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.

Read more
Get ₹1 Cr. Life Cover at just ₹449/month+
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers

+Tax benefit is subject to changes in tax laws.

++All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Get ₹1 Cr. Life Cover at just ₹449/month+
+91
View plans
Please wait. We Are Processing..
Get Updates on WhatsApp
By clicking on "View plans" you agree to our Privacy Policy and Terms of use

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.

Premium By Age

why buy term insurance

FREE Term Life Insurance Quotes in minutes

  • The Best Price
  • Get Upto 10% Online Discount
  • Dedicated Claim Assistance Program

+Standard T&C Apply



Term insurance articles

Recent Articles
Popular Articles
Tata AIA Term Insurance Login

26 Dec 2022

Tata AIA term insurance login portal offers the company’s
Read more
Why NRIs in UAE Should Buy Term Insurance Plans from India?

08 Dec 2022

Term life insurance plan secures the financial future of your
Read more
Best Term Life Insurance Plans in Singapore

07 Dec 2022

An NRI living in Singapore can easily buy the best term life
Read more
Bima Sugam

29 Nov 2022

Bima Sugam is an online marketplace that will offer its services
Read more
LIC Relaunched A Term Assurance Plan: LIC New Jeevan Amar

25 Nov 2022

Life Insurance Corporation (LIC) of India recently relaunched
Read more
LIC Term Insurance 1 Crore
LIC of India offers various plans to help you secure the financial future of your loved ones. In order to make
Read more
What Medical Tests are Required for Term Insurance?
Term insurance offers a sum assured to the beneficiary of the policyholder upon their death that can help them
Read more
Term Insurance: Tax Benefits under Section 80D
Term Insurance provides financial security and protection to your family in case of your unexpected death within
Read more
2 Crore Term Insurance Plan
The pandemic has surely generated a global panic and emphasised the importance of financial planning that would
Read more
Types of Deaths Covered and Not Covered by Term Insurance
A term insurance plan is the best way to ensure the financial well-being of your family members in case of any
Read more

top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL