Max Life Group Super Life Premier in lieu of EDLI
As per the government norms, it is mandatory for employers to subscribe an EDLI (Employee Deposit Linked Insurance) plan for all employees who are covered under Employees' Provident Fund. However, under EDLI scheme, benefits do not exceed Rs.3,60,000. Max Life Group Super Life Premier can extend life coverage benefit up to Rs.6,00,000. As this plan helps you offer better benefit to your employees, you can get an exemption from the EDLI scheme.
- You can provide better financial protection to your employees’ families/li>
- With low cost insurance you can improve employee retention
- You can get tax benefits while meeting compliance
- Administrative ease
- Swift claim settlement
- Death Benefit
In case of an employee’s death (natural or accidental), the employee’s family/nominee will receive a lumpsum.
The sum assured under death benefit can be based on one of the following:
1.A uniform cover for all members covered under the plan
2.Salary Multiple linked to service/outstanding service or age; or in bands of service or age; or by some objective formula
3.Grade wise cover based on category of member
4.Any other sum chosen by the customer suiting his/her needs basis the scheme rules
Benefit formula would be chosen in such a way that a minimum Sum Assured is Rs.5,000 per member.
- Surrender Benefit
In case a member exits from a scheme, he/she will receive a proportionate refund of premium for the unexpired period of risk.
1.In case of employer-employee scheme, if an individual member exits from the group due to reasons other than death, 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 period of risk.
2.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 period of risk, in accordance with section 35 (l) of the non-linked product regulations 2013.
- Tax Benefit
Get tax benefits1on premiums and claims based on the prevailing tax laws.
1.Premium paid by the employer would be treated as business expense under section 37(1) of the Income Tax Act, 1961.
2.All death claim payments are exempted from tax under Section 10(10D) of the Income Tax Act, 1961.
- Add-on benefits
You can get certain add-on benefits (Additional Options subject to underwriting) for your employees.
These benefits may include:
1.Spouse and Dependent Cover- employer can include employees’ family members in the scheme.
2.Voluntary Top-ups - employees can opt for additional Sum Assured.
For more details please refer the policy brochure or get in touch with our corporate manager.