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Shriram Group Term Life Insurance in Lieu of EDLI Plan

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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Key Features

  • It is a yearly renewable plan
  • Employer-employee groups can avail of the plan.
  • A master policy held by the group’s head is issued, covering the members for a pre-determined amount.
  • The minimum coverage is Rs.132,000, thereby covering the mandated limit of Rs.130,000.
  • Any member can be covered, if he/she is an employee and member of the Employee Provident Fund Scheme.

Benefits

  • The nominee gets the Sum Assured on the death of the policyholder during the term of the plan.
  • Income tax benefit on the premium paid by the employer as per Section 37 and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

 

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

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

Policy Details

  • Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days in other methods.
  • Policy Termination or Surrender Benefit: the policy cannot be surrendered.
  • Free Look Period: If you would not be pleased with the coverage and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Additional Features or Riders

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: 

  • Accident Benefit Rider.

Documents Required

The policyholder has to fill up a Master Proposal form and submit the employees’ date, copy of the scheme rules, and proposal form.

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