall be treated on par with the establishment granted exemption. The Relaxation Order is issued under Para 28(7) of the Employees' Deposit Linked Insurance Scheme, issued by the regional provident fund office.

Post the issuance of the relaxation order a notification is sent by the organization to the office of Central provident fund commissioner, to start the process for Exemption under section 17 (2A) of the EDLI Act, an organization that has received the relaxation order will be treated at par with an exempted organization

As an organization shifts the scheme from the regional provident fund commissioner, they shall pay inspection charges at the rate of 0.005% of the basic wages and dearness allowance under Ac.22. Subject to a minimum of Re.1/- per month to RPFC (Regional Provident Fund Commissioner). & Ac. 21 will be submitted with the life insurance company.

Product Features

• Minimum Age at entry - 18 Years
• Maximum age at entry - 69 Years (Last Birthday)
• Cover Ceasing Age - 70 Years
• Minimum Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. - Rs. 1, 31,000
• Maximum Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. - Rs. 2, 50,000
• Tenure - One Year Renewable Term
• Nature of Scheme - Statutory

*For better understanding of this product and its benefit, download the product brochure given below*