Group Plans
Max Life Group Gratuity Premier Plan
Synopsis:
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A plan is one such great employee retention tool which facilitates employers to fund their gratuity liability through good market-linked returns. This plan helps you to deliver long term results for your investments depending upon the performance of the funds chosen by you.
Features:
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- Meet your obligations under the Payment of Gratuity Act 1972 with good market-linked returns
- Pay low maintenance charges with good market-linked returns
- Manage large scale gratuity payment effectively with complete assistance from the company
Benefits:
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- Death Benefit -Payable on death provided the policy is in force
- Maturity Benefit - Payable on retirement or resignation of a member from employment
- Termination or Surrendering Benefits -On termination or surrendering the policy, your employee will receive the fund value at that time after deducting the applicable surrender charges.
- Loyalty Additions -Additional benefits payable only in case the policy is in force
Eligibility:
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Minimum Contribution : |
Rs. 500,000 |
Maximum Contribution : |
No Limit , as per actuarial valuation AS-15(R) |
Life Insurance Cover : |
Fixed life insurance cover of Rs. 1,000 per member |
Minimum Group Size: |
10 at time of choosing scheme |
Maximum Group Size: |
No limit |
Policy Term : |
One Year Renewable Scheme |
Minimum Entry Ages for employees : |
18 Years |
Maximum Entry Ages for employees : |
74 Years |
Maximum cover ceasing age : |
75 Years |