Shriram Group Term Life Insurance in lieu of EDLI is a plan specifically designed for employer-employee groups where employers are mandated to provide life insurance coverage to employees linked to their Provident Fund Account under the Employee’s Deposit Linked Scheme. The plan enables employers to provide more than sufficient cover to employees without worrying about the balance in Provident Fund accounts or years of service.
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|
Minimum |
Maximum |
Entry Age (Last Birthday) |
14 years |
75 years |
Maturity Age (Last Birthday) |
- |
76 years |
Size of the group |
20 members |
No limit |
Premium Payment Frequency |
Annual, half-yearly, quarterly, monthly |
|
Sum Assured |
132,000 |
500,000 |
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For increased protection, one can add a rider benefit to his/her base group term insurance plan by paying an additional premium. The rider benefit available for the Shriram Group Term Life Insurance plan is:
The policyholder has to fill up a Master Proposal form and submit the employees’ date, copy of the scheme rules, and proposal form.