Privileged & Confidential
Date: 02/08/2024
AKASH PRAKASH BAGEWADI
OFFER LETTER
Dear AKASH PRAKASH,
We are pleased to offer you the position of Associate Agency Development Manager subject to the following terms and conditions:
1. This offer remains subject to the terms of the appointment letter to be executed by you on the day of joining and to the
procedures, policies, benefits and other terms of Max Life, which will be provided to you at the time of your joining or
communicated to you from time to time. All such procedures, policies and benefits will be subject to our periodic review and
can be changed with or without notice.
2. You will be based at Belgaum and will be reporting to Partner - Office Head .
3. A detailed break-up of your compensation is in the attached Annexure I. The compensation including incentives or
rewards shall be subject to tax deducted at source as per the applicable tax laws.
4. This offer is subject to verification of your credentials and background, completion of all necessary documentation,
reference check to our satisfaction.
5. Please note that your employment with Max Life will be "at will" and is not for a specified period. Hence, either you or
Max Life may terminate the employment relationship at any time, with or without cause.
6. You acknowledge that no prior verbal or prior written agreements, prior promises or representations that are not
specifically stated in this offer will be binding on us.
7. This document is privileged and confidential. You will maintain confidentiality and secrecy and will not disclose any of the
contents of this offer to any third party.
8. If you are in agreement with the above terms, you are requested to revert to the undersigned not later than 5 days by
signing this offer letter and sending your acceptance by way of an email to the undersigned,failing which, this offer will
expire.
9. Within 2 days of acceptance of this offer, you are requested to submit the documents listed in Annexure II. We look
forward to long lasting and mutual beneficial relationship and are confident that your abilities will play a key role in our
company.
MAX LIFE INSURANCE CO. LTD.
3rd, 11th and 12th Floor, DLF Square, Jacaranda Marg, DLF City Phase II, Gurgaon, Haryana-122 002, India.
T +91-124-4121500 F +91-124-6659811E Service.helpdesk@maxlifeinsurance.com Wwww.maxlifeinsurance.com Corporate Identity Number -
U74899DL2000PLC106723, IRDA Reg No – 104
Registered Office: 419, Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab – 144533, India
Page 1 of 7
Designation Associate Agency Development Manager You will report to Partner - Office Head, Max Life Insurance.
Total Fixed Pay (TFP) INR 625,000.00; per annum, including all retirals.
Date of Joining 02/09/2024
Place of work Belgaum
Yours sincerely,
For Max Life Insurance Company Ltd.
Shailesh Kumar Singh
Senior Director & Chief People Officer
EMPLOYEE ACCEPTANCE :
I accept this offer of employment with the Company under the terms set forth in this offer letter: AKASH PRAKASH BAGEWADI
MAX LIFE INSURANCE CO. LTD.
3rd, 11th and 12th Floor, DLF Square, Jacaranda Marg, DLF City Phase II, Gurgaon, Haryana-122 002, India.
T +91-124-4121500 F +91-124-6659811E Service.helpdesk@maxlifeinsurance.com Wwww.maxlifeinsurance.com Corporate Identity Number -
U74899DL2000PLC106723, IRDA Reg No – 104
Registered Office: 419, Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab – 144533, India
Page 2 of 7
ANNEXURE I
Name AKASH PRAKASH Band 5A
BAGEWADI
Function Agency Designation Associate Agency
Development Manager
Department Agency - Office Within Location Belgaum
Office South 1
Variable Pay Sales Incentive HO/Non HO NON HO
Pay Component Annual Amount
Basic 175,000.00
House Rent Allowance 95,000.00
Provident Fund 41,600.00
Gratuity 10,215.00
Special Allowance 303,185.00
TFP(A) 625,000.00
Yours sincerely,
For Max Life Insurance Company Ltd.
Shailesh Kumar Singh
Senior Director & Chief People Officer
EMPLOYEE ACCEPTANCE :
I accept this offer of employment with the Company under the terms set forth in this offer letter: AKASH PRAKASH BAGEWADI
MAX LIFE INSURANCE CO. LTD.
3rd, 11th and 12th Floor, DLF Square, Jacaranda Marg, DLF City Phase II, Gurgaon, Haryana-122 002, India.
T +91-124-4121500 F +91-124-6659811E Service.helpdesk@maxlifeinsurance.com Wwww.maxlifeinsurance.com Corporate Identity Number -
U74899DL2000PLC106723, IRDA Reg No – 104
Registered Office: 419, Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab – 144533, India
Page 3 of 7
ANNEXURE II
Please carry the following documents to complete your joining formalities:
No. Particulars No. of Copies
1 Relieving letter, accepted resignation letter or Experience letter from last 2 companies One Each
2 Education Certificates – Final Year Mark Sheets One
3 Last 2 months’ salary slips from your previous employer One Each
4 Pan Card along with Recent Passport size Photographs Two
5 E- Aadhar copy (Address and identity proof) One
Cancelled cheque leaf of your saving bank account indicating the following on the reverse:
·Your Name
·Office Location
One
·Bank Account Number
·IFS Code (please Take this from bank)
First month’s salary will not be released if the documents are not submitted.
I,----------------- authorize Max Life Insurance to conduct a background verification check basis the details shared above.
Yours sincerely,
For Max Life Insurance Company Ltd.
Shailesh Kumar Singh
Senior Director & Chief People Officer
EMPLOYEE ACCEPTANCE :
I accept this offer of employment with the Company under the terms set forth in this offer letter: AKASH PRAKASH BAGEWADI
Note: Post joining, a standard appointment letter will be issued to you to replace this Letter of Offer
MAX LIFE INSURANCE CO. LTD.
3rd, 11th and 12th Floor, DLF Square, Jacaranda Marg, DLF City Phase II, Gurgaon, Haryana-122 002, India.
T +91-124-4121500 F +91-124-6659811E Service.helpdesk@maxlifeinsurance.com Wwww.maxlifeinsurance.com Corporate Identity Number -
U74899DL2000PLC106723, IRDA Reg No – 104
Registered Office: 419, Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab – 144533, India
Page 4 of 7
COMPENSATION STRUCTURE
Component Maximum Limit Description
Total Fixed Pay (TFP)
Base Pay 30% of Total Fixed Pay (TFP) Paid along with monthly payroll. Fully taxable.
Allowance (HRA) 50% of Base Pay Paid along with the monthly payroll. Partly or fully taxable
subject to IT regulations
Provident Fund(Employer 12% of Base Pay Administered by Max India Provident Fund Trust.
Contribution)
Gratuity 4.8% of Base Pay Payable on separation after completion of 5 years of
continuous service. Payout based on the Employee's last
drawn Base Pay.
Flex Benefit (for joiners with Balancing Figure FBP offered to an employee to plan income tax applicable
>= 6 lac as per rules. Employee can choose to take entire. FBP in
salary or can claim the same by submitting bills
(nontaxable as per FBP guidelines) or doing a proportion of
both.
Variable Pay As per the applicable Sales Sales Incentives based on specific business parameters.
Incentive Plan Please connect with Hiring Manager to understand the plan
specifics.
Yours sincerely,
For Max Life Insurance Company Ltd.
Shailesh Kumar Singh
Senior Director & Chief People Officer
EMPLOYEE ACCEPTANCE : I accept this offer of employment with the Company under the terms set forth in this offer letter: AKASH
PRAKASH BAGEWADI
MAX LIFE INSURANCE CO. LTD.
3rd, 11th and 12th Floor, DLF Square, Jacaranda Marg, DLF City Phase II, Gurgaon, Haryana-122 002, India.
T +91-124-4121500 F +91-124-6659811E Service.helpdesk@maxlifeinsurance.com Wwww.maxlifeinsurance.com Corporate Identity Number -
U74899DL2000PLC106723, IRDA Reg No – 104
Registered Office: 419, Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab – 144533, India
Page 5 of 7
Benefits Limit Description
Health INR Medical Insurance Coverage is provided to the employee and the nominated family members (spouse and two children).
Insurance 2,00,000/- per Each family member is covered for Rs.2,00,000. The benefits of the scheme are Cashless Hospitalization/Discharge,
family member Maternity Benefits, Pre-existing diseases and a 'family floater' depending on the family size,i.e. family of 2 is covered for
Rs.4.0 lacs, family of 3 for Rs.6.0 lacs and family of 4 for a maximum of Rs. 8,00,000. Incase an employee wishes to
Medical Insurance Coverage for Parents the premium is charged to the employee. Premium rates for Parents are subject
to change at the time of subsequent renewals. Parents coverage is of Rs. 2,00,000 each and floater is for a maximum of
Rs. 4,00,000.
Group Life 2.5 times the In case of death, the nominee is entitled to the Sum Assured as per the Group Life Insurance Policy.
Insurance Total Fixed
Pay subject to a
minimum of
INR 20,00,000/-
Permanent INR In case of death by way of an accident, the nominee is entitled to the Sum Assured as per the Group Accidental Death
Disability / 10,00,000/- Insurance Policy.
Accidental
Death Cover
Spouse INR As part of the Accidental Death Insurance Policy , in case of death of the employee's spouse by way of an accident, the
Insurance 5,00,000/- employee is entitled to the Sum Assured.
Dependent INR 25,000/- As part of the Accidental Death Insurance Policy, in case of death by way of an accident, employee's parents are
Parents entitled to the Sum Assured.
Benefit
Child INR 50,000/- As part of the Accidental Death Insurance Policy , in case of death by way of an accident, employee's child is
Education entitled to the Sum Assured.
Benefit
Child INR 10,000/- As part of the Accidental Death Insurance Policy, in case of death by way of an accident of your spouse, the child is
Education entitled to the Sum Assured.
Benefit
(Spouse
Death)
Yours sincerely,
For Max Life Insurance Company Ltd.
Shailesh Kumar Singh
Senior Director & Chief People Officer
EMPLOYEE ACCEPTANCE : I accept this offer of employment with the Company under the terms set forth in this offer letter: AKASH
PRAKASH BAGEWADI
MAX LIFE INSURANCE CO. LTD.
3rd, 11th and 12th Floor, DLF Square, Jacaranda Marg, DLF City Phase II, Gurgaon, Haryana-122 002, India.
T +91-124-4121500 F +91-124-6659811E Service.helpdesk@maxlifeinsurance.com Wwww.maxlifeinsurance.com Corporate Identity Number -
U74899DL2000PLC106723, IRDA Reg No – 104
Registered Office: 419, Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab – 144533, India
Page 6 of 7
Flexible Benefits Plan Limit Description
(FBP) - Applicable only ( per
if TFP is more than annum )
Rs.6,00,000
The unclaimed reimbursement amount in FBP is paid to the employee at the end of the financial year, post appropriate tax deductions,
alongwith the March salary.
Communication Expenses INR Employee is reimbursed actual expenses (supported by original bills) towards call charges
36,000 for One Mobile and One Landline connection.
Leave Travel INR 50,000/- Employee is reimbursed actual travel expenses within India (shortest possible distance
Allowance (LTA) between two destinations) for the employee and his/ her family members (spouse, children
and dependent parents). Employee can claim LTA twice in a block of four years.
Professional Development INR 30,000 Employee is reimbursed actual expenses (supported by original bills) towards any course
Fees that an employee is doing for his/her personal development. This could be a MBA or a Post
Graduate Diploma. The reimbursement would be only for the course from a recognized
institute.
Car Leasing Upto 60% Employee has the option to purchase a new car as per the Car Leasing Scheme. The EMI is
of FBP paid through the FBP allowance and hence no tax is payable on the same.
Fuel Expenses INR 75,000 Employee is reimbursed actual expenses (supported by original fuel bills) towards fuel
expenses incurred for the leased car. The entitlement for claiming car maintenance is
available provided the car is purchased through the company car leasing scheme.
Car Maintenance INR 70,000 Employee is reimbursed actual expenses (fully supported by original bills) towards expenses
incurred on servicing, renewal of insurance, changing of tyres, foot mats etc for the leased
car. The entitlement for claiming car maintenance is available provided the car is purchased
through the company car leasing scheme.
Entertainment INR 40,000/- Employee is reimbursed actual expenses (fully supported by original bills) towards expenses
Expenses(Applicable only incurred on Food during sales call. The eligibility for the same is for the employees who
for Sales employees in have Agents directly reporting into them.
Agency)
Yours sincerely,
For Max Life Insurance Company Ltd.
Shailesh Kumar Singh
Senior Director & Chief People Officer
EMPLOYEE ACCEPTANCE : I accept this offer of employment with the Company under the terms set forth in this offer letter: AKASH
PRAKASH BAGEWADI
MAX LIFE INSURANCE CO. LTD.
3rd, 11th and 12th Floor, DLF Square, Jacaranda Marg, DLF City Phase II, Gurgaon, Haryana-122 002, India.
T +91-124-4121500 F +91-124-6659811E Service.helpdesk@maxlifeinsurance.com Wwww.maxlifeinsurance.com Corporate Identity Number -
U74899DL2000PLC106723, IRDA Reg No – 104
Registered Office: 419, Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab – 144533, India
Page 7 of 7
