Privileged & Confidential

  Date: 07/10/2022 
  Nadagowni Madhavi latha 
    
    

OFFER LETTER

   Dear Nadagowni,

   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 Cuddapah and will be reporting to Managing Partner .

   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 +91-124-6659811 E [email protected] W www.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 8
 Designation Associate Agency Development Manager  You will report to Managing Partner, Max Life Insurance.
Total Fixed Pay (TFP) INR 300,000.00; per annum, including all retirals.
Date of Joining 07/11/2022 
Place of work Cuddapah 

 
Deferred Bonus : You will be paid a Deferred Bonus of INR . The disbursement of the payment will happen upon completion of . Should you
leave the organization prior to completion of below recovery clause from date of payout, same will be recovered back as follows:

 
Notice Period Buyout : Max Life Insurance will buyout your notice period amounts up to maximum of INR . The due amount will be paid
basis actuals upon submission of full & final settlement from your last organization. Should you leave the organization prior to
completion of   from date of joining, the full amount will be recovered back.

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: Nadagowni Madhavi latha

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 +91-124-6659811 E [email protected] W www.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 8
 ANNEXURE I

Name Nadagowni Madhavi Band 5A

latha
Function Agency Designation Associate Agency
Development Manager
Department Agency Sales - South 2 Location Cuddapah
Variable Pay Sales Incentive HO/Non HO Non HO 

Pay Component Annual Amount

Basic 90,000.00

House Rent Allowance 45,000.00

Provident Fund 21,600.00

Gratuity 4,329.00

Special Allowance  139,071.00 

TFP(A) 300,000.00

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: Nadagowni Madhavi latha

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 +91-124-6659811 E [email protected] W www.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 8
 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:  Nadagowni Madhavi latha

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 +91-124-6659811 E [email protected] W www.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 8
 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 Balancing Figure FBP offered to an employee to plan income tax applicable
with >= 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:
 Nadagowni Madhavi latha
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 +91-124-6659811 E [email protected] W www.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 8
            

Benefits Limit Description

Health INR Medical Insurance Coverage is provided to the employee and the nominated family members (spouse
Insurance 2,00,000/- per and two children). Each family member is covered for Rs.2,00,000. The benefits of the scheme are
family Cashless Hospitalization/Discharge, Maternity Benefits, Pre-existing diseases and a 'family floater'
member 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
10,00,000/-
Permanent INR In case of death by way of an accident, the nominee is entitled to the Sum Assured as per the Group
Disability / 10,00,000/- Accidental Death 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
Insurance 5,00,000/- an accident, the 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 parents are 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
Education child is 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,
Education the child is entitled to the Sum Assured.
Benefit
(Spouse
Death)

Yours sincerely,
For Max Life Insurance Company Ltd.

  

Shailesh Kumar Singh

SeniorDirector & Chief People Officer
EMPLOYEE ACCEPTANCE :
 
I accept this offer of employment with the Company under the terms set forth in this offer letter: Nadagowni Madhavi latha

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 +91-124-6659811 E [email protected] W www.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 8
                                      

Flexible Benefits Plan Limit ( Description

(FBP) - Applicable per
only if TFP is more annum )
than 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 INR  Employee is reimbursed actual expenses (supported by original bills) towards call charges
Expenses 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 INR 30,000 Employee is reimbursed actual expenses (supported by original bills) towards any course
Development 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 incurred on Food during sales call. The eligibility for the same is for the employees who
only for Sales have Agents directly reporting into them.
employees in
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: Nadagowni Madhavi latha

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 +91-124-6659811 E [email protected] W www.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

              

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