Top benefits of group life insurance
Group term life insurance could be your next purchase. Get to know the benefits of owning one
By Pazcare
June 16, 2022
Key Insights
Max Life Insurance Company is a joint venture between Axis Bank Limited and Max Financial Services Limited. Founded in the year 2000, it is one of India's leading private sector life insurance companies. With more than 260+ offices present throughout India, Max Life Insurance Company Limited caters to more than 30 lakh customers.
The insurer offers comprehensive life insurance products, retirement solutions life insurance products, saving solutions related products and many more to its customers.
With Pazcare employers can provide their employees with a group term life insurance policy from Max Life Insurance company. Get the best quotes for the Max group term life insurance policy for employees and manage the policy using Pazcare’s tech-enabled dashboard.
These simple steps allow you to purchase the Max group term life insurance policy online from Pazcare.
Step 1: Visit us at https://www.pazcare.com/ and click on the products drop down and choose group term life insurance.
Step 2: Here you will find all the relevant information regarding your group term life insurance policy. Fill in the form containing your name, phone number, work email address and the number of employees you wish to purchase Max group term life insurance for.
Step 3: Submit this form and our insurance consultants will get back to you to know more about your requirements regarding the GTL policy. We will also ask for the active employee data like the employee ID, the CTC, the designation, etc. to give you the best quotes.
Step 4: Once all the above data are submitted, we will get back to you with the best quotes for the GTL policy from Max Life Insurance company.
Step 5: Please accept the terms and conditions of the policy and pay the premium quoted for that financial year. The policy is activated immediately after the purchase.
Step 6: Our team will help you with the process and take you through the Pazcare dashboard where you can manage the Max group term life insurance policy.
For further information, write to us at support@getpaz.com or call our customer care at +91 78291 11300. Alternatively, connect with us on Whatsapp using the number +91 81973 79596
Max group term insurance for employees is a highly customisable term life insurance plan for employees. Unlike any retail or whole life insurance plan, the premium paid towards the group term life insurance policy for employees is much lower.
Your GTL policy can be customized by adding riders like
These are some of the rider options available for your Max Life group term insurance policy. The riders can be claimed according to the terms and conditions of the policy.
The sum assured is of two types
Hence, you can choose the sum assured you wish to offer for your employees based on their grades.
The Max Life group term insurance can be renewed easily with Pazcare at end of the policy term. Here is how you can renew your group term life insurance policy.
Step 1: Get in touch with Pazcare. Submit the form containing details like your name, name of the company, number of employees you wish to insure, work email address and phone number.
Step 2: Once the form is submitted, our life insurance consultants will get in touch with you and request you to submit the following documents.
Step 3: After submitting these details you can choose additional riders to the policy at your convenience like the critical illness rider, accidental death benefit riders, etc. Once you decide, we will get back to you with the best quotes for your Max Life group term insurance policy.
Step 4: The next step is to agree to the terms and conditions of the policy and pay the premium for your Max Life group term life insurance policy.
Step 5: The policy gets activated immediately after paying the premium. Our team will guide you through the whole process and help you with the onboarding process too.
We make sure that your GTL policy experience will be seamless using our Pazcare dashboard. Your employees can access their policy using Pazcare’s employee app which is available on both the app store and the play store.
The claim settlement ratio is the percentage of the claims settled by the Max Life insurance company during a particular financial year. Hence, the higher the claim settlement ratio, the better chances of the claims getting settled.
In the financial year, 2019-20, the claim settlement ratio of Max Life Insurance is 99.35%.
The Max Life group term insurance premium depends on various factors like
CTC of the employee
The CTC of the employee determines the premium of the group term insurance. For instance, some organisations choose the group term insurance plan based on the CTC of the employees. So, higher CTC means a higher sum assured. Hence this leads to the premiums increase.
Covid status
The Covid-19 pandemic has caused a lot of deaths in recent times. Hence, the covid status and the vaccination status of the employee impact the premium of the Max Life group term insurance plan.
Sum assured
Depending on the amount of sum assured the employer wish to offer the premiums towards the GTL policy may increase.
Job risks
The nature of the job and the risks involved for the employees also determine the group term life insurance premium. For instance, jobs that involve a lot of travelling may have higher premiums when compared to desk jobs.
Claim history
For renewals, the claims history for the last 3 years, and the reason for the death of the employee also determine the premium of the Max Life group term insurance policy.
Purchasing your group term life insurance policy for employees from Max Life Insurance company has the following benefits.
Tax benefits
As employers, when you pay the premium towards the Max Life group term insurance policy, you are eligible to avail tax benefits under Section 37(1) of the Income Tax Act of 1961.
Choose your riders
Your Max Life Sun group term life insurance policy comes with customizable riders like critical illness rider, terminal illness rider, accidental death benefit, etc at a much lower price
No medical screening needed
The group term life insurance policy does not require any medical tests to be taken before purchasing the policy. However, this depends on the terms and conditions of the Max Life group term insurance policy.
High claim settlement ratio
The claim settlement ratio of Max Life Insurance company for the financial year 2019-20 is 99.35%. This means the chances of settling the claims for your group term life insurance policy are high.
Here are the documents that you require to claim the Max Life group term insurance policy
Why buy a group term life insurance
policy online from Pazcare?
For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.
The Max Life Insurance contact number is 1860 120 5577. Alternatively, you can email them at service.helpdesk@maxlifeinsurance.com
The claim settlement ratio of Max Life Insurance for the financial year 2019-20 is 99.35%.
The premium for Max Life group term insurance for employees is calculated based on various factors like
With Pazcare, you can easily renew your Max term life insurance policy. Contact our insurance consultants at Pazcare. Submit all the required documents. Decide on the riders you need and the team will get back with the best quote. After you agree with terms & conditions, just pay the premium and your policy shall get activated immediately.
Documents like your voter card, passport, aadhar card, pan card, income tax returns of last two years, bank statement for last three months (for salaried employees) are required.
For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.
service.helpdesk@maxlifeinsurance.com
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